Many home buyers, both first time and experienced buyers, work with loan officers. However, first time homebuyers are more likely to report challenges with understanding the mortgage process and the options available to them.
• 41% said their representative completely explained the types of loans, terms, special programs, fees, and options to reduce their down payment.
• 43% do not completely understand the process.
• 44% reported the closing agent didn't completely explain all of the closing documents.
• 54% do not fully understand the different loan options available to them.
J.D. Power U.S. Primary Mortgage Origination Satisfaction