Home Buyers
Overwhelmed by Loan Info
A Discover Home Loans survey of 1,037 home buyers reveals that many struggle to determine how much they will owe on their mortgages. Eighty-seven percent of those polled determined the type of property they could afford, but just 52 percent had calculated their projected monthly payment. Additionally, 41 percent of borrowers had not determined their down payment, and 48 percent were unaware of how much their mortgage payments would increase or decrease based on the cost of the home. To better understand the mortgage process, 59 percent of buyers sought help from mortgage bankers, 42 percent from real estate agents, 38 percent from financial advisers, 37 percent from family or friends, and 30 percent from online financial tools or calculators. "Regardless of whether you're an experienced or inexperienced home buyer, there's a lot of information out there, and it's difficult to discern what's important," says Cameron Findlay, chief economist at Discover Home Loans.
From "Home Buyers Overwhelmed by Loan Info"
Wall Street Journal (08/21/14) Martin, Anya
A Discover Home Loans survey of 1,037 home buyers reveals that many struggle to determine how much they will owe on their mortgages. Eighty-seven percent of those polled determined the type of property they could afford, but just 52 percent had calculated their projected monthly payment. Additionally, 41 percent of borrowers had not determined their down payment, and 48 percent were unaware of how much their mortgage payments would increase or decrease based on the cost of the home. To better understand the mortgage process, 59 percent of buyers sought help from mortgage bankers, 42 percent from real estate agents, 38 percent from financial advisers, 37 percent from family or friends, and 30 percent from online financial tools or calculators. "Regardless of whether you're an experienced or inexperienced home buyer, there's a lot of information out there, and it's difficult to discern what's important," says Cameron Findlay, chief economist at Discover Home Loans.
From "Home Buyers Overwhelmed by Loan Info"
Wall Street Journal (08/21/14) Martin, Anya
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