3 things homebuyers should know, but don't

  • Photo: iStockphoto

    By Christine DiGangi/Credit.com

    Buying property, no matter how many times you do it, will be among the biggest financial decisions you make. While it's difficult to feel fully prepared for the mortgage process, you have to do as much research as possible to ensure you're entering into an affordable loan agreement. Yet many homebuyers start the process surprisingly unprepared to make this massive monetary commitment.

    A majority of consumers are confident in their ability to afford a mortgage and buy a desirable property, according to a recent survey of 1,037 prospective homebuyers commissioned by Discover Home Loans. The data is based on interviews conducted by Versta Research between March 24 and April 4, with a margin of error of plus or minus 3 percentage points.

    The survey found a disparity between people's perceived and actual preparedness for buying a home, particularly when it came to the monthly impact on their budgets. Of those surveyed, 83 percent said they had been pre-qualified for a home loan, but they were a little hazy on the details of a home loan.

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