Quick 6 Mortgage Numbers Homebuyers Should Know

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$164,217 – the average balance that homeowners across the country still have to pay on their mortgage.

Thirteen – the average number of years buyers live in a home, according to a survey by the National Association of Home Builders.

77 percent – the number of borrowers who do not apply to multiple lenders. By applying to only one lender, these buyers may miss out on better deals. The CFPB recommends getting estimates from at least three lenders.

740 – lenders consider those with a credit score of 740 or more to be the most qualified borrowers. Those with 740 or higher will usually be offered the lowest interest rates.

580 – prospective homebuyers wanting a Federal Housing Administration (FHA) loan will need to have a credit score of at least 580 to qualify for a 3.5 percent down payment.

25 percent – The CFPB survey shows that a fourth of all first-time homebuyers have no idea what applying for a mortgage entails or what information they will need.

This article brought to you by our friends at moneytips.com. 

Here are 3 more related articles: 

Joint Mortgage Could Cost Consumers More

Getting that First Home is Getting Harder

Many Homebuyers Don’t Shop Around for a Mortgage

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