Buyers today often turn to online tools to help them start learning about mortgages and what they might be able to afford. But that does not negate the need for a human element in the mortgage experience. In fact, a recent industry survey points toward that need being a strong as ever.

The “Borrower Insights Survey” (BIS) is one which Ellie Mae conducts every year. This year’s survey included data from more than 2,000 homeowners and renters. One of the principal themes which emerged from this year’s survey concerned communication with human loan experts during the mortgage process.

As the survey reports, “Borrowers continue to show a strong desire for more options for interaction and communication with their lender, as frequent communication across multiple channels between lenders and borrowers has increased by approximately 20% for those who took out loans within the last year, when compared to borrowers who obtained their loan in the last three to five years.”

This indicates that not only is direct communication with a human loan expert important to homebuyers today, but it is more important than it has been in the recent past.

The survey also uncovered data regarding Millennial homebuyers and communication. The report continues, “Direct communication with a lender can be especially important to younger borrowers and those who are applying for a mortgage for the first time, as they can have their questions answered and feel reassured that the loan process is on track in real-time.”

But this does not mean that homebuyers are not also looking for digital tools. Ellie Mae says, “As more Millennials enter the housing market, it will be imperative for lenders to prioritize the use of all available technologies, digital tools, and communication channels to foster strong borrower relationships throughout each step of the loan lifecycle – from the moment they are interested, all the way through to closing.”

Premier Lending Corp Offers a Suite of Digital Tools and the Human Support You Are Looking For

At PLC, we offer a variety of free online tools to help you with the home buying process, including:

  • Mortgage calculators
  • Refinance analysis
  • Search for homes for sale
  • Home valuation
  • Pre-approval letter

At the same time, one of the most important things for us is to make sure that our team of mortgage experts is at your disposal every step of the way.

When you contact us, we set up a consultation for you to discuss your home buying goals and requirements. We can educate you on the home buying process, help you estimate the costs, and provide you with the detailed information you need to choose the most suitable loan.

Once you decide to move forward, we continue to be in constant communication with you through the entire process. We can stay in contact with you through the communication methods which you prefer. That way, applying for a loan is as easy as possible, and answers to your questions are just a phone call, email or text away.

Source: https://plcorp.net/whats-important-to-borrowers-today/