Borrowers Spend More Time Researching Their Car Purchase Than Their Home
For many people, although buying a home is the largest investment they will make, it is also often the investment they understand the least about. Zillow Mortgage Marketplace recently surveyed borrowers and discovered the typical borrower spent just five hours researching their finance options, half the amount of time people spend on average researching a car purchase.
On NewsChannel5.com’s list of “6 Things You Should Know When Getting A Mortgage Loan,” the number one item is to “ get the right loan for you.” Even if this is not your first mortgage, the game has changed and it is well worth your time to evaluate your options. The list also recommends being “ruthless” when examining the costs of your mortgage and fully understanding any mortgage insurance obligations attached to your loan.
Zillow.com has a plethora of mortgage information resources to help borrowers make an educated decision, including
- Understanding the Differences Between ARMs and Fixed-Rate Mortgages
- Mortgage Checklist
- Learning about Mortgage Lenders
- What to Ask Mortgage Lenders.
For homeowners who already have a mortgage, Zillow’s “5 Things to Understand About Your Home Loan” offers insight into mortgage elements you should be sure to know and why, including knowing what type of mortgage you have (fixed-rate or ARM) and planning for both, what loan conditions govern your private mortgage insurance requirements, and whether your loan has a pre-payment penalty.
As low interest rates and low home prices combine to make it a buyer’s market, spending 10 hours (or more) to research your financing options is a great way to invest your time to help maximize the investment you’re making with your money.
No comments:
Post a Comment