First Time Home Buyers Mortgage Challenge
First time home buyers were asked about their home buying process and their lending experience. From this report from JD Powers on US Primary Mortgage Origination Satisfaction Survey first time home buyers stated the following:
41% of first time home buyers said their representative completely explained the types of loans, terms. special programs, fees and options to reduce their down payment.
43% of first time home buyers do not completely understand the process.
44% of first time home buyers reported the closing agent didn’t completely explain all of the closing documents.
54% of first time home buyers do not fully understand the different loan options available to them.
First time home buyers are more likely to report challenges with understanding the mortgage process and the options available to them.
If you are a first time homebuyer in San Diego then please contact us and we can help you through the home buying process. We can also recommend you a lender that will fully explain all of the loan options available to you.
The Lewis Team