{"id":12894,"date":"2019-06-27T15:15:36","date_gmt":"2019-06-27T22:15:36","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12894"},"modified":"2019-06-14T12:37:50","modified_gmt":"2019-06-14T19:37:50","slug":"most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/06\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\/","title":{"rendered":"Most Consumers Don&#8217;t Know What It Takes to Qualify for a Mortgage"},"content":{"rendered":"<p style=\"text-align: justify;\">Many consumers have misconceptions about what it takes to secure a mortgage, so much so that some won\u2019t even try to apply for one as they believe they won\u2019t qualify.<br \/>\n<a href=\"https:\/\/www.roryc.ca\/blog\/?attachment_id=12895\" rel=\"attachment wp-att-12895\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-12895\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/06\/Fannie_Mae-288x283.png\" alt=\"\" width=\"599\" height=\"589\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/06\/Fannie_Mae-288x283.png 288w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/06\/Fannie_Mae.png 765w\" sizes=\"auto, (max-width: 599px) 100vw, 599px\" \/><\/a><br \/>\nConsumers often overestimate the minimum credit score and down payment that\u2019s required to obtain a mortgage, even though such information is readily available online. They\u2019re also unfamiliar with low down payment programs that could help them to secure a mortgage, Fannie Mae found in a recent survey of 3,000 consumers.<\/p>\n<p style=\"text-align: justify;\">In addition, almost half of consumers say their unaware of their own credit scores.<\/p>\n<p style=\"text-align: justify;\">The lack of knowledge of the requirements for a mortgage is pervasive, even among current homeowners, the study notes.<\/p>\n<p style=\"text-align: justify;\">\u201cCurrent sources of mortgage education and information are insufficient,\u201d write Mark Palim, Fannie Mae\u2019s vice president and deputy chief economist, and Sarah Shahdad, a market insights researcher at Fannie Mae. \u201cEven those actively planning to become homeowners in the next few years (i.e., those who should be exposed to more information) are only slightly more confident or knowledgeable than others.\u201d<\/p>\n<p style=\"text-align: justify;\">Fannie Mae says mortgage and real estate professionals should do more to make consumers aware of the requirements and the process for applying for a mortgage. It says \u201ccustomized information\u201d on what people can afford, how much they need to save, and the type of mortgage they should apply for, can improve outcomes.<\/p>\n<p style=\"text-align: justify;\">Fannie Mae conducted a similar survey in 2015, and the results have not improved much about Americans\u2019 knowledge about the mortgage process.<\/p>\n<p style=\"text-align: justify;\">\u201cFor some Americans who would like to own a home, they could qualify for a mortgage but may assume homeownership is not a possibility,\u201d they note. \u201cAs a result, they may avoid further research or preparations, such as saving for a down payment or improving their credit.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/realtybiznews.com\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\/98754618\/\" target=\"_blank\" rel=\"noopener noreferrer\">Most Consumers Don&#8217;t Know What It Takes to Qualify for a Mortgage<\/a> by Mike Wheatley | Realty Biz News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many consumers have misconceptions about what it takes to secure a mortgage, so much so that some won\u2019t even try to apply for one as they believe they won\u2019t qualify. &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/06\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-12894","post","type-post","status-publish","format-standard","hentry","category-mortgage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Most Consumers Don&#039;t Know What It Takes to Qualify for a Mortgage &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2019\/06\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Most Consumers Don&#039;t Know What It Takes to Qualify for a Mortgage &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Many consumers have misconceptions about what it takes to secure a mortgage, so much so that some won\u2019t even try to apply for one as they believe they won\u2019t qualify. &hellip; [read more]\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/06\/Fannie_Mae.png\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/06\\\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/06\\\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Most Consumers Don&#8217;t Know What It Takes to Qualify for a Mortgage\",\"datePublished\":\"2019-06-27T22:15:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/06\\\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\\\/\"},\"wordCount\":331,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"image\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/06\\\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/06\\\/Fannie_Mae-288x283.png\",\"articleSection\":[\"Mortgage\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/06\\\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/06\\\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/06\\\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\\\/\",\"name\":\"Most Consumers Don't Know What It Takes to Qualify for a Mortgage &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/06\\\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/06\\\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/06\\\/Fannie_Mae-288x283.png\",\"datePublished\":\"2019-06-27T22:15:36+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/06\\\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/06\\\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/06\\\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/06\\\/Fannie_Mae.png\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/06\\\/Fannie_Mae.png\",\"width\":765,\"height\":752},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/06\\\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Most Consumers Don&#8217;t Know What It Takes to Qualify for a Mortgage\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling &amp; Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Most Consumers Don't Know What It Takes to Qualify for a Mortgage &#8226; Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2019\/06\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\/","twitter_card":"summary_large_image","twitter_title":"Most Consumers Don't Know What It Takes to Qualify for a Mortgage &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"Many consumers have misconceptions about what it takes to secure a mortgage, so much so that some won\u2019t even try to apply for one as they believe they won\u2019t qualify. &hellip; [read more]","twitter_image":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/06\/Fannie_Mae.png","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2019\/06\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2019\/06\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"Most Consumers Don&#8217;t Know What It Takes to Qualify for a Mortgage","datePublished":"2019-06-27T22:15:36+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2019\/06\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\/"},"wordCount":331,"commentCount":0,"publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"image":{"@id":"https:\/\/www.roryc.ca\/blog\/2019\/06\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\/#primaryimage"},"thumbnailUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/06\/Fannie_Mae-288x283.png","articleSection":["Mortgage"],"inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.roryc.ca\/blog\/2019\/06\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2019\/06\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\/","url":"https:\/\/www.roryc.ca\/blog\/2019\/06\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\/","name":"Most Consumers Don't Know What It Takes to Qualify for a Mortgage &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2019\/06\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\/#primaryimage"},"image":{"@id":"https:\/\/www.roryc.ca\/blog\/2019\/06\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\/#primaryimage"},"thumbnailUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/06\/Fannie_Mae-288x283.png","datePublished":"2019-06-27T22:15:36+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2019\/06\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2019\/06\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\/"]}]},{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/2019\/06\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\/#primaryimage","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/06\/Fannie_Mae.png","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/06\/Fannie_Mae.png","width":765,"height":752},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2019\/06\/most-consumers-dont-know-what-it-takes-to-qualify-for-a-mortgage\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"Most Consumers Don&#8217;t Know What It Takes to Qualify for a Mortgage"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling &amp; Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/12894","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=12894"}],"version-history":[{"count":1,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/12894\/revisions"}],"predecessor-version":[{"id":12896,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/12894\/revisions\/12896"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=12894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=12894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=12894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}