In a survey recently conducted by the GMAC mortgage company, a thousand customers nationwide were asked to ascertain any obstacles they have to homeownership.  24% of them specify a lack of fiscal security, at the same time 23% indicated saving for down payment.  Both of these issues can be as difficult as shopping for the home itself.  This survey was conducted to gauge the need for home ownership education regarding the home buying process.  With these results the bottom line appear to be potential home buyers wanted to learn more about the financial issues as well as the real estate and house hunting aspects. 

Participants indicated specific need for education regarding:

• Obtaining the best loan
• Managing debt
• Evaluating credit
• Locating the right house
• Saving a down payment
• Acquiring a qualified realtor
  

Filtering out of these results is the need for consumers to understand how the FICO applies as well as the how to use of credit evaluation.  Additionally, the understanding of credit issues from an early age is an obstacle to obtaining a mortgage.  The results of the survey proof even with the current housing crisis there is still a significant need for consumer education in real estate.  The process of purchasing a home or land is still a confusing one for many.  This goes beyond age, gender and education.  Many communities are moving to better educate their citizens through community outreach programs.  Currently your best source of information is online, however many mortgage companies are looking for avenues to correct the information deficit.

If you need help or info, feel free to drop me a note!

Joe

Mayfield Ranch Round Rock Listings | Cardinal Hills Austin Homes and Condos