The government thinks that Americans are sorely lacking when it comes to key homebuying information. It’s hard to say whether that’s true of the Costa Mesa homebuying population—but Fannie Mae’s latest study explains some good reasons why it might be.
In Fannie’s recently issued publication, 3,600 respondents were ‘largely unsure’ or just plain wrong about current homebuying realities. This, despite the significance of homebuying as the most important purchase most people make. Homebuying is also such an infrequent transaction most people don’t focus on data when it’s available.
Another contributing factor is “a fundamental lack of financial literacy across the country.”
The majority of those quizzed hadn’t a clue about credit score requirements. Even fewer were aware of debt-to-income ratio guidelines. Fewer than one in four were aware that low down payment programs exist at all (with almost none of them aware that the actual minimum down payment percentage is 3%). Check out a mortgage calculator to get a better idea of what you can afford.
One bright spot was that 91% of the Americans questioned favor homeownership over renting. As any Costa Mesa schoolteacher will tell you, motivation is essential to learning. If 9 out of 10 of the 3,600 respondents who are in the dark about homebuying basics really do understand the personal benefits of homeownership, the motivation is already there.
In Costa Mesa, the simplest way to access all the latest relevant homebuying information doesn't require taking a deep dive into the latest published data—or a college-level economics course. It’s a one-step process: call us!
We are built on a philosophy of Heritage & Hustle. The L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s L3 mission is to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. The L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, The L3 has grown to a full staff of 25 serving over 300 clients a year. The L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has The L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to The L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact The L3 today at 714-444-4663 or email us at email@example.com