November 22, 2024
Buying
The home-buying process has been revolutionized by technology. You can browse listings from your couch, get pre-approved for a mortgage, and even apply for mortgages with a few taps right online, all without speaking to a single person.
Not only is it convenient, it also allows buyers to avoid speaking with someone who might ask more in depth questions about their finances than they care to answer, or sell them on committing to something (or someone) they’re just in the early stages of exploring.
There’s no denying the appeal of automation. We live in a world where convenience rules, and many of us have grown accustomed to solving problems with a click, swipe, or chatbot. Why pick up the phone when you can email? Why talk to a stranger when you can fill out a form?
But while automation works wonders for ordering pizza or booking flights, the stakes are higher when buying a home. It’s not just about finding a loan or clicking “submit” on an online application; it’s about understanding the process, making smart decisions, and navigating what could be the largest financial transaction of your life.
When things get tricky—and they will—an app or call center might not cut it.
A recent study by JD Power revealed that overall customer satisfaction with mortgage lenders is slipping. On a 1,000-point scale, satisfaction dropped to 727 this year, with noticeable declines in areas like digital experiences (-8 points), communication (-5 points), and loan offerings that meet consumer needs (-5 points).
However, when borrowers work directly with local mortgage professionals, satisfaction scores jump by 40 points. And lenders who actively guide buyers through the process score 133 points higher with borrowers who trusted and relied upon their lenders expertise and advice than those who took a more hands-off, transactional approach.
Left to their own devices (literally and figuratively), it’s no wonder why consumers aren’t satisfied with the mortgage process and lenders.
Why? Because those professionals offer something a digital interface can’t—expert advice tailored to the buyer’s unique situation.
It’s not just a transaction. Buyers value lenders who act as advisors, helping them navigate a tough market and offering expertise beyond algorithms and fill-in-the-blank applications. Every borrower has a unique set of needs and qualifications, and a mortgage expert can often help them cope with any hurdles, and guide them toward the best loan product for their situation.
In addition, working with a mortgage professional with a local proven track record of success can make the home-buying process smoother, faster, and less stressful. If something goes awry during the process—and something often does—having a local expert can help you get issues addressed quickly and correctly. From pre-approval to closing, they’re with you every step of the way, answering questions and ensuring no detail is overlooked.
You can certainly just do a Google search to find plenty of local mortgage professionals. But here are a few resources you might want to consider tapping in order to find the best one in your area:
Timing is everything, and waiting too long to involve a mortgage professional can cost you. Even if the damage isn’t monetary, you could easily find yourself feeling unsatisfied with your lender and the process, as the recent JD Powers survey indicated is quite common. Here’s a guide to getting the timing right:
The Takeaway:
Technology has made home buying more convenient, but when it comes to something as important as securing a mortgage, nothing beats having a local expert in your corner. A great mortgage professional can guide you through the process, tailor advice to your needs, and step in when things get tricky—because they will. Starting early with the right pro can save you time, stress, and potentially even the deal itself. For a list of our Preferred Lenders, click here. Note: we do not receive any type of "kick-back" or bonus when you use one of these lenders. What we do receive is the confidence the deal will close with a lender who has a proven local track record of success.
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