One-Third of Americans Find Mortgage Process Stressful

Nearly one-third of Americans have no familiarity with mortgage lending options, and the same number find the mortgage process too stressful, according to a survey released by the San Francisco-based digital mortgage company Eave Inc.

 

In an online poll of 2,002 adults conducted by Atomik Research, 26 percent of respondents stated they do not trust big banks since the 2008 financial meltdown. Thirty-two percent of respondents stated they knew nothing about the products and services available in today’s mortgage origination process, with 33 percent complaining of the stress level involved in pursuing homeownership and 72 percent lamenting that it should be easier. Twenty percent of respondents said they could afford a home but their financial situation prevents them from securing a mortgage.

 

When looking at the bigger picture, 37 percent of respondents blamed Millennials for having the most negative effect on today’s housing market. Curiously, 44 percent of Millennials polled agreed that their generation deserved that blame.

 

Eave’s survey also measured the emotional aspects of pursuing homeownership. Thirty-eight percent of respondents said they are likely to buy a home with someone they are not married or in long term committed relationship. In terms of important life events, homebuying ranked third behind graduating from college and getting married, but ahead of having children.