While first-time home buyers take the mortgage process in stride, I find that repeat buyers are less resilient to the change.
I don't think that age has to do with the behavior as I have first-time home buyers who belong to the baby boomer generation--but provide what is asked from them conscientiously and religiously.
I seldom hear my first-time buyers whine about some documents listed on the underwriting conditions. Most of the time, I am impressed at how they fulfill the tasks on hand at a very timely manner.
The theory that can be attributed to the repeat buyers' less receptive attitude and frustration is that when they bought their homes, the mortgage process then was much less restrictive and lenient.
Therefore, the huge change in the underwriting process overwhelms them.
And the first-time home buyers are new to the whole process. Hence, they don't have any idea that the change in loan underwriting is more tasking and challenging. What they know is that they are required to provide the documents without questioning why.
What do you think? Are repeat buyers more likely to sweat over the mortgage process than the first-time home buyers?
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