The Real Deal Miami

Mortgage apps are too confusing: survey

February 10, 2011 01:15PM

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A survey by MortgageMatch.com, a unit of Move Inc, showed that nearly one-third of 2,000 respondents said that understanding the mortgage process was the most difficult step in buying a home, the Wall Street Journal reported. Negotiating the home purchase price also a difficult part of the process, according to 25 percent, while 23 percent found that getting approved for the mortgage was the most challenging. The majority of buyers — 54 percent — said that finding the right home was the hardest part, while 37 percent of borrowers said saving for the down payment was the most difficult step. The survey “clearly points to the fact that borrowers want a process that’s easy to understand and follow,” said Sue Stewart, senior vice president at Move Inc. [WSJ]

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