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InterFirst Breaks $10 Billion

National Mortgage Professional
Nov 16, 2002

GMAC survey finds consumers want more home financing educationmortgagepress.combarriers to homeownership, consumer concerns, financial security GMAC Mortgage has released the results of its first quarterly customer survey, which polled 1,000 consumers nationwide to assess their barriers to homeownership and homeownership education needs. The survey found that 24 percent of consumers cite a lack of financial security as a primary obstacle to homeownership, while 23 percent named saving for a down payment. Together, respondents find these financial issues to be nearly as challenging as trying to find the right house to meet their needs (37 percent). Additionally, the survey revealed that consumers see a need for greater homeownership education, particularly regarding the numerous financial aspects of the home buying process. The survey found that consumers were more likely to want to learn new information about financial home buying issues than real estate and house-hunting concerns. Specifically, they indicated the need for greater education in regard to: •Finding the right loan (20 percent) •Managing debt (18 percent) •Evaluating credit (17 percent) •Finding the right house (16 percent) •Saving for a down payment (10 percent) •Finding a qualified real estate agent (7 percent) Credit concerns Credit concerns and the evaluation of FICO scores also dominated the survey results, as 12 percent of consumers named past or current credit problems as an obstacle to homeownership. The importance of achieving good credit early in life is clearly understood by younger consumers, as 43 percent of survey respondents aged 18 to 24 want to learn more about FICO scores and the evaluation of credit during the home financing process, which is significantly higher than the 17 percent average for all consumers. Financial stability Consumers aged 25 to 34 were more likely to cite saving for a down payment (36 percent) and achieving financial security (39 percent) as an obstacle to homeownership than their older counterparts. Notably, a household income of $75,000 emerged as the financial dividing line for consumers who felt financially stable enough to buy a home and those who did not. An average of 30 percent of consumers with a household income of less than $75,000 cited a lack of financial stability as their obstacle to achieving homeownership. Comparably, only 14 percent of households earning more than $75,000 per year viewed this as their primary barrier. For more information, visit www.gmacmortgage.com.
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