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.

  • NewsMore>>

  • Exit polls suggest Irish voters have repealed abortion ban

    Exit polls suggest Irish voters have repealed abortion ban

    Friday, May 25 2018 2:32 AM EDT2018-05-25 06:32:46 GMT
    Saturday, May 26 2018 12:24 AM EDT2018-05-26 04:24:44 GMT
    (Clodagh Kilcoyne/PA via AP). Presiding officer Carmel McBride looks on as a woman casts her vote in the referendum on the 8th Amendment of the Irish Constitution, on Thursday May 24, 2018, a day early for the people that live off the coast of Donegal ...(Clodagh Kilcoyne/PA via AP). Presiding officer Carmel McBride looks on as a woman casts her vote in the referendum on the 8th Amendment of the Irish Constitution, on Thursday May 24, 2018, a day early for the people that live off the coast of Donegal ...

    Voters throughout Ireland have begun casting votes in a referendum that may lead to a loosening of the country's strict ban on most abortions.

    More >>

    Voters throughout Ireland have begun casting votes in a referendum that may lead to a loosening of the country's strict ban on most abortions.

    More >>
  • Trump balks at North Korea's rhetoric but it has used worse

    Trump balks at North Korea's rhetoric but it has used worse

    Friday, May 25 2018 2:22 AM EDT2018-05-25 06:22:51 GMT
    Saturday, May 26 2018 12:23 AM EDT2018-05-26 04:23:47 GMT
    A federal judge in New York says President Donald Trump cannot block his critics on Twitter without violating the First Amendment. (Source: CNN)A federal judge in New York says President Donald Trump cannot block his critics on Twitter without violating the First Amendment. (Source: CNN)

    North Korea language was milder than its typical inflammatory, harsh rhetoric but enough for Trump to kill summit.

    More >>

    North Korea language was milder than its typical inflammatory, harsh rhetoric but enough for Trump to kill summit.

    More >>
  • Authorities: Suspected restaurant gunman had gun license

    Authorities: Suspected restaurant gunman had gun license

    Friday, May 25 2018 1:02 AM EDT2018-05-25 05:02:34 GMT
    Saturday, May 26 2018 12:17 AM EDT2018-05-26 04:17:02 GMT
    (Bryan Terry/The Oklahoman via AP). Jennifer Stong hugs Tasha Hunt outside the scene of a shooting on the east side of Lake Hefner in Oklahoma City, Thursday, May 24, 2018. Stong was inside the restaurant when the shooting occurred.(Bryan Terry/The Oklahoman via AP). Jennifer Stong hugs Tasha Hunt outside the scene of a shooting on the east side of Lake Hefner in Oklahoma City, Thursday, May 24, 2018. Stong was inside the restaurant when the shooting occurred.

    Police: Man armed with pistol shot and wounded two customers at Oklahoma City restaurant before being shot dead by handgun-carrying civilian in parking lot.

    More >>

    Police: Man armed with pistol shot and wounded two customers at Oklahoma City restaurant before being shot dead by handgun-carrying civilian in parking lot.

    More >>
Powered by Frankly