Consumers still aren’t shopping around for mortgages, and it’s potentially costing them tens of thousands of dollars.

A new Zillow survey revealed that while 28% of prospective buyers spent at least a month researching vehicles for their next car purchase, only 13% spent that much time researching mortgage lenders before applying.

Almost a quarter (23%) spent at least a month researching their vacation options before booking. Only 12% dedicated that time to researching a new TV before purchasing.

Nearly three out of four (72%) prospective buyers have not shopped around for a mortgage that best suits their financial situation. And they don’t plan to, according to the survey.

Nearly half (46%) of those who applied for mortgage pre-approval only submitted one application. 

“Home buyers should take the time necessary to make an educated decision on their mortgage. It’s often the largest financial decision someone makes. Taking time to understand their credit report, repair any issues and consult with a qualified mortgage professional can make a significant difference in a home shopper’s experience,” said Libby Cooper, vice president of Zillow Home Loans.

Zillow experts say that a lack of understanding about mortgage applications is what most often drives people to skip the research.

The top reason prospective home buyers indicated they haven’t or would not shop around for their mortgage was a concern that it would hurt their credit score (30%). While mortgage pre-approval can impact a credit score, buyers can shop and submit multiple applications over 45 days with only one hit to their credit score.

Regardless of the reason, these consumers may find that they’re spending tens of thousands more over the course of their mortgage, especially with today’s high interest rates and fluctuations, Zillow said.

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