Almost half of American homeowners would have done something differently if they were to go through the process of buying their home again, according to a recent survey by the personal finance site NerdWallet. Respondents were most likely to say they wished they had saved more money and done more research on either the lending or buying process.

Forty-nine percent of the people polled in the survey said they would make changes if they were to buy a home again. Forty-one percent said they did not think they were fully aware of the loan options available to them, and 28 percent said they did not feel like they were a priority to their mortgage professional during the lending process.

NerdWallet commissioned the report, which was conducted by Harris Poll. It collected more than 2,200 responses, including more than 1,400 current homeowners and about 1,300 who have applied for a mortgage.

Regrets

Among all respondents, 20 percent said they wished they had saved more money before they purchased their home. Fourteen percent said they should have shopped around more for a home loan, while 13 percent said they should have done more research on either the lending process or the buying process.

Thirteen percent felt they should have purchased a larger home, with 7 percent saying they had been too conservative with the mortgage. By comparison, only 4 percent said they had gotten the wrong type of mortgage, purchased a home that was too expensive, or gotten a mortgage while rates were too high. Seven percent said their values had changed since purchasing the home, 5 percent said they should have waited longer to purchase a home, and 5 percent said they regretted their home purchase.

Younger buyers were more likely to say they would revise how they approached a home purchase if they were to do it again. Sixty-one percent of those in Generation X (ages 35 to 54) and 57 percent of Millennials (ages 18 to 34) said they would change their approach, while 56 percent of Baby Boomers (ages 55 and over) said they wouldn't do anything differently.

Wanting to purchase a larger home was the biggest regret among all generations, cited by 20 percent of Gen X respondents, 19 percent of Millennial respondents, and 6 percent of Baby Boomers. Twenty-eight percent of Millennials and 27 percent of Gen X respondents said they should have saved more money before buying a home.

Among Millennials, 15 percent said they should have researched the mortgage lending process more, 14 percent should have organized their paperwork better, and 12 percent should have researched the home buying process more. Nineteen percent of Gen X respondents said they wished they had researched the mortgage process more, while 18 percent said they should have shopped around more for a loan and 16 percent wished they had done more research on the home buying process.

Forty-one percent of all respondents said they felt they were unaware of all of the loan options available to them during the lending process. Millennials were most likely to feel in the dark, with 54 percent saying they did not think they knew all of the options available to them. Forty-four percent of Gen X respondents and 35 percent of Baby Boomers felt the same way.

Home loans

Respondents had mixed opinions on the mortgage lending process, describing it as both rewarding and difficult. Forty percent considered the home loan to be manageable, while 30 percent described it as positive, 27 percent as organized, and 21 percent as easy. However, 31 percent described it as stressful, 27 percent as complicated, and 23 percent as frustrating.

Gen X respondents were the least likely to report a positive experience with the home loan process. Thirty-nine percent described it as stressful, while only 26 percent said it was positive. Thirty-six percent considered it manageable, but 31 percent described it as complicated and 28 percent as frustrating.

Thirty-four percent of Gen X respondents said they thought they had gotten an affordable mortgage rate. Twelve percent said they felt less financially secure after getting a home loan.

Millennials were happier with their experience, with 41 percent describing it as manageable, 40 percent as organized, 39 percent as positive, and 32 percent as easy. Thirty-one percent said it was stressful.

Twenty-seven percent of Millennials said they thought they had gotten a loan they could afford. However, 11 percent said they felt less financially secure after buying their home.

Baby Boomers were most likely to describe the home loan process as manageable (42 percent), while 29 percent said it was positive. Twenty-six percent considered it to be complicated, and 25 percent said it was stressful.

Older applicants were least likely to say they would be comfortable with using an alternative mortgage lender or getting a mortgage online. Eighty-one percent said their mortgage professional guided them through the process without delays, and 79 percent said they felt their loan was a priority to this professional.

Baby Boomers were also most likely to be satisfied with the affordability of their loan. Forty-two percent said they thought they had gotten an affordable mortgage rate, and only 6 percent felt less financially secure after their purchase.

Buying process

Like the lending process, buyers could consider a home purchase to be either a positive or negative experience. The largest share—42 percent—thought it was stressful, but 41 percent considered it manageable. Thirty-two percent described it as complicated, 30 percent as rewarding, and 21 percent as intimidating.

Fifty-one percent of Gen X buyers and 46 percent of Millennials described the home buying process as stressful, compared to just 35 percent of Baby Boomers. Forty-six percent of Baby Boomers, 37 percent of Millennials, and 35 percent of Gen X buyers considered the process to be manageable.

Only one in four Millennial and Gen X respondents considered that they had received the best possible mortgage for their home purchase. Baby Boomers were more optimistic, with 35 percent considering that they had received the best possible mortgage.

Mortgage denials

Only 6 percent of respondents said they had been denied for a mortgage. Of these, half said they were rejected once while one in four said they were rejected multiple times.

Seventy-nine percent of respondents who were rejected for a loan said they received an explanation for the denial. Fifty-two percent said they were rejected due to a high debt-to-income ratio, 39 percent were denied due to poor credit, and 25 percent did not have sufficient income for the mortgage.

Forty-one percent said they thought the denial was unfair, one-third said they were embarrassed by the decision, and 31 percent were surprised by it. However, 35 percent said the rejection encouraged them to improve their financial situation and one-third said they knew the next steps they needed to take in order to be approved for a home purchase.