Consumers: Family Ties Don’t Trump Free Dream Home
July 31, 2018
Just how much would consumers be willing to give up if they could get their dream home for free? Residential lender FindAMortgageBroker.com posed this question to about 1,000 homeowners and non-homeowners. The lender is not giving away a free dream home, but wanted to find out to what extent Americans value the idea of a dream home.
Consumers’ willingness to shut off communication with friends and family was surprising, at 16 percent, says Mat Ishbia, CEO of United Wholesale Mortgage in Pontiac, Mich., about the study’s findings. “You wouldn’t be able to show off that dream home,” he told CNBC. Eighteen percent of respondents also said they’d be willing to give away their beloved pet to get their dream home for free.
American homeowners and non-homeowners were given eight scenarios and asked if they would give up items or people to own a dream home for free. Here’s how they responded:
- 35% would eat fast food for every meal for one year;
- 17% would vote against their own political leanings for the rest of their life;
- 18% would give away their pet(s);
- 26% would turn down an offer for their dream career;
- 19% wouldn’t step foot outdoors for two years;
- 53% would not openly root for the Cleveland Browns for the rest of their life;
- 16% would abruptly cut off all communication with everyone they know for one year;
- 49% would drink nothing but water for five years.
The lender had a message for its surveyed participants: Before you take any extremes in making such sacrifices, talk to a lender. A lack of certainty is the biggest roadblock to buying a home, Ishbia says. He says too many consumers make guesses about what they need to qualify for a mortgage. Gaps in knowledge can create internal barriers and hinder searching for more information, he says. Getting a mortgage is “an emotional process, and one of the biggest financial decisions you’ll make,” Ishbia says.
“What Would You Do to Get Your ‘Dream Home’ for Free?” FindAMortgageBroker.com and “Insane Things People Will or Won’t Do for a Free Home,” CNBC (July 2018)
Updated: August 16, 2019