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Real Estate News | Real Estate Statistics
Residential real estate news and coverage of how residential real estate impacts the mortgage industry and residential mortgage-backed securities.


Borrowers Underestimate Home Values, Credit Scores

Lower payments becoming more important

Oct. 5, 2011

By MortgageDaily.com staff


An analysis of existing and prospective borrowers found that they often underestimate their own credentials. The report identified a trend towards an increased emphasis on lower payments as opposed to lower rates or shorter terms.

During the third quarter, homeowners underestimated their home values by an average of $11,145.

Still, that was more accurate than the average of $19,645 in the second quarter.

The findings were based on the Bills.com 2011 Third Quarter Mortgage Report. The San Mateo, Calif.-based consumer financial service derived its findings from user activity and data culled from consumers who used its mortgage calculators and tools.

Refinance activity accounted for 90 percent of traffic to its mortgage section.

Nearly a third of borrowers with credit scores north of 740 indicated that their scores were lower than 740.

The share of borrowers who placed the most emphasis on the lowest possible interest rate fell to 39 percent from the second quarter's 41 percent.

But the lowest possible monthly payment was considered the most important factor by 23 percent, up from 21 percent.

Fifteen-year fixed rates were preferred by 34 percent of third-quarter visitors versus 38 percent three months earlier. Borrowers who preferred 30-year mortgages rose to nearly a third from 26 percent.

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