Buying a new house tends to happen over long periods of time and, for a lot of first-time buyers, that time still seems to go too quickly.
Because a recent Fannie Mae study shows that first-time buyers are feeling stressed and time-pressured, which leads to hasty choices buyers later regret.
Except, Fannie Mae says, the buyers are doing it all to themselves.
It’s not the journey. It’s too much focus on homes, an not enough focus on home loans.
The data’s summarized in a Fannie Mae report published with a pretty direct title: “Lack of Mortgage Focus Complicates Home Purchase”. The theme is that by the time most buyers decide to finally focus on their mortgage, it’s pretty much too late to do anything but just scramble to the finish line.
It’s too late to improve a credit score for access to lower rates, it’s too late to make course corrections for your household budget, and it’s too late to make sure you’re getting the most suitable loan for what you’re trying to do.
The net effect is that buyers learn too little and pay too much.
Don’t be that person. As soon as there’s a thought that, someday, you’ll want to stop renting and start owning, connect with a mortgage lender — a human — to talk about it. Get ahead of the process.
Give yourself your best chance for success.
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Home buyers snatched up properties for sale in May as housing made its v-shaped recovery.