Americans Turn to Family and Friends for Borrowing Tips

From INMAN NEWS FEATURES

When it comes time to borrow, most Americans look to their family and friends for advice, according to a recent survey by the Mortgage Bankers Assn. of America.

Recommendations from friends and family members count more than newspapers or other third-party resources when consumers gather home buying information, the survey found. The second biggest influence: personal experience.

"Borrower shopping patterns are clearly influenced by relationships, whether through experience or cultural factors," said Douglas Duncan, the association's director of research.

The Internet was a "small source of information" among borrowers' decision-making, the survey found, but nearly two-thirds indicated they would probably use the Net in the future.

More than half of the surveyed borrowers contacted three or more mortgage providers, but 52% said they acquired their loans from the first provider they contacted.

Nearly 60% said they were "very satisfied" with their lender, but fewer than one-third said they would "definitely" choose the same lender again.

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