The majority of Americans – despite soaring home prices, lack of inventory and increasing rates – still consider homeownership a wise investment, and one-third are likely to purchase a home this year. According to a survey conducted by Atomik Research for Wyndham Capital Mortgage, more than half of the respondents (58 percent) believe they should be able to apply for a mortgage exclusively via smartphone. Read the full report here.
Even though homeownership is consistently preferred over renting, the survey showed there still is a need to educate potential and current homeowners on the basics of mortgages. For example, while many Americans had a good overall idea of what is included in closing costs, there was a lack of awareness that escrow could factor into closing costs. And only 60 percent of respondents knew that a credit score of 650 is considered to be good while 56% could identify a score between 720-760 to be excellent.
“Wyndham Capital works with potential homeowners to provide context and clarity to this life-defining moment,” said Jeff Douglas, CEO of Wyndham Capital. “We did the survey to better understand how we can best assist our clients. Our survey showed there is still work to do in educating people about the mortgage process, so they not only save money but also time.”
Knowing about mortgages and going through the process are two different things. More than two-thirds of those surveyed believed automation would speed up the process on both the front and back ends to help close on a home even faster.
“The traditional way of applying, approving and closing on a mortgage no longer fits with people’s lives,” said Trey Rigdon, senior vice president of marketing at Wyndham Capital. “While many mortgage lenders promise a digital-only experience, the truth is no one is able to offer a 100-percent online mortgage. But as a leading digital mortgage lender, we have streamlined the process. A borrower can start online or via their smartphone or tablet and working with a loan officer can be pre-approved the same day. We truly are moving at the speed of the customer.”
As a Fintech mortgage lender, Wyndham Capital is leading the way to revamp the end-to-end mortgage process by automating 3.5 million menial, repetitive tasks. This provides its mortgage consultants more time to work directly with customers in finding the loan that best fits their needs.
“We know buying a home is the largest single transaction for most Americans,” Douglas said. “That’s why we believe, while there is power in the innovation, it truly is the people on the front lines making a difference.”
Research Methodology: Wyndham Capital Mortgage commissioned Atomik Research to run an online survey of 2,342 adults in the United States for their Mortgage 101 survey. The margin of error fell within +/- 2 percentage points with a confidence interval of 95 percent. The fieldwork took place between March 23rd and March 29th, 2021.