Apple and Amazon would like us to believe that for any question we have, a quick “hey Siri” or “Alexa” will unveil a perfect and concise answer. That may be true if you are asking about the weather or to turn on music, but what if your question is something like “What is the difference between a mortgage pre-approval and pre-qualification?” or “What credit score do I need to have?” and “What is my down payment requirement?" These questions require asking someone with much more experience; you need to talk to a loan officer! 

It turns out, most American consumers feel under-educated about the mortgage process, according to a Fannie Mae survey* released this month. Some common questions surrounding homebuying are about credit scores, down payments, debt-to-income ratio, and homebuyer assistance programs. 

Fannie Mae reports: 

“Although the usage of online sources of mortgage information is becoming more common among consumers, they still:  

  • Overestimate the minimum credit score necessary to qualify for a mortgage;  

  • Overestimate the minimum down payment necessary to qualify for a mortgage; and  

  • Remain unfamiliar with low down payment programs.” 

What does this mean? Fannie Mae says that misperceptions about the mortgage process could be holding potential homeowners back. People who would like to own a home assume it is not a possibility for them, despite being at a qualifying level. 

Norcom Mortgage wants everyone looking into the homebuying process to know that we are available to answer all questions! Please reach out to your loan officer or call 1-855-Norcom1 to speak to an experienced professional about your situation. You may already qualify, or we will share the steps you can take to make your dream of homeownership become a reality! 


*See the full survey at Fannie Mae Housing Survey Results - Consumer Understanding Research.