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Clearing up these misconceptions might help you get more clients

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07/23/2015 | Author: Editorial Staff

Many Americans have a positive attitude toward homeownership, but they also mistakenly believe it’s tougher to qualify for a mortgage loan than it actually is, according to a survey by Wells Fargo & Company.

The How America Views Homeownership survey found that while consumers are slowly learning that standards aren’t as rigid as they were after the housing bust in 2008, two-thirds of respondents still believe they need a very good credit score to buy a home; 45% think a good credit score is more than 780—what is actually considered an excellent credit score. The survey also found that many people, especially African-American and Hispanic consumers, think a 20% downpayment is always required.

There may be potential homebuyers in your area who hold these and other misperceptions about mortgage loans. Clarify that they don’t need an extremely high credit score to qualify for a mortgage loan, and that there are loan options with a lower downpayment. They may also want to consider homebuyer-assistance programs. 

Categories: Business tips, Research
Tags: mortgage, buyers

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While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on Any legal or other information found here, on, or at other sites to which we link, should be verified before it is relied upon.

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