Survey findings: Homebuyers Clueless about Mortgages

May 31, 2013

According to an article from CNN, “Among the survey’s findings, 31% of buyers don’t think it is possible to get a mortgage for less than 5% down; 34% don’t know what the tern ‘annual percentage rate’ (APR) means and one in four believe you must close with the lender that pre-approves your mortgage.”

The article also noted “And 24% of buyers believe the best mortgage deals are available through the banks where they currently have their savings and checking acounts, but often competing lenders can undercut those banks by large margins.”

Check out the article to see more: