Snapdocs Survey: 60% of Homebuyers Experience Frustration During Mortgage Process

(Image courtesy of SnapDocs; Breakout Image courtesy of Mohammad Danish/pexels.com)

Snapdocs, San Francisco, released a new survey finding that 60% of homebuyers report having experienced frustration during the mortgage process.

Among frustrations, respondents identified largely procedures that happen during the closing process such as document errors, in-person appointments, and unexpected caretaking and travel costs (35% of respondents reported incurring such costs.)

Overall, 23% reported the process was confusing or inaccurate, 17% reported it was too costly and 20% said it was inconvenient.

Almost 25% of borrowers reported errors in their closing documents, and about 20% had to re-sign a document.

Sixty percent said they took 3+ hours off from work to attend their closing appointment, and 53% reported needing to travel more than 10 miles.

Younger buyers were particularly affected by additional costs, the survey found, with 51% of borrowers in the 25-44 age range reporting additional caretaking and travel costs, compared with 36% of borrowers 45 or older.

And, 55% of those in the 25-44 age range reported needing to take time off work, compared with 40% of borrowers over 45.

Snapdocs did point to the use of technology as a factor in satisfaction–highlighting 93% of borrowers reported the ability to digitally preview closing documents before their appointment gave them more confidence.