Financing a Home in 2011

By
Mortgage and Lending with The Jonathan Arnold Team of Inlanta Mortgage
https://activerain.com/droplet/vWD

Financing a Home in 2011

The home financing market in 2011 was full of many twists and turns.  New regulations continued to put up road blocks, some of which there was no way to pass. There were also many homes purchased with cash due to low purchase prices (in some areas homes were cheaper than cars)

Some statistical highlights include:Financing a Home in 2011

  • 87% of home buyers financed their home (most at a 89% Loan to Value)
  • 95% of first time of buyers financed their home
  • 82% of repeat buyers bought with financing
  • 46% admitted they made some financial sacrifices in order to afford the home
  • 23% reported that the mortgage application and approval process was somewhat more difficult than expected

 

 

Previous Posts on the 2011 Profile of Home Buyers and Sellers

2011 Profile of Home Buyers and Sellers Introduction

2011 Profile of Home Buyers and Sellers Environment & Characteristics of Home Buyers

Characteristics of Homes Purchased in 2011 Profile of Home Buyers and Sellers

The Home Search Process of 2011

Posted by

 

 
 
  Katrina Cole  

Katrina Cole

Business Development

The Jonathan Arnold Team
   


Inlanta Mortgage, Inc
2029 Celadon Dr NE
Grand Rapids, MI 49525

 
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Rainmaker
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Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Katrina:  As another mortgage lender, I say that last statistic is GOOD news.  I would have thought that the number of people thinking the lending process much harder than expected would have been much higher.  Only 23%, although still too high, is more positive than I would have feared ...

Always like the stats!

Gene

Feb 27, 2012 06:06 AM #1
Anonymous
KC Marketing

More great info to absorb.  You seem very insightful on the industry and your blog is offering a great deal of knowledge.

Feb 27, 2012 10:01 PM #2
Rainer
119,944
Katrina Cole
The Jonathan Arnold Team of Inlanta Mortgage - East Grand Rapids, MI
Inlanta Mortgage, Business Development Manager

Gene: Thank you for the comment.  I agree that I was surprised that only 23% thought the process was harder than expected.  I know with all the changes we have required more paperwork and double and triple checks that make things hard on the borrower and even the seller.

We can only hope that as we all ease into the changes things are smooth and the client doesn't notice how difficult things are.

KC Marketing:  Thank you for your comment and flattering comments.

Feb 28, 2012 06:17 AM #3
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Rainer
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Katrina Cole

Inlanta Mortgage, Business Development Manager
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