Home Buyers Seek Better Lenders
More than a third of potential home-loan applicants would pay a higher rate if the mortgage came with superior service, a survey says.
The Los Angeles Times recently published an article saying that a recent poll by the Carlisle & Gallagher Consulting Group showed that 34% of potential borrowers would be willing to pay a higher rate if the mortage came with superior service. Although the survey didn't say how much more they would be willing to pay, they did find that the "pay mores" are a frustrated group.
The key findings showed that:
- More than 50% think the process is too slow
- 25% don't believe the advice they receive
- One third find it impossible to track the status of their loan application
- One third said it is too difficult to communicate with their lender
Due to these findings, we know that frusterated borrowers are looking for ways to solve their problems. Here are 4 things that will make a significant difference in your borrowing experience.
1. Ask your real estate agent: Agents know which lenders keep their promises and close quickly without incident. After all, their livelihoods depend on it.
2. Ask your friends and relatives about their experiences.
3. Look for a consistent point of contact. Federal regulators have settled on this as a requirement for loan servicers — the companies that collect payments, disburse funds to cover property taxes and homeowners insurance and otherwise administer loans — so why not one for borrowers?
4. Ultilize technology: You'll have a better experience if the lender has a way to get the necessary loan papers to you as quickly as possible. Try technologies like Edelilvery or LenderMobile to help expeditate the process.