The Home Buying Experience

According to a recent survey by TD Bank, the process of purchasing a home is improving and that over 70% of recent buyers ranked their home-buying experience as “very good” to “excellent.”   That is up 10% over the past two years.  That is really good news.

The survey showed that buyers found the most positive factors in the home-buying process are finding a good Realtor, selecting the right lender, and receiving loan approval. Securing a loan is a daunting journey, and current homebuyers are faced with new loan demands and disclosure forms.

Let’s look at some of highlights of this survey:

• 42% believe that the housing market will continue to improve.

• More than half rated their lender as honest, accessible, and transparent.

• 67% said the lenders should include more information and resources online as well as offer financing seminars.

• 14% of the homebuyers researched the lenders via social media.

• 56% feel that it is a good time to buy

• 32% reported that their purchase was “very to extremely stressful.”

• Better than 50% had a down payment of less than 20%.

• 32% used a mortgage affordability program.

• 62% said that they spent more than $2000 in unexpected costs related to the mortgage process.

• 25% purchased home with somebody other than a spouse.

Our advice is to interview two or three lenders and see which one fits best.  There will be some limited differences in the products that they offer, but the most important factor is that you find an accessible and informative mortgage lender. We've got a great list of contacts in this area. Feel free to contact us for any information!