More than one in five recent homebuyers (20.9%) said waiting to hear if they were approved for a mortgage was more stressful than waiting to hear if they got the job, according to a survey conducted by MortgageMatch.com.
Of course, you can’t make a mortgage payment without a job, but I digress.
The survey also found that understanding the mortgage process and coping with mortgage lender requirements was the most difficult aspect in obtaining a mortgage, with one in four saying it was harder than negotiating the sales price on the subject property.
One major issue was that documentation requirements kept changing – but this is a necessary evil, often because one piece of documentation can call for a new requirement, as it may open a new can of worms…
Further, one in ten borrowers said their lender gave them a higher mortgage rate than originally quoted, and one in five said their bank or lender used too much technical jargon (hello mortgage dictionary).
Despite all the frustration, most recent buyers said they were able to secure mortgages on their home purchases, with more than half saying they had Fico scores above 700, and more than two-thirds noting that they were able to put down less than 20 percent (likely with the use of an FHA loan).
The survey also revealed that three out of five (58.4%) Americans planning to purchase a home in the next three years identify themselves as first-time home buyers, an important segment to the eventual housing recovery.