TD Bank recently conducted their first annual survey of mortgage applicants before and after the mortgage process transaction took place.
Apparantly, this will be an on going survey because TD Bank actually started an index which will continue to measure the number semi annually or monthly. This first survey focused on the positive and only asked questions about what was enjoyable about the process, (they are a bank).
As a seller of Real Estate in Louisville, it is very important that you put yourself in your buyer's shoes and understand what they are going through. This is important because many Realtors in Louisville tell me that transactions are being cancelled because of the mountain of paperwork, last minute changes, inspections that go sideways and appraisals that come up short. The more you and your buyers agent understand about the mortgage process, the more you can do on your end to facilitate the process.
Again,the index identified the percentage of respondents who had a positive (“excellent” or “very good”) experience in major parts of the home buying experience:
I do not want to be a "glass is half empty" person but, 36% had a negative experience with the homebuying process and 45% said the appraisal process DID NOT go well.
Certain key aspects of the mortgage broker relationship with the 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:
This where you come in as a seller. You need to make sure your Realtor keeps the process moving smoothly by communicating constantly with the buyers agent and making sure the above criteria are constantly being met.
1. On average, home buyers considered only two banks or lenders when applying for a mortgage. Only one out of three went with their local bank.
2. An equal number of those surveyed (43%) obtained information on the lending process from their Realtor, proving that Realtors are used as informative resources by consumers during the mortgage process.