What Do Today’s Homebuyers Think of Lenders?

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For the most part, they have positive views, according to the results of a recent RealtyPin.com survey conducted in March.

Even though many of the current home purchases are being made by investors who are using all-cash, the so-called “traditional” buyers still need to rely on a mortgage.

So, what exactly do those buyers think of their lenders?

For the most part, they have positive views, according to the results of a recent RealtyPin.com survey conducted in March. The survey says that the majority of recent buyers – 73%, to be exact – rate their experience with their lenders as being either “excellent” or “very good”. That’s a huge step in the right direction. After all, if lenders make things too difficult for qualified buyers, the housing market may never get totally back up and running.

Read about Buying a green home and NYC real estate.

However, that doesn’t mean that buying a home for sale today is completely without challenges. Nearly 25% of the home buyers surveyed rated their experience as either “extremely” or “very” stressful, and another 41% said the process was “somewhat stressful”. In light of these findings, the experts at Realtypin.com offered tips to combat mortgage-related stress in an article on their website.

One thing that could be contributing to the stress? All of the fine print. Today’s mortgage agreements are full of it, but 38% of the people surveyed said that their lender wasn’t very helpful when it came to guiding them through the ins and outs of the mortgage process.

On a brighter note, though, it appears as if more Americans are starting to gain confidence in the housing market. Out of the 593 people surveyed, 72% said that now was a good time to buy a home. Those good feelings seem to be translating into more home purchases. In fact, America’s home prices rose 8.1% in January – which was the biggest gain they had made since the summer of 2006. And, by the time February came to a close, new homes were being built faster than they had in more than four years.

In an effort to get the most bang for their buck, soon-to-be homebuyers are taking time to shop around for the best deal. Instead of simply going with the same bank that handles their checking account, nearly two-thirds of today’s homebuyers get a mortgage from another bank. In fact, nearly half of the homebuyers surveyed reported that they got a mortgage from a bank that they had no prior relationship with. That’s why online mortgage comparison tools have become so popular – so that homebuyers can search for the best deal, without having to actually go anywhere!

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James Paffrath
RealtyPin
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