As Super Bowl XLI Kicks Off the Home-buying Season, Consumers Should
Consider These Tips When Purchasing Their Next Home
CALABASAS, Calif., Feb. 2 /PRNewswire/ -- With the approach of Super
Bowl Sunday, an event widely recognized as the kick-off to the spring
home-buying season, a nationwide survey of existing homeowners released
today reveals that men and women operate differently during the home-buying
process. In fact, nearly half of those women surveyed (43 percent) said
they did not spend enough time shopping for their new home, while less then
one quarter of all men surveyed (23 percent) said they spent too much time
during the buying process. The survey was conducted from January 16-19,
2007 by Countrywide Home Loans.
Interestingly, the survey revealed that both men and women saw room for
improvement in the way they approach the home-buying process. Those
surveyed said that when buying their next home, they would:
1) Save more money for down payment and closing costs (25 percent)
2) Learn more about the home buying process before they began their home
purchase negotiations (25 percent)
3) Purchase a new house instead of an older home (22 percent)
4) Buy in a different neighborhood (21 percent)
As with any financial decision, Countrywide recommends that consumers
carefully evaluate their options and fully understand both the benefits and
drawbacks before making a home purchase.
"Historically, the spring and summer are the busiest months for home
buying. The inventory of new homes is usually at its peak, and many
families want to be in a new home before school starts in the fall," said
Doug Perry, senior vice president of Countrywide Home Loans. "As families
embark on the upcoming home-buying season, we know there is no magical
formula to level all of the bumps one may encounter in the home-buying
process, but some misconceptions can easily be put into perspective."
Sensible Steps for Home Buyers
Buying a home can be easier than you think if you have done your
homework, from deciding whether homeownership is the right choice to
coordinating the actual move into the new home.
"For people who are thinking about buying their first home I offer two
pieces of advice," said Perry. "First, ask yourself if you are ready for
the responsibilities of homeownership. Then, if the answer is yes, meet
with a lender who is qualified and eager to answer any and all questions
you have, who will give you a good idea about how much house you can
afford, and who will offer guidance on the types of home loans that will
work best for your particular situation."
The following are a few initial steps for potential home buyers in the
home-buying process to consider:
1. How much can you afford? Proper planning and discipline will make
your dream of owning a home a reality. Setting a realistic price
range is a vital step for homebuyers. This eliminates the heartbreak
of finding the perfect home, only to learn that there's no way to
qualify for the loan -- or walking away from a dream house that's
actually affordable.
2. Describe your desires. Once you have a good idea of how much home you
can afford, it's time to start prioritizing the most important home
features. To help turn your desires into an organized list that will
help you evaluate your options, ask a very important question: What am
I looking for in a home? Always remember that there is no magic
formula for determining which home is right for you. The home
shopping process is much more subjective and intangible.
3. The search is on. Now that you know how much you can afford and have
ironed out your preferences for the home of your dreams, it's time to
go shopping. Ask your trusted lender to help you find a Realtor(R)
and link you to services that will help you evaluate the neighborhood,
city and schools.
4. Good credit counts. Know your credit history. Meet with a reputable
mortgage lender, such as Countrywide Home Loans, to understand your
credit score; work on any credit challenges, and know how much house
you can afford.
For additional information, contact Countrywide Home Loans at
800-570-9888. Home financing experts are available to help answer any
questions about the home-buying process.
About Countrywide Home Loans, Inc.
Countrywide Home Loans, Inc., a member of the Countrywide(R) family --
America's #1 home loan lender -- (as ranked for 2006 by Inside Mortgage
Finance, Feb. 2, 2007, Copyright 2007), originates, purchases, securitizes,
sells and services home loans and is the primary subsidiary of Countrywide
Financial Corporation (NYSE: CFC). Countrywide Financial Corporation,
through its subsidiaries, provides mortgage banking and diversified
financial services in domestic and international markets. Founded in 1969
and a member of the S&P 500 and Fortune 500, Countrywide Financial
Corporation is headquartered in Calabasas, California and its family of
companies has a workforce of more than 50,000 in over 900 offices across
the country.
Survey Methodology
The survey of existing customers was conducted via telephone by
Countrywide Home Loans between January 16 and January 19, 2007, among 219
adults (aged 18 years and older) of whom 100 percent were homeowners.
SOURCE Countrywide Home Loans, Inc.
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Related links:
http://www.countrywide.com/
http://www.prnewswire.com/comp/158187.html
http://www.prnewswire.com/comp/102559.html /
CONTACT:
Cari Kerns of Countrywide Home Loans, Inc.,
+1-800-796-8448, pressroom@countrywide.com
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