Mortgage Lenders in Georgia and Other Areas Need to Educate Prospective Homebuyers

There are other surprising numbers. For example, 31% of respondents do not know that a mortgage can be acquired with less than a 5% down payment. With all these misconceptions, mortgage lenders in Georgia and around the country should share the responsibility of educating the buying public. They should be able to show and explain to homebuyers how the lending process works in detail, so the latter will arrive at the most favorable purchasing or lending decisions. The survey also reported that 24% of the respondents believe that banks, where they have existing savings and checking accounts, offer the best mortgage deals. In reality, prospective buyers will have a better chance of getting favorable deals through competing lenders who are capable of significantly undercutting what banks are offering.

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