Over One Third of Borrowers Compare the Mortgage Process to Going to the Dentist
According to the Inaugural FREEandCLEAR Mortgage Survey
FREEandCLEAR is excited to release the initial thought-provoking results from its inaugural Mortgage Survey. The mortgage survey provides an insightful analysis of how borrowers think about, experience and understand the mortgage process.
Over one third of borrowers compared their mortgage experience to going to the dentist
The initial results of the FREEandCLEAR Mortgage Survey explore critical issues including the borrower experience, mortgage challenges and lender trust. You can view the survey results at: https://www.freeandclear.com/community/mortgage-survey.html.
Some of the more compelling findings from the survey include:
- 34% of borrowers said their mortgage experience was most similar to going to the dentist and 41% compared their experience to a physical — the challenges of getting a mortgage remind borrowers of getting a physical, or worse, getting a cavity drilled!
- 56% of borrowers said paperwork was the most challenging part of the mortgage process — borrowers are overwhelmed by the volume of documents involved in the mortgage process
- 70% of borrowers responded with 7 or higher when asked how much they trust their mortgage lender, on a scale of 1 to 10 — lender trust remains relatively high despite the fallout from the mortgage crisis
FREEandCLEAR commissioned the third-party survey to continue to enhance our understanding of mortgage borrowers. The better borrowers understand the mortgage process and the better lenders understand borrowers, the better the results for everyone, which is the ultimate goal of the survey and FREEandCLEAR.
The full results of the FREEandCLEAR Mortgage Survey will be revealed over the next several months. Future releases of survey results explore important topics such as Lender Selection, Borrower Education and How to Improve the Mortgage Process.
We encourage you to review and share the results of our survey with your colleagues and friends. We also invite you to send us your feedback as well as any ideas on how we can improve future surveys (this is only the beginning!). Thank you for reviewing the FREEandCLEAR Mortgage Survey — we hope you find it as informative and entertaining as we do.
FREEandCLEAR is a leading mortgage website that offers free tools and resources that empower people to find the mortgage that is right for them. FREEandCLEAR was developed by a father and son team who are on a mission to help people make better decisions and save money when they get a mortgage. Our valuable resources and mortgage rate tables put borrowers in control of the mortgage process and enable them to more easily shop for a mortgage.