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Nearly half of American homeowners recently surveyed said they would do something differently if they were to go through the homebuying process again, according to the NerdWallet\u2019s Home Buyer Reality Report, which analyzed the steps more than 2,200 Americans took to homeownership.<\/p>\n\n
\nRead more<\/strong>: 8 Items Buyers Need to Add to Their Budgets<\/span><\/p>\n<\/blockquote>\n\n
If you want to help prevent buyers\u2019 remorse, the following are some things you can focus on with your clients. These are the top things consumers say they regretted:<\/p>\n\n
- 20 percent wished they had saved more money before buying a home;<\/li>\n\t
- 13 percent would do more research on the mortgage-lending process;<\/li>\n\t
- 14 percent would have shopped around more for a mortgage<\/a>;<\/li>\n\t
- 13 percent would research the homebuying process more.<\/li>\n<\/ul>
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The majority of buyers’ remorse seems to stem around the financing<\/a> of a home purchase<\/a>, the report finds.<\/p>\n\n
\u201cAccording to our research, borrowers who don\u2019t understand the mortgage process or don\u2019t know enough about their own credit history tend to hit obstacles or be rejected when applying for mortgages,\u201d says Tim Manni, mortgage expert at NerdWallet. \u201cThey also tend to feel regret after their deal is done, even if they succeeded in buying a home. That tells me borrowers aren\u2019t doing enough research\u2014on themselves or the mortgage process\u2014before applying for a home loan<\/a>.\u201d<\/p>\n\n
Forty-one percent of Americans surveyed who applied for a mortgage say they felt they were not aware of all of their loan<\/a> options during the lending process. Twenty-eight percent of consumers say they felt like they were not a priority to their mortgage professional during the loan process.<\/p>\n\n
Overall, 42 percent of American homeowners called the homebuying process stressful. Thirty-two percent said it was \u201ccomplicated\u201d and 21 percent called it \u201cintimidating,\u201d the survey found. That said, 41 percent of respondents also called the process manageable and 30 percent called it rewarding. Thirty-two percent of respondents say their real estate<\/a> agent made the homebuying process easy.<\/p>\n\n
Source: \u201cHome Buyer Reality Report 2017,\u201d NerdWallet (Feb. 23, 2017)<\/em><\/p>\n<\/div>\n \n \n<\/pre>\n\n<\/div>\n\n\n
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