Brian Ripp ~ Your Bay Area & Fremont Real Estate & Financial Agent

More than two-thirds of Americans (70.6 percent) believe access to affordable mortgages is a serious problem, according to a new survey by MortgageMatch.com. Respondents also say that the most challenging aspect of getting a mortgage is understanding the mortgage process and dealing with the lenders’ requirements, ranking it more challenging (32.3 percent) than getting the mortgage itself (23 percent) and negotiating the sale price on a home (25.3 percent). More than three out of four recent homebuyers (79 percent), especially those earning more than $50,000 a year, report that getting a mortgage was more difficult than they expected.

To add to the confusion, nearly one-fourth (22.9 percent) of buyers say applying for a mortgage was challenging because their lender kept changing the documentation requirements, while 21.6 percent say their lender used too much technical jargon and 20.7 percent say it was difficult to find a lender that was easy to work with. Borrowers considered these problems more challenging than the amount of time it took to fund a loan (19.1 percent) and qualifying for a loan due to their credit rating (6.9 percent).

Great info. from CRS Member Connect on-line newsletter

The financial reform legislation signed into law on July 21 by President Obama will precipitate some key changes within the mortgage market that will likely affect homebuyers, according to U.S. News and World Report. Under the legislation, a new consumer financial protection bureau will be set up to establish and enforce rules for the financial marketplace and protect consumers’ interests. The law will force lenders to make sure that borrowers have the financial means to repay the mortgage loan before they approve it. It also bans brokers from receiving additional fees for putting borrowers into risky mortgages.

Great information from CRS Member Connect, on-line newsletter.