Home Financing - US - March 2018
"The majority of US consumers own their own home, but mistrust of the mortgage industry continues. Home ownership rates have held relatively steady over the past few years, and while younger consumers are less likely to own their living space, home ownership is still viewed as top personal and financial priority by most. Consumers are most interested in more well-established lenders, and prospective alternatives like Google or Amazon have yet to be fully embraced. The mortgage process is viewed as intimidating, so FSIs (financial service institutions) will need to continue to work to build trust and show home ownership can be embraced by a variety of demographics."
- Jennifer White Boehm, Associate Director - Financial Services
This Report looks at the following areas:
- Less than a third of consumers plan to purchase a home in next five years
- Less than half of renters consider home ownership a primary goal
- Home owners think the mortgage process is too long, intimidating
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