Homebuyers don’t know mortgage basics: Zillow

When it comes to mortgages, homebuyers answered. homeowners by real estate website Zillow. Among the survey’s findings, 31% of buyers don’t think it’s possible to get a mortgage for less than 5%.

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According to the results of a recent Zillow Mortgage Marketplace survey, 44 percent of prospective homebuyer respondents admitted they. means they have secured financing, and 57 percent don’t know.

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Zillow Mortgage Marketplace, with Ipsos, surveyed prospective home buyers, asking them to gauge their own knowledge of mortgages, and asking basic questions about mortgage facts. For example, more than half (57 percent) of prospective home buyers who were polled do not understand how adjustable rate mortgages (ARMs) work.

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Overall, 44 percent said themselves that they were lacking in knowledge of the basics. The consequence of misinformation could mean lost dollars for potential homebuyers, said Erin Lantz, director of.

Check out the recently sold section of Zillow.com.. Every real estate agent has a mortgage broker that they work with.. If you don't know how much house you can afford, you need to head over to websites like.. of mercurial divas who work bankers hours does NOTHING for the home buyers OR sellers;.

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When it comes to mortgages, homebuyers answered basic questions. estate website Zillow. Among the survey’s findings, 31 percent of buyers don’t think it’s possible to get a mortgage for less than 5.

If you already know your basic budget numbers, it might take you as little as 15 minutes.. you’ll have a good sense of your how much you can afford – and whether you’ll qualify for a mortgage. Grab a pen and paper, and let’s get to work.. Many first-time homebuyers don’t realize.