Know the process
This page contains citations and sources for key facts and figures mentioned in the "Know the Process" action steps and resources.
Preparing to shop
“As of March 2015, the median FICO score nationwide was 721 – half of consumers with a FICO score had scores above 721, and half had scores below 721.”
The CFPB conducted an analysis using the CFPB’s Consumer Credit Panel (CCP) dataset. The CCP is a 1-in-48 longitudinal sample of de-identified credit records purchased from one of the national credit reporting agencies. The sample is statistically representative of the population of consumers with credit records.
“About half of Americans don’t have a budget.”
“Research shows that people who plan carefully for big purchases like a home are much less likely to have financial trouble later.”
Comparing loan offers
“One reason closings may get delayed is because of minor typographical errors that were never fixed.”
“Most borrowers keep a mortgage for about five years before moving or refinancing.”
Get ready to close
“Research suggests that borrowers who shop around for closing services could save as much as $500 on title services alone.”
Feinberg, Robert, et al. (June 2012). What explains variation in Title Charges: A study of five large markets. Prepared for the Department of Housing and Urban Development by The Urban Institute. Available at: .