Home buying confidence and mortgage experiences in the U.S. have improved over the last year, according to TD Bank's third annual Mortgage Service Index. The survey reveals that 30 percent of Americans consider now to be a very good time to purchase a home, compared with just 20 percent in 2014, and 29 percent of consumers are likely to purchase a home this year, compared with 21 percent in 2014.
The Mortgage Service Index, a national survey of more than 1,450 consumers who purchased a home within the last 10 years, examines consumers' home buying experiences and mortgage behaviors.
While the number of consumers who have purchased homes within the past two years has increased by five percent since 2014, Americans still face obstacles in the home buying process. According to the Index, two in five consumers feel there is a lack of inventory in their price range and 44 percent are not familiar with home affordability programs.
"The Mortgage Service Index found that only 28 percent of consumers are successfully using mortgage affordability programs, which demonstrates that a significant number of potential buyers may be missing the opportunity to purchase a home," said Malcolm Hollensteiner, Director of Retail Lending Sales and Production, TD Bank. "In our current housing market, a critical first step for buyers is to educate themselves on the financing process by speaking with multiple lenders and learning about the loan options available to them. Lenders today should be working with borrowers on a case-by-case basis in order to find the loan option that best meets their needs and budget."
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