Majority of consumers say mortgage access is a problem
While many surveys are quick to identify the national deficit, consumer credit card use and the overall economy as major problems, a new study shows mortgage access is quickly climbing up the ranks.
Nearly four years since the beginning of the economic downturn, 70 percent of Americans view affordable mortgages as a serious problem, according to a study by MortgageMatch.com.
In addition, one third of survey respondents said understanding their mortgage was the most difficult part of the home buying process, putting it ahead of being accepted for a home loan and negotiating the sale price of a property.
“Over the past few years, a lot of buyers have had a hard time not only getting a loan but getting through the process,” said Sue Stewart, senior vice president at Move, Inc, which operates MortgageMatch.com. “This survey is a wake up call and clearly points to the fact that borrowers want a process that’s easy to understand and follow.”
The survey also indicated 20 percent of consumers now view getting accepted for a mortgage as more stressful than finding out if they were approved for a job.