A recent survey byIpsosfound that the American public is still somewhat confused about what is actually necessary to qualify for a home mortgage loan in today’s housing market. The study pointed out two major misconceptions that we want to address today.
1. Down Payment
The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 36% think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less. Here are the results from a Digital Risk survey done on Millennials:
2. FICO Scores
TheIpsossurvey also reported that two-thirds of the respondents believe they need a very good credit score to buy a home, with 45 percent thinking a “good credit score” is over 780. In actuality, the average FICO scores of approved conventional and FHA mortgages are much lower. Here are the numbers from a recent Ellie Mae report:
If you are a prospective purchaser who is ‘ready’ and ‘willing’ to buy but not sure if you are also ‘able’, sit down with someone who can help you understand your true options.
Author:Tracy Seabrooks Phone: 614-572-3586 Dated: September 3rd 2015 Views: 254 About Tracy: Tracy Seabrooks has been investing in Real Estate for over 20 years. Her extensive knowledge and exp...
Serving more than 50 of the 100 largest metro areas in the United States, independent sales associates affiliated with NRT distinguish themselves every day by creating exceptional real estate experiences for their customers and their communities. But don’t just take our word for it. In 2015, REAL Trends ranked NRT as the #1 Residential Real Estate Brokerage Company for an unprecedented 18th consecutive year. It’s an honor we’ve achieved by focusing on exceptional customer service and consistently putting our clients’ evolving real estate needs first.
Whether you measure our performance in terms of size, sales volume or number of transactions, the leadership of the companies and sales associates represented by ColdwellBankerHomes.com is driving innovation and delivering value to homebuyers and sellers. As a result, NRT’s growing presence includes more than 44,000 affiliated sales associates and 4,900 employees in 727 offices, all ready to serve you.
Looking to buy a home in Whitehall? Check out this amazing deal!The Ci
"Client Feedback on Eric Hanas --
How fast did your agent respond to your questions: 5 out of 5
How well did your agent use technology: 5 out of 5
How helpful was the support staff: 5 out of 5
How good was the auxiliary services we recommended: 5 out of 5
How did the closing go: 5 out of 5
How close did we meet your expectations: 5 out of 5
How likely are you to recommend us: 5 out of 5
Services used: Buy
How did you find us: Other
Your most memorable moment
Eric was friendly, courteous, and prompt when it came to all the showings. He got us answers to our questions quickly and was a delight to work with!
The moment you'd rather forget?
loved every minute!!