News Column

New Survey Reveals Figures on Unprepared Home Buyers, Boston Pads Encourages Use of Mortgage IQ Quiz

May 22 2013 12:00AM

Marketwire

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BOSTON, MA -- (Marketwired) -- 05/22/13 -- Boston Pads is a comprehensive online resource for consumers who are searching for available homes or rentals in the Boston area. As a company that is dedicated to delivering customer satisfaction, this online database encourages all first-time buyers to review the home loan process in full in order to find the right property. While some consumers may believe they know enough about mortgages to go ahead with the pursuit, a recent article from Zillow reveals a new survey that showcases just how unprepared many American buyers are.

The article states, "Buyers entering the market now are faced with bidding wars and are taking measures such as removing contingencies and offering to close in less than 30 days in order to make their offers look better. But with the quick-to-pull-the-trigger mentality, are future home buyers ready to get a mortgage? A Zillow survey just released indicates that many buyers are not. The Mortgage IQ Survey showed that prospective home buyers answered very basic mortgage questions wrong nearly one-third of the time."

Although the Mortgage IQ Quiz created by Zillow only features 10 basic questions about home financing, Boston Pads notes that these questions can reveal a lot about a consumer's comprehension of the topic. In a recent press statement the company explains, "This survey -- while not comprehensive -- does carry an important lesson. All buyers need to review the mortgage process before they begin to search for a property. There are many resources that can help individuals understand this subject and help them maximize their buying potential."

Boston Pads highlights one important point addressed in the article that states, "One-third of buyers (34 percent) believe all lenders are required by law to charge the same fees for credit reports and appraisals. In fact, home buyers should always shop multiple lenders to compare rates and fees in order to find the best loan for their situation."

In its press statement, Boston Pads adds, "While the Zillow survey is just getting to the tip of the iceberg in terms of home loan literacy, the points it addresses are very important for every buyer to know. For this reason, we encourage all prospective buyers to test their comprehension through Zillow's Mortgage IQ Quiz."

While the company notes that it is important to utilize the right resources to learn about mortgages, it also underlines other tools that can help during the home selection process. "Once a buyer in the Boston area is confident about his or her mortgage knowledge, our site can provide accurate information about available properties to help make the purchasing process even easier," Boston Pads concludes in its press statement.

ABOUT:

Boston Pads is an online resource for real estate and housing needs in the Boston, Massachusetts area. The company's database is constantly updated to feature the most current listings and offers the largest real time selection in the market. With features targeted toward renters, buyers, sellers and landlords, it is a one-stop shop. The database also features resources regarding property management services, landlords, relocation services, and renovation services and provides additional tools, such as a mortgage calculator and data on specific neighborhoods. Boston Pads also offers tips to get pre-approved for financing and puts interested parties in contact with experienced brokers.



Source: Marketwire


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