While homeownership is often described as the American Dream, a new study by HSH.com found many borrowers had some nightmarish aspects within the experience.
In a poll of 500 adults, the study found 47 percent of respondents were satisfied with the experience and wanted nothing changed about it. Among those who were not pleased with the process, 18 percent felt that the credit analysis was the most stressful part of getting a mortgage while 17 percent complained about getting mortgage insurance and 13 percent stated that processing difficulties kept them from closing. Also, 10 percent cited problems with appraisals and 4 percent complained about problematic income verification and home inspection issues.
“Mortgage lenders are approving loans at a high rate,” said Gina Pogol, a staff writer at HSH.com. “And borrowers with concerns about loan approval have several options, including government-backed and non-prime loans. The best way to remove the stress of the mortgage process is to start early, to get preapproved for your home loan before shopping for a home, and to contact multiple lenders before beginning the application process.”