Nearly Half of Home Buyers Surveyed Don't Understand Essential Information about Mortgages

by 03 May 2011

Misinformation about Interest Rates, Lender Fees and FHA Loans Can Lead Buyers to Make Costly Mistakes, According to Zillow Mortgage Marketplace Survey

SEATTLE, May 3, 2011 /PRNewswire/ -- As the housing market continues to struggle with high inventory and a lack of demand, home buyers appear ill-prepared to take out a mortgage, answering basic questions about mortgage information wrong nearly half (46 percent) of the time (i) according to a Zillow Mortgage Marketplace survey(ii). In fact, 44 percent admitted they are not confident in their knowledge of mortgages or the mortgage process. Zillow


Should CFPB have more supervision over credit agencies?