A new survey shows 68% of Americans think it's a good time to buy a home — yet many have misconceptions about getting a mortgage or the downpayment required.
Consumers think it's harder than it actually is to get a mortgage, the survey reveals. Some 64% of respondents believe they must have a "very good" credit score to buy a home.
And many consumers — 44% — believe that a 20% downpayment is required.
Nearly half of the respondents said they know nothing or very little about the closing costs required for buying a home.
Yet 74% of respondents said they "know and understand" the financial process involved in buying a home.
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