“TD Bank recently announced the results of their inaugural Mortgage Service Index.
The index was designed to identify best practices and trouble areas in home
financing and act as a service indicator for lending institutions. Below are
some of the key findings of the survey." - The KCM CREW
Positive Experiences
The index identified the percentage of respondents who had a
positive (“excellent” or “very good”) experience in
certain parts of the home buying experience:
· 64% had a positive experience during
the home buying experience
· 55% finding a good Realtor
· 55% with the home
appraisal/inspection process
· 53% finding the right lender
· 53% with the length of the
entire home buying process
What Creates an
Overall Positive Experience?
Certain key aspects of the relationship with the lender were
important to those who said they had a very positive overall home buying
experience. They rated their lender as “excellent” or “very good” in the
following categories:
· Responsive 74%
· Accessible 76%
· Honest and transparent 76%
· Instilled confidence throughout the
process 73%
· Helped buyers understand the process
73%
· Kept buyer informed during process
73%
· Explained the mortgage and available
options 72%
Other Key Findings:
1. On average, home buyers considered approximately two banks or
lenders when applying for a mortgage
2. An equal number of those surveyed (43%) obtained information
on the lending process from their bank and from their Realtor, demonstrating
that Realtors are used as informative resources by consumers during the
mortgage process
3. Only 34% of home buyers obtained a mortgage at their primary
bank
Michael Copley, Executive Vice President, Retail Lending at TD
Bank concluded:
“As the housing market continues to rebound, the growing number
of buyers should be aware of what to look for in a mortgage partner and seek
out a lender who will best guide them through the home financing process in
order to create a positive home buying experience.”
Thanks to "THE KCM CREW" for this fantastic information!
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