American consumers have come to expect a frictionless digital shopping experience. They bring these same expectations to their digital mortgage lender. Connecting with your clients means understanding their expectations. Here are 5 reasons why homebuyers come to digital mortgage lenders:
1. To Proceed at Their Own Pace
For first-time homebuyers, the lending industry is unfamiliar territory. Digital mortgage lenders provide resources that let customers learn more about the process. Borrowers use these resources to learn more before contacting a lender.
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2. To Compare Rates of Digital Mortgage Lenders
Digital mortgage options let customers shop around. A Freddie Mac survey showed that borrowers saved an average of $3,000 when they took the time to compare rates between five different lenders.
Additionally, the digital process gives buyers time to consider their options. They can come to a final decision without the pressure of an in-person mortgage broker. It’s easy to compare rates and each mortgage company’s features.
3. To Find a Faster Process
Customers expect speed. Digital mortgage lenders rely on the latest technology to provide fast, accurate results. This setup means that borrowers will have an easier time receiving approval. It also means that borrowers will easily flow through the entire process.
A digital platform minimizes human error. Errors can cause major snags in the lending process and impede the customer journey. Digital lenders can end these errors to keep the process moving.
4. To Increase the Odds of Approval
Digital mortgage lenders do more than streamline the process. They also improve the odds of approval. Applying to many lenders increases the chances that at least one lender will approve the loan.
This tactic makes sense for historically underserved and minority populations. Some individuals are denied loans because of race or sexual orientation. But a digital system bases decisions on their financial history alone. This setup eliminates the possibility of unconscious bias and provides a fairer process.
5. To Receive Regular Communication
Borrowers appreciate strong communication. But they don’t necessarily expect a human touch each time. A digital platform can automate your communication. Clients receive an email when a key phase of the process is complete.
Additionally, a digital platform can centralize your communications. You don’t have to worry about missing a question from your borrowers. These platforms organize your documents to further speed up the customer journey.
BNTouch: Keep Your Customers Happy
Your customers deserve the best. That’s why mortgage lenders are increasingly turning to the BNTouch platform. Our digital tools can help you market your business and connect with clients. Discover these features for yourself. Contact BNTouch to request a demo, and start your journey to becoming an industry leader.
Learn more about what our solutions can do for your business. You’ll be glad that you did. Reach out today.