TYSONS, Va.—With National Open House Weekend approaching Oct. 23-25, PenFed Credit Union has released the results of a new survey it said reveals just how affordability remains the leading concern among buyer, and it is encouraging prospective homebuyers to speak with a mortgage lender before beginning their search.
According to an online survey commissioned by PenFed and conducted by Atomik Research among 1,000 U.S. adults, 30% of respondents identified the ability to afford a new home as their biggest concern.
The survey also found buyers are worried about both paying too much and missing opportunities if they delay a purchase.
What the Survey Found
According to PenFed, among the survey’s findings:
- 30% cited affordability as their biggest homebuying concern.
- 28% worried they could miss out on a lower price by waiting.
- 24% expressed concern about overpaying for a home.
- 75% said it would be helpful for their mortgage lender to connect them with a trusted real estate agent.
- 31% identified closing cost benefits as the most important feature of a homebuying program.
- 30% selected assistance finding a trusted real estate agent as their top priority.
PenFed said the results suggest prospective buyers are receptive to reversing the traditional homebuying process, in which consumers typically find a home or real estate agent before contacting a mortgage lender.
Instead, the credit union is encouraging buyers to begin with a lender to establish a realistic budget, understand financing options and potentially reduce closing costs.
“National Open House Weekend is a great opportunity to explore what is available, but buyers can get more from every tour when they understand their budget and financing options first,” said Mark Burrage, senior vice president and head of PenFed Home Product and Strategy.
“Connecting with a lender early can help homebuyers set realistic expectations, move with confidence and be better prepared when they find the right home,” Burrage added
Program Offers Closing Cost Savings, Refinancing Benefit
PenFed said its Very Important Buyer (VIB) program is designed to address several concerns identified in the survey by connecting eligible buyers with real estate agents in its network and the credit union’s mortgage team.
According to PenFed, the program provides guidance throughout the homebuying process and can save eligible participants thousands of dollars in closing costs.
The credit union said another benefit, particularly given current mortgage rates, is that VIB participants are eligible for a no-cost refinance if they refinance their mortgage within three years of purchasing their home, subject to program terms and eligibility requirements.
