Homebuyer confusion may be driving canceled mortgage applications

Cotality’s “From House to Home” report included a survey of 1,000 recent and prospective U.S. homebuyers. It explored the dichotomy between markets relying on speed and buyers relying on timing. Ultimately, it found that homebuyers care more about timing and confidence as 43% felt speed was critical when finding a home, while 41% said the same about securing a mortgage.

Anand Srinivasan, Cotality’s head of research and development, said that delivering a speedy loan is about walking a fine line of executing personalized timing and information delivery for different generations.

Gen Zers, for example, tend to start the application process with confidence but lose it quickly as they are often stressed by insurance and closing costs. Srinivasan said this was a surprising…