22 Jan What would borrowers change about the home mortgage process?
What exactly are borrowers looking for when they seek a mortgage firm to handle the financial aspects of buying a home? They want a simple process handled as quickly and painlessly as possible with the best possible mortgage rate they can receive. A friendly voice and helpful attitude are also a plus. How does your firm rate when borrowers compare your services to other financial firms?
When considering what home buyers are looking for when choosing a mortgage provider, it is helpful to consider a recent borrower survey published by HSH, a financial reporting group reporting on mortgage market trends. When borrowers were surveyed, here is what they said they would change about the home mortgage process:
- 47% were satisfied with the current mortgage process and would change nothing.
- 18% were critical of the credit analysis process when being approved for a mortgage.
- 17% of borrowers dislike mortgage insurance.
- 10% of borrowers experienced problems during the home appraisal process.
- 4% of borrowers experienced glitches when having a home inspection completed.
- 4% of homeowners found the income verification process difficult.
What are the takeaways from this borrower survey? The good news for mortgage lenders is the 47% of those surveyed who are completely satisfied with the process. It’s not surprising that the biggest complaint was the process of credit analysis when seeking approval for a home mortgage. This is historically a stressful part of the process for borrowers. It’s also not surprising that very few borrowers relish the idea of buying mortgage insurance.
Other problems borrowers listed as troubling during the mortgage process involved home appraisals, home inspections and income verification. Challenges in these processes often related to scheduling conflicts and difficulties obtaining the necessary information. These are all areas that can be improved upon by lenders to ensure the borrower has the best customer experience possible. Helping borrowers know and understand all the steps of the processes involved and offering support throughout can make a difference.
We know you want to provide the best service possible to those home buyers who seek out your services when purchasing a home. After all, it is one of the most important financial decisions they will ever make. When it comes to home closings, we have the experience you need to provide fast, efficient services at reasonable prices. We can make mortgage closings as pain-free as possible. Contact us for a consultation.