Buying a home is one of the biggest financial decisions most people will ever make. Considering the size of this transaction, you might assume home-buyers are doing a fair amount of research beforehand. After all, it's not just about where you’re going to live for a few years—it’s a major financial decision. Understanding what you’re getting into is the key to making smart choices.
However, a newly released survey reveals that the vast majority of current homeowners admit they didn’t fully understand the process and terminology until after they purchased their home. In fact, 76% of respondents said they lacked basic homeownership literacy when they began shopping for a house.
Even more telling, one in five buyers reported having to delay their purchase due to confusion about the process.
The good news? It doesn’t have to be that difficult. With the right team of professionals and a bit of reading, any homebuyer can quickly get up to speed on the basics and feel confident in their decisions.
Don’t be among the 43% of survey participants who said they weren’t sure what the term "mortgage rate" even meant. A little preparation goes a long way toward making one of life's biggest investments a successful one!
Source: Mortgage Point