An interesting survey that revealed how prepared homebuyers are for the actual mortgage process. The survey reported that 94% of prospective buyers believe they are making a good investment decision if they buy a home. The survey also explained that 66% of buyers reach out to real estate agents to help determine whether buying a certain home would be a good investment. However, there is less certainty regarding the mortgage process.
Most buyers overwhelmed
The majority of potential buyers are actually overwhelmed with the plethora of information available about the home financing process. Here are some interesting highlights from the report:
Nearly 66% feel overwhelmed with the amount of information available
76% of those under the age of 30 feel overwhelmed
76% of first time buyers feel the same way
54% of those buyers who have previously owned also were overwhelmed
59% of buyers turn to mortgage bankers to help evaluate mortgage terms and comparing offers
49% of buyers turn to real estate agents to help evaluate mortgage terms and comparing offers
There is help available…use it!
Cameron Findlay, chief economist at Discover Home Loans, gives great advice:
“The industry is becoming more transparent in an effort to help homebuyers become informed about changes that may affect their process. The sheer amount of information can lead to confusion and stress. Those looking to purchase should work closely with their lender and realtor to make sure they are comfortable with mortgage terms and understand the impact a loan will have on their finances.”
Purchasing a home can put great pressure on a family. Reach out to the best mortgage and real estate professionals in your market for assistance throughout the process.
Have questions? Thinking about buying a home and not sure of where to start or how the process works? Give me a call and let me show you how to get started.
Author:Sherry Cabrera Phone: 214-454-6969 Dated: October 15th 2014 Views: 2,969 About Sherry: Sherry was raised in Mississippi and moved to Dallas 16 years ago with her daughter. Prior to movin...