Prospective buyers most likely to rank understanding mortgage costs among their top challenges
About half (56%) of prospective buyers said that understanding all of the costs associated with a mortgage and home payment was among the top 3 most difficult parts of financing a home purchase. Understanding how much they can afford followed (45%) then researching mortgages and rates (41%).
Prospective buyers were least likely to rank understanding their credit report and credit score (25%) among their top 3 difficulties.
| Share of prospective buyers that said each was among their top 3 most difficult home financing activities | |
|---|---|
| Understanding all of the costs associated with a mortgage and home payment | 56% |
| Understanding how much I can afford | 45% |
| Researching mortgages and rates | 41% |
| Improving my credit score | 37% |
| Pre-approval process | 35% |
| Locating necessary documents | 32% |
| Finding a mortgage lender | 29% |
| Understanding my credit report and credit score | 25% |
