A Wells Fargohomebuying survey conducted in September revealed that while most respondents (82%) have a good grasp on how to manage their finances, a good portion of consumers are completely lost when it comes to specifics of the homebuying process. Nearly a third, for example, believed only individuals with high incomes could obtain a mortgage. Furthermore, close to half (44%) had little to no idea what sort of closing costs are required to buy a home.
It's crystal clear that additional information on the homebuying process is needed to help consumers make smarter decisions. And it's especially important that consumers looking to buy a home educate themselves sooner rather than later because lending rates are near a record low, meaning great deals could be had.
So take my plea with sincerity: Please, please stop making these critical homebuying mistakes!