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Why Local Mortgage Experts Still Matter in a Digital World
The home-buying process has been revolutionized by technology. You can browse listings from your couch, get pre-approved for a mortgage, and even apply for mortgages with a few taps right online, all without speaking to a single person.
Not only is it convenient, it also allows buyers to avoid speaking with someone who might ask more in depth questions about their finances than they care to answer, or sell them on committing to something (or someone) they’re just in the early stages of exploring.
There’s no denying the appeal of automation. We live in a world where convenience rules, and many of us have grown accustomed to solving problems with a click, swipe, or chatbot. Why pick up the phone when you can email? Why talk to a stranger when you can fill out a form?
But while automation works wonders for ordering pizza or booking flights, the stakes are higher when buying a home. It’s not just about finding a loan or clicking “submit” on an online application; it’s about understanding the process, making smart decisions, and navigating what could be the largest financial transaction of your life.
When things get tricky—and they will—an app or call center might not cut it.
An Actual Human Can Make the Mortgage Process More Satisfactory
A recent study by JD Power revealed that overall customer satisfaction with mortgage lenders is slipping. On a 1,000-point scale, satisfaction dropped to 727 this year, with noticeable declines in areas like digital experiences (-8 points), communication (-5 points), and loan offerings that meet consumer needs (-5 points).
However, when borrowers work directly with local mortgage professionals, satisfaction scores jump by 40 points. And lenders who actively guide buyers through the process score 133 points higher with borrowers who trusted and relied upon their lenders expertise and advice than those who took a more hands-off, transactional approach.
Left to their own devices (literally and figuratively), it’s no wonder why consumers aren’t satisfied with the mortgage process and lenders.
Why? Because those professionals offer something a digital interface can’t—expert advice tailored to the buyer’s unique situation.
It’s not just a transaction. Buyers value lenders who act as advisors, helping them navigate a tough market and offering expertise beyond algorithms and fill-in-the-blank applications. Every borrower has a unique set of needs and qualifications, and a mortgage expert can often help them cope with any hurdles, and guide them toward the best loan product for their situation.
In addition, working with a local mortgage professional can make the home-buying process smoother, faster, and less stressful. If something goes awry during the process—and something often does—having a local expert can help you get issues addressed quickly and correctly. From pre-approval to closing, they’re with you every step of the way, answering questions and ensuring no detail is overlooked.
Tips on How to Find a Local Mortgage Professional
You can certainly just do a Google search to find plenty of local mortgage professionals. But here are a few resources you might want to consider tapping in order to find the best one in your area:
- Ask your real estate agent. Agents work with mortgage professionals every day and can usually recommend several trusted options. If you give them some specifics about your situation, they can even give you a more tailored recommendation, such as a mortgage pro who specializes in first-time buyers, or people who have had credit problems in the past.
- Lean on your network. Perhaps you have a friend or family member who is a mortgage professional. If so, they may be a great person to work with as they’ll likely take great pride and care in helping someone they care about. If not, your friends, family, or colleagues who’ve recently bought homes can be great resources for recommendations.
- Check local forums or groups. Local community groups on social media are a great place to search for trusted mortgage professionals. Most of them have a search bar you can use; just type in the term “mortgage” and read through any posts that pop up, and make sure to read every comment… that’s often where you’ll find some of the best recommendations!
- See if your local bank has a mortgage professional. Local banks might not always offer the widest array of loan products or the best rates and terms, but if you have a solid relationship with the employees at your local bank, it’s a familiar place to start and might provide competitive options.
Tips on When to Find a Local Mortgage Professional
Timing is everything, and waiting too long to involve a mortgage professional can cost you. Even if the damage isn’t monetary, you could easily find yourself feeling unsatisfied with your lender and the process, as the recent JD Powers survey indicated is quite common. Here’s a guide to getting the timing right:
- Don’t wait until you find a house you want to make an offer on… Buyer satisfaction rose by 41 points when they started working with a lender early on in the process, even before starting to look for a house. On the other hand, waiting until the application phase can lower satisfaction by 107 points. Too many buyers put off even getting pre-approved for a mortgage until they find a house they like. Don’t wait until you’ve fallen in love with a house and need a loan approval yesterday.
- …and certainly don’t wait until you’re in the middle of buying a house! When buyers begin the process working with a lender they have little personal interaction with, or was just a poor overall choice, things can easily go sideways mid-way through the purchase. It can sometimes even lead to a buyer losing the house they fell in love with if the issues can’t be resolved. Fortunately, deals are often saved by a mortgage expert that the buyer’s real estate agent enlists for last minute help. It’s harder (and more stressful) to clean up a mess than to prevent one.
- Find one as soon as you start thinking about buying a house. Ideally, contact a mortgage pro before you even start seriously looking at homes. They’ll help you get pre-approved, educate you about all of your options, prepare you for what’s ahead, and guide you from day one, all the way to the closing table.
The Takeaway:
Technology has made home buying more convenient, but when it comes to something as important as securing a mortgage, nothing beats having a local expert in your corner. A great mortgage professional can guide you through the process, tailor advice to your needs, and step in when things get tricky—because they will. Starting early with the right pro can save you time, stress, and potentially even the deal itself.
