NEW YORK – Feb. 2, 2018 – Many Americans begin looking for a home to buy without understanding the fundamentals of applying for a mortgage or what it takes to qualify for one, according to a new survey by Ally Home, a direct-to-consumer mortgage business.
Ninety-two percent of the more than 2,000 U.S. adults who responded to the survey admit they don't know how much mortgage they can afford. Further, most are confused about "rates" versus "points," and only a third have a general idea what their average closing costs might be.
Only 8 percent realize that the maximum debt-to-income ratio is usually 43 percent. Most respondents believe it's significantly lower or don't know at all.
"When it comes to major financial investments, such as a home, it's critical consumers have a solid grasp of the basics," says Diane Morais, president of Consumer and Commercial Banking Products at Ally Home. "It can seem overwhelming at first, but by mastering just a few of the fundamentals, home buyers can put themselves in a much better position to win and secure the mortgage that's right for them."
Source: Ally Financial
Author:Team H and L Miami Phone: 305-458-3583 Dated: February 5th 2018 Views: 19 About Team: Team H&L Miami @ Real Estate Empire Group is a fast growing boutique Real Estate firm established in...
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Real Estate Empire Group is a fast growing boutique Real Estate firm that was established in 2001. It began to revolutionize property sales as well as marketing through brokers, agents, and an administrative team. Our highly trained administration team ensures the best service possible as well as helps manage transactions efficiently across a spectrum of properties, prices and sales including international transactions. Our office provides agents an opportunity to grow with market- leading training and unique tools devoted for growth and expansion. We are based in Doral, FL placing us at the center of Miami’s fast-growing International market. Our wide- ranging model combines various technologies; efficient support system and leadership initiatives that help agents govern sales in a superior form while gaining a threshold as a Real Estate agent. We at Real Estate Empire Group provide to ensure excellence in every aspect of Real Estate.
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