A recent survey found that 54% of people who want to buy a home within the next two years aren’t pursuing that goal because they fear they won’t be able to get a mortgage. Conducted for loanDepot, the telling survey included 1,0005 U.S. adults.
The most fearful group is comprised of those who have never purchased a home, with 56% of this group holding back because they are afraid of being turned down for a mortgage. The same concern is held by one-third of current homeowners who would like to buy again.
In addition fearing rejection, potential buyers are also fearful of the mortgage process itself. This fear is mirrored by the large number of borrowers would could have benefited from refinancing and still haven’t done so.
Fear of rejection and feeling intimidated are a basic human emotions that can cause inaction and avoidance. Unfortunately, this can result in missing out on your dream home.
Yes, the average person will have far more fun looking for houses than going through the mortgage process, but without the latter, you won’t be able to act when you find the home you want. This is particularly true in markets like the South Bay where inventory is low and moves quickly.
To help overcome the fear of getting a mortgage, it’s important to educate yourself on the process. I fall into the tiny percentage of people who actually enjoy the financial side of buying a home, and would be more than happy to answer any questions you have.
You can contact me directly at 310-607-0131 or rhagestad@watermarkhomeloans.com.
