Buying a new house is an exciting and fulfilling process, but it can become stressful if you aren’t prepared to handle all of the moving parts involved. One of the biggest areas of concern, especially for first time home buyers, is taking out a home loan or mortgage to finance your new house. Mortgage loan officers can walk you through the process, and our realtors can give you their advice, but nothing beats you learning the loan process and fully understanding mortgages yourself. We thought we would share this handy infographic we found that illustrates the home loan process in the most basic way. It includes some interesting statistics, as well as some useful tips for you to read as you start your journey towards buying a home.
Some of the interesting takeaways include:
- 33% of 2014 home buyers were first time home buyers
- 88% of buyers purchase their homes through a real estate agent or broker
- In 2014, the typical home buyer searched for 10 weeks and viewed 10 homes before buying.
Take a look at the full infographic below:
*infographic courtesy of American Capital Mortgage Group.