Survey: Only 4% Of Home Shoppers Worry They Won’t Qualify For A Mortgage

A recent survey conducted by Qazzoo.com, a social search engine connecting real estate professionals with local home buyers and sellers, reveals that only 4% of home shoppers are concerned about difficulty in qualifying for a mortgage.

The survey focused on identifying the level of confidence the average active home buyer has in the market, as well as how consumers interact with the real estate professionals they come in contact with.

Interestingly, 42% of home shoppers say they are most concerned with lack of timely follow-up by their real estate agent. About 36% say they are most concerned with being shown homes that do not meet their needs. As the company points out in a press release, these are issues that can easily be addressed.

But the other issues that home shoppers are concerned with are the ones that could stop the home buying process dead in its tracks: Only 11% say lack of available inventory is their main concern – and only 5% say understanding available mortgage options is a concern.

The fact that only 4% are concerned about their ability to qualify for a mortgage could be an indication that many home shoppers are unaware of implementation of the Consumer Financial Protection Bureau's new ability-to-repay/qualified mortgage rules – which went into effect Jan. 10 – or are simply not aware of how those new rules may affect them.

LEAVE A REPLY

Please enter your comment!
Please enter your name here