Last week, a survey was released that revealed how prepared home buyers are for the actual mortgage process. The survey reported that 94 percent of prospective buyers believe they are making a good investment decision if they buy a home. The survey also explained that 66 percent 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.
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:
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.”
The purchasing of a home can put great pressure on a family. Reach out to one of our licensed mortgage professionals at Wallick & Volk for first-class service and a clear explanation of the lending process.