Feb 5 2018 37430 1

Dated: 02/05/2018

Views: 95

Your buyers don’t understand mortgage basics

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

Blog author image

Team H and L Miami

Team H&L Miami @ Real Estate Empire Group is a fast growing boutique Real Estate firm established in 2001. It began to revolutionize property sales as well as marketing through brokers, agents, and an....

Want to Advertise on this Site?

Latest Blog Posts

Jun 2 2020 37430 1

Home Prices: It’s All About Supply and Demand As we enter the summer months and work through the challenges associated with the current health crisis, many are wondering what impact

Read More

Informe De Vivienda De Miami Dade Mayo

INFORME MENSUAL DEL MERCADO DE BIENES RAÍCES DEL SUR DE FLORIDA POR RAMÓN GONZÁLEZ20de mayo de 2020¡Buenos días y Feliz Lunes!   Hoy en el sur de la Florida comenzamos a dar

Read More

Miami Dade Housing Market Report May


Read More

Jun 1 2020 37430 1

The Benefits of Homeownership May Reach Further Than You Think More than ever, our homes have become an integral part of our lives. Today they are much more than the houses we live in. They

Read More