Homebuyers don’t know mortgage basics: Zillow

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A Guide to Different Home Loan & Mortgage Options . Once you’ve saved up enough money for a down payment on a house, you’re ready to meet with a mortgage lender to learn about your mortgage options. Stay ahead of the game by learning the home loan basics before that meeting, and you’ll be ready to get a mortgage pre-qualification.

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.

Don’t know where to start when it comes to financing your dream home? Don’t worry, we’ve got you covered. Check out our video on Mortgage 101, so you can get up to speed with the basics of.

Most mortgage lenders want you to make a 20% down payment and will require you to buy private mortgage insurance, or PMI, if you can’t meet that threshold. PMI protects the lender if you stop making.

Zillow: People Don’t Know Much About Mortgages Colin Robertson May 9, 2013 No Comments A new survey from Zillow revealed that prospective home buyers may be "ill-prepared to take out a mortgage," with basic mortgage questions answered incorrectly nearly one-third of the time.

The majority of hopeful first-home buyers do not know what lenders’ mortgage insurance. knew about the basics of buying a property. “A lot of first-home buyers that come to us have heard all the.

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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.

Zillow recently surveyed prospective and current homeowners about their mortgage expertise, and results from the study reveal that many homebuyers don’t know the answers to simple questions about.

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Many Homebuyers Don’t Know Basics of Getting a Mortgage May 13, Zillow points out that the number of lenders on its Mortgage Marketplace that quote loan requests with a down payment between 3.5 and 5 percent has risen by 570 percent over the past two years.