Educating yourself about your loan options during the home buying process can save you money and frustration.
A recent Zillow survey showed some interesting statistics about what home buyers actually know (Or don’t know) about obtaining a home mortgage loan. Out of 1,000 current and prospective homeowners, it was discovered that:
- 34 percent don’t know what the term “APR” means
- 31 percent don’t believe it is possible to obtain a home mortgage loan with less than 5% as a down payment
- One in four believe that they must close escrow using the same lender who originally pre-approved them for their home loan