When working with Placer Title Company, our customers know they are getting a title and escrow partner they can trust along the way. Part of getting the job done for you means being committed to the education of title and the real estate process as a whole. We even have a complete online library and other valuable resources available on our website.

That’s why this recent survey from the U.S. Mortgage Insurers caught our eye. It found that 45 percent of all respondents mistakenly believe that you need a down payment of 20 percent or more to qualify for a home purchase. Obviously, that is not true, especially now, but the misconception is certainly out there.

Just as alarming: another large chunk of prospective homebuyers said they didn’t have a clue when it comes to down payment requirements.  It may be common knowledge to all of us in the real estate industry that buyers can qualify for a loan with as little as 3 percent down, but it’s certainly not clear to everyone else. Remember, our customers are relying on us – Realtors, Loan Officers and Title Companies – to be the experts when it comes to their real estate journey, and we should relish that role. Even in a sellers’ market, it’s important to let people know they may be in a position to buy.

What else should we be talking to the public about right now?

  • Cybersecurity and Wire Fraud. Not the most upbeat topic, we know, but cyber criminals continue to be a huge issue. We write about the dangers of wire fraud regularly, but are always ready to talk about it again. (We also covered everything mobile cybersecurity in this blog post.) Bottom line when it comes to fraud: The more people we can prepare to be a little more vigilant the better. Most scams still start with a hacked email address and clicking a bad link so make sure you are using strong passwords and two factor-authentication as well!
  • Student Loan Debt. Many millennials and others have student loans and may consider this an insurmountable obstacle, but recent moves are trying to make it less prohibitive. This includes a new change from the federal government that aims to make it easier to qualify for a loan. The change centers on the removal of the current requirement that mortgage lenders calculate a borrower’s monthly student loan payment as 1% of their outstanding student loan balance, according to this article from Forbes.

Placer Title takes pride in being your title and closing partner, and we’re always ready to teach your customers more about title and escrow.  Reach out to us today, and let’s keep this great summer going.