Yesterday's L.A. Times featured an article about the unpleasantness of applying for a mortgage loan. Click the link here to read. Among those surveyed by the National Association of Realtors, 1 in 4 said they'd rather gain 10 pounds than go through the process again. Seven percent would prefer having a root canal or spending a night in prison. And many were more comfortable being around snakes than applying for a loan again.
Most of the distress came from first-time buyers, of course. Craig Martin, director of the financial services practice at J.D. Power says: "First-time buyers often have questions and should not be afraid to ask prospective lenders about the specifics of the mortgage process and how they will be kept informed. Much of the stress with borrowing comes from a lack of information and knowledge during the process. Asking when you will be updated and how that information will be provided are two key questions that may help improve the borrowing experience."
Of course, if you're applying for a loan (or refinancing) and would like to work with a great lender than I've personally vetted for customer service, please check my website at www.JudyGraff.com and click on the "Resources" tab. Then please click on "Local Partners." You'll find several lenders who are always available, have great rates, and explain the process thoroughly.
Photo courtesy of Chuck Burton/AP via Los Angeles Times.
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