Survey: Many Americans consider low mortgage access a serious problem

Those looking to buy a new home soon should prepare themselves for a potentially difficult experience. A recent survey by MortgageMatch.com reflects a complicated borrowing process in the current market.

In the survey, 70.6 percent of Americans said they consider access to affordable mortgages a serious problem, the company said. In addition, 32.3 percent of respondents said that understanding the mortgage process is the most difficult aspect of homebuying.

In addition, one in five said waiting to hear if they had been approved for a mortgage was more stressful than waiting to hear back from a company about a job.

Mortgage Match is hoping that these survey results will help mortgage providers realize existing problems in the process and work toward correcting them.

"This survey is a wakeup call and clearly points to the fact that borrowers want a process that's easy to understand and follow. They don't want surprises and they want to be able to depend on their mortgage lender," said Sue Stewart, senior vice president of Move, which operates Mortgage Match.

However, those moving soon should not delay their plans in fear of being unable to secure a mortgage. Despite the complicated process, Mortgage Match reported that most respondents were eventually able to secure a mortgage. 

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