Winning the battle of the thumbs

We’re short and sweet this week: Here is an article posted in the National Mortgage Professional magazine.

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 new 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.

“Banks 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 mortgage broker when you’re making the single most important investment of your life.”

“They prefer to handle their applications in the presence of a loan officer.” Music to my ears. Smart consumers know that thumbs on a keyboard are a sorry substitute for sound, strategic advice from a seasoned professional. Take the best care of your financial self and do your home loan approvals locally.

Tammy Engel is your local Mortgage Advisor, and has been working for your best interest since 1990. Contact her at 661/822-7325 for purchase, refinance, and reverse mortgage locally. See http://www.TammyEngel.com for real-life testimonials from recent clients, and lots of articles to educate yourself about home loan financing. CaBRE #01273839

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