In a study of 2009 real estate closings released this week, the results were interesting. A total of 48.2% of purchases last year were made by First Time Home Buyers. The majority of those purchases were made by people aged 25 to 30 with the median age being 28. According to the study, a majority of those individuals surveyed said that their primary means of learning about the property was the internet and their preferred method of communication was email. The survey also said that over 20% of those borrowers had a serious problem during the loan process with the top two issues being credit and down payment. That indicates the importance of using a qualified mortgage lender who can identify those problems in the beginning and insure they do not affect closing.
