CHERRY HILL, N.J., July 14, 2015 /PRNewswire/ -- Saving for a down payment of 20 percent or more may be difficult for Hispanic first-time home buyers but, according to research released today by TD Bank, America's Most Convenient Bank®, they want to try to make it happen. The bank polled more than 1,000 Americans looking to purchase their first home within the next five years.
The First-Time Home Buyer Pulse revealed that 66 percent of Hispanics surveyed who are planning to buy a home in the next five years would like to provide a sizable down payment of 20 percent or more. In addition, 66 percent of Hispanics indicated that they are having trouble saving for a down payment.
"Many first-time buyers today are finding it difficult to save for a large down payment, especially young adults who are saddled with substantial student loan debt," said Scott Haymore, Head of Mortgage Pricing and Secondary Markets, TD Bank. "The great news is that many lenders today are offering home affordability and down payment assistance programs so it's important for these buyers and potential buyers to shop around for a mortgage and learn more about the options available to them."
Hispanic First-Time Home Buyers Are Keeping Their Finance Options Open
- Hispanic first-time home buyers are keeping their options open in terms of how they plan to purchase their first home. The top three options Hispanics consider include cash savings, 30-year mortgage, and affordability program.
- Hispanics (46 percent) are more likely than the general population (38 percent) to consider affordability programs.
- The majority of Hispanics (71 percent) will buy their first home with a spouse/partner, compared with 56 percent of the general population.
"Finding a lender should be a buyer's first step when searching for a home," said Haymore. "Today, mortgages are not one size fits all – in order to find the option that best fits your needs and budgets discuss your financial situation with a lender you trust."
Hispanic First-Time Home Buyers Are Looking for Move-in Ready Homes
- More than half of Hispanics (62 percent) are interested in buying a move-in ready home as their first home.
- Nearly one third of Hispanic first-time home buyers (32 percent) are looking for a home in a big city or urban area, compared with 20 percent of the general population.
- When purchasing a home, the top three amenities that Hispanic first-time home buyers seek include a backyard or pool, an attractive design, and close proximity to water and green spaces.
Hispanics Face Roadblocks When Purchasing Their First Home
- The top four roadblocks preventing Hispanics from buying their first home include saving money for a down payment, paying down debt, steady employment and finding a home in their price range.
- In addition, nearly a quarter of Hispanics (22 percent) feel like they can't find a home that meets their needs and wants.
Nearly half of Hispanics surveyed (46 percent) plan to buy their first home in the next one to two years, and 38 percent plan on purchasing in the next three to five years. Additionally, when ready to purchase a home, Hispanics indicate that mortgage rates are the most valuable asset compared to a realtor or insurance costs.
Additional highlights from the First-Time Home Buyer Pulse are available at http://mediaroom.tdbank.com/homebuyer.
The total sample includes 1,002 respondents who are not currently homeowners and are considering purchasing a home in the next 5 years. The National sample size of 1,002 has a margin of error of +/- 3.1%. Data has been weighted by age, gender and region to reflect the population. The survey was fielded June 11 – June 16, 2015.
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About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 8 million customers with a full range of retail, small business and commercial banking products and services at approximately 1,300 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.tdbank.com. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US.
TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit www.td.com.
SOURCE TD Bank