Unemployment rates are decreasing, housing inventory and values are increasing and bankers are beginning to feel more comfortable extending loans. With the economy and the loan environment beginning to shift, what does today's loan customer look like?
A recent survey conducted by RateWatch aims to understand the behaviors and preferences of consumers regarding their current loans and future loan plans. Survey responses were obtained through a third party service with questions distributed March 28 to March 30, 2014 to consumers ages 18 and older throughout the United States. 608 total unique responses were received with 527 having completed the full survey.
The results report shows how 18 questions were answered by total respondents and displays graphs and charts broken out by age, income and gender for each question.
To start, respondents were asked questions about their current home loan situation. For example, how long have they owned their home (if they own one), how many times have they refinanced, what type of mortgage do they have and at what rate, and how much do they still owe compared to initial amount borrowed and current market value. They were also asked about their future plans and expectations. For example, when do they plan to purchase a [new] home, how much will they spend, what steps will they take in their buying process, and how important are various features in their lender selection process and what type of turnaround do they expect for closing. If they do not plan to purchase a home in the near future, respondents were asked what factor is most keeping them out of the market. Finally, they were asked about their likelihood of participating in a reverse mortgage for either themselves or a relative.
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