Buying a Home? You Do Not Need to Do It Alone!

July 30th, 2014

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.

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.”

Bottom Line

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.

Source: www.KeepingCurrentMatters.com