BASE. According to a new survey of prospective home buyers by News, 83.7% of respondents face significantly higher prices where they expect to buy. In today's market, homes are scarce and prices continue to rise. More worrying for people, however, is the affordability of homes, not their availability. The survey revealed that 37% of respondents were more concerned about finding a home they could afford, while 26.9% were more concerned about finding a home they liked. A large proportion of respondents (35%) are concerned about both affordability and availability. To have a chance at a successful property purchase, many buyers are proactive: 51.2% of respondents save to make an extra large down payment, while 39.3% get pre-approved for a mortgage so they can bid quickly. . Additional survey information: Almost two-thirds (64.9%) of respondents expect to spend $400,000 or less on their home. 48.2% of respondents still expect to make an offer for a house; 6.7% of respondents received a
A mortgage is a loan from a bank or other lender used to buy or refinance a home. A mortgage is a secured loan: real estate acts as collateral when the loan is repaid in monthly installments, including interest, usually for a period of 15 to 30 years. If you do not pay, the lender could foreclose you. You will not be able to fully own your home until the mortgage is paid off. If you reach this milestone, you will need to check to see if the lien on your property has been removed by contacting your local secretary of state or county registrar. Your creditor must also return the original bill of exchange to you.