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Home Buyers Find Mortgage Process Confusing

  • February 8th 2011

by Mark Wellborn

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Home Buyers Find Mortgage Process Confusing: Figure 1

At some point this week, President Obama is expected to release a plan to revamp the country’s mortgage system, and based on the results of a recent survey, the administration’s timing couldn’t be better.

The Wall Street Journal reported this morning that a survey from MortgageMatch.com shows that one-third of respondents think that the mortgage process is the most confusing part of buying a home. Ever-changing documentation requirements and credit score issues were partly to blame.

The survey, which took data from 2,000 interviews conducted in January, also revealed frank statistics about buyers’ troubles finding the right home and coming up with down payment money. From the WSJ:

“The majority of buyers said that finding the right home (54%) was the hardest part of the buying process, while 37% of borrowers said saving for the down payment was the most difficult step…25% said negotiating the home purchase price was the most difficult step.”

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This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/home_buyers_find_mortgage_process_confusing/2965.

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