Housing market heats-up, some buyers clueless on mortgage - WSFA.com Montgomery Alabama news.

As housing market heats-up, potential buyers often clueless about mortgage details

As people hunt for new houses in this improving economy, a new survey shows many Americans have no idea about the important details affecting how much they'll pay for their family's biggest investment. As people hunt for new houses in this improving economy, a new survey shows many Americans have no idea about the important details affecting how much they'll pay for their family's biggest investment.
CINCINNATI, OH (FOX19) -

When it comes to shopping for houses, we Americans love to look. But the nitty gritty details about how much we'll end-up paying? Not so much.

As the housing market heats-up in Cincinnati, a new poll by Zillow is showing just how much money we may be leaving on the table without even realizing it. When it comes to real estate, almost everything is up for negotiation. But it appears many Americans often just take what's offered when it comes to the mortgage their bank proposes.

In the poll conducted for Zillow, one out of three prospective buyers didn't know that fees lenders charge to get your credit reports and do an appraisal of the home are negotiable. 45% thought you should always buy mortgage discount points, when actually they're just prepaid interest. So if you're not going to stay in a house for many years, you may not break even. 

"Most people wouldn't jump out of a plane if they didn't know how to use a parachute, yet each year many buyers commit to the largest loan they will take out in their lifetimes without understanding essential information about mortgages," Erin Lantz, director of Zillow Mortgage Marketplace, was quoted as saying in a press release about the survey.

55% of prospective home buyers didn't know that mortgage rates vary throughout the day, just like the stock market. So you need to keep on top of them throughout the mortgage process. Various websites offer to track mortgage rates on a daily --- or even more frequent --- basis including Zillow, Bankrate, and Mortgage News Daily

Plus, be sure to use a mortgage calculator to make sure you can afford that monthly payment.

Copyright 2013 WXIX. All rights reserved.

  • Trending StoriesTrending StoriesMore>>

  • Cold War drama caught on video as N. Korean soldier escapes

    Cold War drama caught on video as N. Korean soldier escapes

    Wednesday, November 22 2017 2:11 AM EST2017-11-22 07:11:49 GMT
    Wednesday, November 22 2017 5:04 PM EST2017-11-22 22:04:00 GMT

    On a cold, grey afternoon, a lone North Korean soldier races toward freedom, the shock of his comrades palpable as they realize he is defecting to the South and start sprinting after him.

    More >>

    On a cold, grey afternoon, a lone North Korean soldier races toward freedom, the shock of his comrades palpable as they realize he is defecting to the South and start sprinting after him.

    More >>
  • 50 employees fired after refusing flu shot

    50 employees fired after refusing flu shot

    Wednesday, November 22 2017 2:14 AM EST2017-11-22 07:14:40 GMT
    Wednesday, November 22 2017 2:14 AM EST2017-11-22 07:14:40 GMT
    At least 50 enployees at a health company have lost their jobs after refusing to get flu shots. (Source: KBJR/CN)At least 50 enployees at a health company have lost their jobs after refusing to get flu shots. (Source: KBJR/CN)

    Since September, employees have been given three options:  Get the flu shot, get an approved religious or medical exemption, or leave Essentia. At least 50 people have lost their jobs thus far.

    More >>

    Since September, employees have been given three options:  Get the flu shot, get an approved religious or medical exemption, or leave Essentia. At least 50 people have lost their jobs thus far.

    More >>
  • VA study shows parasite from Vietnam may be killing vets

    VA study shows parasite from Vietnam may be killing vets

    Tuesday, November 21 2017 4:11 PM EST2017-11-21 21:11:31 GMT
    Wednesday, November 22 2017 5:06 PM EST2017-11-22 22:06:38 GMT

    A half century after serving in Vietnam, hundreds of veterans have a reason to believe they may be dying from a silent bullet _ test results show some men may have been infected by a slow-killing parasite while...

    More >>

    A half century after serving in Vietnam, hundreds of veterans have a reason to believe they may be dying from a silent bullet _ test results show some men may have been infected by a slow-killing parasite while fighting in the jungles of Southeast Asia.

    More >>
Powered by Frankly