One Cool Thing – The Mortgage Challenge
The Lawhead Team would like to share the latest “One Cool Thing” from the California Association of Realtors about the reported mortgage challenges first-time home buyers have with understanding the process and options available to them.
Of First Time Buyers:
- 41% said their representative completely explained the types of loans, terms, special programs, fees, and options to reduce their down payment during the mortgage process.
- 43% do not completely understand the mortgage process
- 44% reported the closing agent didn’t completely explain all of the closing documents.
- 54% do not fully understand the different loan options available to them.
Source: J.D. Power U.S. Primary Mortgage Originations Satisfaction