THE BASIS POINT

It’s crazy how little most people know about qualifying for a mortgage

This weekend I was on a school camping trip and listening to some parents talk about mortgages, and I was shocked. These are accomplished professionals in law, science, technology, and engineering, but they were throwing out some down payment and credit score guesses that were way off.

It caused me to look up a report Fannie Mae did last year on what people know about mortgage qualifying. Quick visual summary below, and full report below that.

Appears not much has changed in a year. This bodes well for the profession in helping to educate and guide people through their homeownership journey.


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Reference:

How Much Do U.S. Households Know About Qualifying For A Mortgage?

Report with actual questions U.S. Households were asked about qualifying for a mortgage

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