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Although mortgage rates keep setting new record lows in 2020, only six out of 10 homeowners who look into refinancing succeed. Whether they’re successful or not, the vast majority of homeowners who research rates inadvertently trigger unwanted sales pitches from mortgage lenders in the form of text messages, phone calls, emails, or letters.

Those are two of the key findings of a survey of 699 homeowners who have looked into refinancing their mortgage in 2020. The survey, conducted from Aug. 17-25, also found that those who successfully refinanced were more likely to report that they:

Those who researched rates but did not refinance their mortgage were most likely to cite high rates or fees as reasons for not refinancing.

Regardless of whether they succeeded in refinancing, researching mortgage rates often triggered unwanted sales pitches. Most consumers reported that they found these sales pitches to be annoying, distracting or disruptive. Those who successfully refinanced said they had a better experience researching rates than those who did not.

Homeowners who successfully refinanced were more likely to have visited a mortgage comparison site


Among homeowners who succeeded in refinancing, 62.2% visited a mortgage comparison site, compared to 47.5% of those who did not refinance.

Homeowners who succeeded in refinancing were also more likely to visit individual lender websites, and to contact a mortgage broker or loan officer.

Those who did not succeed in refinancing were more likely to check with their existing lender compared to those who were able to refinance.

Those who refinanced were more likely to have obtained personalized rates


Some mortgage comparison sites provide rates in comparison tables that aren’t personalized for each borrower. Homeowners who succeeded in refinancing were more likely to have obtained personalized or prequalified rates by providing their credit score or authorizing a credit check.

Those who succeeded were more likely to get rates from multiple lenders


Most homeowners didn’t bother to get rates from more than one or two lenders. But 28.4% of homeowners who succeeded in refinancing obtained rates from more than two lenders, while only 23.2% of homeowners who didn’t refinance did the same.

Credible makes comparing multiple lenders quick and easy — you can see your rates from our partner lenders in the table below in three minutes.


Homeowners who refinanced were more likely to have received accurate loan information


Only one in three homeowners (33.8%) who succeeded in refinancing said they got inaccurate rates when researching their options. But 41% of homeowners who didn’t refinance said the rates they received were not accurate.

High rates or fees were the factors most cited by homeowners who did not refinance


Among homeowners who decided not to refinance their mortgage only one in 10 said they were unable to find a lender who would approve them. Most said the reason that they decided not to move forward was that the interest rate or fees they were offered were too high. Many who gave other reasons said they had an application in process or were still researching their options.

Researching mortgage rates often triggered unwanted sales pitches


Seven out of 10 homeowners (71.0%) said they received unwanted sales pitches after researching rates. These unwanted text messages, phone calls, emails and letters were even more common for those who succeeded in refinancing, with 78% saying they received such pitches.

Most found these sales pitches to be annoying, distracting or disruptive


Among those receiving sales pitches, 74% said they found them to be annoying, distracting or disruptive. Almost nine out of 10 homeowners (87.3%) who did not succeed in refinancing said they were bothered by the sales pitches.

Those who refinanced had a better experience researching rates


Homeowners who succeeded in refinancing their mortgages were more likely to say they were satisfied with their experience researching mortgage rates, with an average rating of 7 on a scale of 1 to 10. Those who did not refinance rated their experience researching rates at 5.7, on average.

How to get prequalified rates, not sales pitches

Homeowners who want to take advantage of lower mortgage rates can better the odds of refinancing, and protect themselves from unwanted sales pitches, by using the Credible mortgage marketplace to request prequalified rates from multiple lenders. Obtaining rates from multiple lenders can also save consumers thousands of dollars, according to an analysis by mortgage giant Freddie Mac.

When you use Credible to check rates, you won’t be contacted by lenders unless you choose to move forward with a lender and loan product. Other comparison sites treat consumers as “leads” to be sold or handed off to multiple lenders.

If you find an option you like, Credible streamlines the application process, minimizing the questions you need to answer and automating document uploads. Credible provides an end-to-end mortgage experience that lets you complete the entire origination process from rate comparison up to closing without leaving the site.

Credible makes refinancing easy

  • Compare lenders and save on interest
  • Get cash out to pay off high-interest debt
  • Prequalify in just 3 minutes

Find Rates Now
No annoying calls or emails from lenders!

About Credible

Credible is a multi-lender marketplace that empowers consumers to discover financial products that are the best fit for their unique circumstances. Credible’s integrations with leading lenders and credit bureaus allow consumers to quickly compare accurate, personalized loan options ― without putting their personal information at risk or affecting their credit score. The Credible marketplace provides an unrivaled customer experience, as reflected by over 3,700 positive Trustpilot reviews and a TrustScore of 4.7/5.

About the author
Matt Carter
Matt Carter

Matt Carter is a Credible expert on student loans. Analysis pieces he’s contributed to have been featured by CNBC, CNN Money, USA Today, The New York Times, The Wall Street Journal and The Washington Post.

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