Many buyers aren’t prepared for mortgage process
RIVERWOODS, Ill. – July 22, 2014 – A poll conducted by Versta Research and commissioned by Discover Home Loans found that 94 percent of prospective buyers believe they're making a good investment by purchasing a home.
Although 87 percent are confident they will find an affordable home loan, the poll shows many have not done the math to determine their costs. In fact, 63 percent find themselves overwhelmed by the amount of mortgage information available.
• Why enter the market now? 60 percent of respondents began a home search after at least one of the following took place:
Unsure of the cost
• 41 percent have yet to calculate their down payment
• 48 percent don't know how much their mortgage payment would be if they chose a more or less expensive property
Inundated with information
• For those under age 30, 76 percent reported feeling overwhelmed
• 76 percent of first-time buyers reported feeling overwhelmed, versus 54 percent of those who have previously owned
• When evaluating mortgage terms and comparing offers, they turn to mortgage bankers most often, 59 percent, then to real estate agents, 49 percent© 2014 Florida Realtors®