First-Time Buyers: Transition Was Stressful

Eight-seven percent of first-time home buyers changed their lifestyles because of unexpected expenditures related to buying a home, according to a new survey by BBVA Compass, the nation’s 15th largest commercial bank.

• 51 percent said that the monthly expense of owning a home was more than they calculated.
• 70 percent said that the unexpected expenditures leveled out over time.
• 33 percent said they paid for these unexpected expenditures with a mixture of cash and credit.
• 92 percent say having additional time before their first payment due date would have been helpful.

Source: BBVA