Considering the size of the transaction, you might assume anyone that buys a house has done a fair amount of research before they get started. After all, it isn’t just about where you’re going to live for a few years. It’s a financial decision and understanding what you’re getting into is the key to success. But while that’s certainly true, a newly released survey shows the vast majority of current homeowners admit they didn’t understand the process and terminology until after they purchased their home. In fact, 76 percent of respondents said they lacked basic homeownership literacy when they started shopping for a house. Additionally, one in five said they even had to delaying purchasing a home due to confusion. The good news? It doesn’t have to be that difficult. With a good team of professionals and a little bit of reading, a home buyer can brush up on the basic terminology and feel confident they’re making good decisions. Don’t be among the 43 percent of survey participants who said they weren’t sure they knew the meaning of “mortgage rate.” (source)
