Zillow survey: Buyers still unclear on loan processMay 9, 2013 @ 9:49 am
Potential homebuyers are racing to apply for loans, but many incorrectly answer basic mortgage questions, according to a new survey by Seattle-based Zillow.
For example, one-third of buyers (34 percent) believe all lenders are required by law to charge the same fees for credit reports and appraisals.
"Buyers should always shop multiple lenders and compare rates and fees and read lender reviews in order to find the best loan for their situation," said Erin Lantz, director of mortgages for Zillow.
One-third (34 percent) of first-time homebuyers are not aware that it is possible to get a home loan with a down payment of less than 5 percent.
And, 26 percent of homebuyers incorrectly believe they are obligated to close their loan with the lender that pre-approved them, the Zillow survey revealed.
At the Finish Line
The man who saved horse racing in Washington tells Dori Monson why he's stepping away
Week In Photos
Stunning images from around the world this week
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.