According to the recent Mortgage Service Index released by TD Bank, 56 percent of American homeowners believe that now is a "good time" to purchase a home. Seventy-one percent of surveyed homeowners also responded that their most recent experience with buying a home was "excellent" or "very good," which is an increase of almost ten percent over the past two years.
With the mortgage application process becoming more difficult and time-consuming thanks to the new loan estimate and closing disclosure forms that became standard in the fall of 2015, many would assume consumer satisfaction would be down. However, many respondents praised their Mortgage Loan Officers, calling them their "most valuable resource" for help during the mortgage process. TD Bank's Senior Vice President of Mortgage Kevin Gillen attributed the rise in consumer satisfaction to the fact that lenders are not just providing the loan but are acting in a supporting and educational role. Consumers who understand the mortgage process are more likely to find the experience more positive than those who do not clearly understand what they are signing or why they are being asked to provide certain information.
The report also stated that stress does remain a factor in the home buying process, with 32 percent saying the mortgage process was "very to extremely stressful." Buyers did find that being approved for a loan was a positive part of the process, as was finding the right real estate agent and lender.
Moneytips can help you refinance your existing home loan.