Consumers Continue to Overestimate Mortgage Requirements
Fannie Mae recently released the results of a new survey conducted by Ipsos on U.S. consumers’ understanding of mortgage qualification requirements. The survey was conducted between July 30 and August 13, 2018 among 3,647 American adults, age 18+, nationwide, using Ipsos’ KnowledgePanel®. Respondents were those who were the sole financial decision-maker or who shared in the financial decision-making in their household (henceforth referred to as consumers). A comparison with findings from an earlier survey conducted in 2015 shows that:
- More consumers report seeing their credit score recently, but close to half still cannot recall what it is;
- Although the usage of online sources of mortgage information is becoming more common among consumers, they still overestimate the minimum credit score and down payment necessary to qualify for a mortgage, and remain unfamiliar with low down payment programs; and
- The lack of mortgage qualification understanding is pervasive, even among current homeowners, those who say they are actively planning to purchase a home in the next three years, and those who successfully answered questions testing general financial literacy.
For more details, go to http://www.fanniemae.com/portal/research-insights/perspectives/mortgage-requirements-consumers-060519.html
For more information on this news release, please contact:
Nicolas Boyon
Senior Vice President, U.S., Public Affairs
+1 212 293-6544
[email protected]
About Ipsos
Ipsos is an independent market research company controlled and managed by research professionals. Founded in France in 1975, Ipsos has grown into a worldwide research group with a strong presence in all key markets. Ipsos ranks fourth in the global research industry.
With offices in 89 countries, Ipsos delivers insightful expertise across five research specializations: brand, advertising and media; customer loyalty; marketing; public affairs research; and survey management.
Ipsos researchers assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media and they measure public opinion around the globe.
Ipsos has been listed on the Paris Stock Exchange since 1999 and generated global revenues of €1,749.5 million in 2018.
