Almost half of recent homebuyers stretch to make on-time mortgage payments: Study

Nearly half of new homebuyers in a recent survey said they are struggling to pay their mortgages on time, but many said they are still happy they chose to buy when they did.

According to the survey, conducted by real estate experts at Clever, 43 percent of recent homebuyers say they are struggling to make on-time mortgage payments. Roughly 47 percent also said they feel in over their heads financially, per the report.

A similar number of buyers, about 44 percent, say they have taken on additional nonmortgage debt since purchasing their home.

A majority of those surveyed, 82 percent, said they had regrets about their purchase or that it didn’t improve their happiness. Still, 68 percent said based on the current market and interest rates, they’re happy they purchased when they did, even if it required a high interest rate.

About 23 percent said they feel remorse about spending too much on their home, per the survey. Another 23 percent of respondents said they think their interest rate is too high.

Clever noted in its report that it’s not a surprising emotion from new homebuyers, because half of the respondents said they accepted a higher-than-expected rate in order to secure a mortgage.

The survey also found that of the 48 percent of respondents who said they were looking for an affordable home, 37 percent said they bought a house that was more expensive than what they planned.

The survey was conducted among 920 recent homebuyers or people who plan to buy within the next year.