Buyers' Most Common Mistakes in the Loan Shopping Experience!

Buyers' Most Common Mistakes in the Loan Shopping Experience! 🏡💰

One of the biggest mistakes buyers make is trusting technology to solve all their issues, then waiting until the last moment to choose a lender—only to be frustrated when their loan closes late. 😫💸

“Just the Facts,” Joe Friday - Dragnet

According to JD Power’s study, "As competition for housing grows, lenders who prioritize personal, advisory-driven experiences will stand out." In today’s market, relationships—not just rates—could be the key for agents and mortgage loan officers (MLOs) to win more borrowers. 🤝💼

As Lenders Move to More AI, Borrowers Want a Real Human 🤖➡️👨‍💼

A report by JD Power reveals that 90% of borrowers expect their lender to walk them through every step, up from 84% just two years ago. 📈🏡

“Borrowers are looking for a more advisory experience driven by lender expertise, delivered through live representatives.” – Bruce Gehrke, JD Power

📉 The preference for digital lending is declining—buyers who prefer an online-only experience have dropped by 16% to just 43%. Meanwhile, more borrowers are engaging with lenders earlier in the homebuying journey, with 42% seeking guidance before finding a home. 🔍🏠

💡 Why does this matter? Borrowers who connect with lenders earlier are 42% more likely to recommend their lender to friends and family. Referrals = Success! 🎯

Face-to-Face Lending is Making a Comeback 🤝💬

📊 The number of borrowers who believe a "perfect lending environment" should always include in-person consultations has increased by 33%—now making up 61% of all borrowers.

🏡 For first-time buyers, engaging with lenders before shopping for a home has grown from 35% to 42% in the past three years. Waiting until the last minute? That could cost you! ⏳💸

📢 Key Takeaway for Homebuyers & Lenders: Buyers who delay engaging with a lender are twice as likely to submit multiple loan applications with competing lenders—risking delays and frustration. On the flip side, those who start early are 42% more likely to recommend their lender to others. 🌟🏡

At HOTT Homes Property Management and Real Estate, we know that choosing the right lender early in the process is key to a smooth, stress-free homebuying experience. Whether you're buying, selling, or investing, visit HOTTHomesSells.com to connect with trusted experts who guide you every step of the way! 🚀🔑