May 26, 2018

Mortgage Shoppers Value Stress-Free Experience

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Mortgage Shoppers Value Stress-Free Experience

When shopping for a mortgage, many say that ease and convenience matter just as much as cost, according to a survey of 618 consumers conducted by Carlisle & Gallagher Consulting Group.

About a third of consumers say they’re willing to pay more for a mortgage if it comes with superior customer service and less stress. 

The 18-to-35 age group particularly seemed more willing to pay for convenience and direct access. 

“That millennial age segment values more the technology investments, the ability to have real-time access,” Doug Hautop, a lending practice leader with Carlisle, told The New York Times. 

Overall, one of the biggest pet peeves identified by consumers when shopping for a mortgage: Slow execution of the loan, followed by difficult communication and an inability to track an application’s status. 

“Because the experience has been where there’s a lot of repetition in documents being submitted, and a long cycle, people would rather have one rep so they only have to explain things once,” Hautop says.

One-third of respondents said they’d be willing to shop for a mortgage at Walmart, if the discount retailer offered them. The hypothetical question indicates the power of trust in a brand, Hautop says. 

Source: “Stress-Free Service Ranks High,” The New York Times (March 3, 2013)