Forty-two percent of Americans say they don’t know enough about the homebuying process, according to a ConsumerAffairs report. The consumer news platform surveyed more than 1,000 people about their financial knowledge surrounding purchasing a home.
Nearly 30% of current homeowner respondents said they wished they’d had more knowledge before starting their house hunt.
Buyers pointed to down payment requirements, how to better compete in the latest housing market, and how debt-to-income ratio calculations factor into mortgage qualifications, the survey shows. Seventy percent of potential buyers said they don’t feel knowledgeable about how to compete in the current seller’s market.
Fifty-four percent of U.S. homeowners surveyed wish they knew more about their financing and loan options before purchasing a home.
Help consumers in your area understand the homebuying process and the responsibilities of homeownership. Our customizable Handouts for Customers can help.