Relationships Are Key

While the majority of prospective homebuyers do their research on home loans online, they prefer to handle their applications in the presence of a loan officer. According to a survey of nearly 2,000 adults conducted on behalf of the American Bankers Association, 60 percent of Americans stated that, while they use the Internet to research their home loans, they would rather apply for a home loan in person. In comparison, 17 percent of respondents preferred to apply for a home loan online, while the remaining 23 percent said they were unsure.

The survey’s respondents also complained about overcoming obstacles to homeownership. Twenty-one percent of respondents said student debt prevented them from purchasing a home—among the 18-29 year-olds surveyed, that number was 39 percent. Furthermore, only 34 percent considered their knowledge about the process to be above average or excellent. “Organizations invest billions of dollars to offer their customers the latest technology,” said Bob Davis, ABA Executive Vice President of Mortgage Markets, Financial Management and Public Policy. “But at the end of the day, nothing compares to sitting across the table, face-to-face with a lender when you’re making the single most important investment of your life.”

Source: National Mortgage Professional