CHARLOTTE, North Carolina – (COMMERCIAL THREAD) – The majority of Americans – despite soaring house prices, lack of inventory and rising prices – still view homeownership as a wise investment and a third are likely to buy a home this year. According to a poll by Atomik Research for Wyndham Capital Mortgage, more than half of respondents (58%) think they should be able to apply for a mortgage exclusively through their smartphone.
Although home ownership is consistently preferred over leasing, the survey showed that there is still 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 misunderstanding that escrow could be factored into closing costs. In addition, many respondents did not know the difference between pre-approved and pre-qualified. And only 60 percent of respondents knew that a credit score of 650 is considered good, while 56 percent could identify a score between 720 and 760 as excellent.
“Wyndham Capital is working with potential owners to provide context and clarity at this defining moment,” said Jeff Douglas, CEO of Wyndham Capital. “We did the survey to better understand how we can best help our customers. Our survey showed that there is still work to be done to educate people about the mortgage process, so that 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 polled believed automation would speed up the process both up front and back to help shut a house down even faster.
“The traditional way of applying, approving and concluding a mortgage loan is no longer in 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 can afford a 100% mortgage online. But as the leading digital mortgage lender, we’ve streamlined the process. A borrower can start online or through their smartphone or tablet and working with a loan officer can be pre-approved the same day. We are really moving at the speed of the customer.
As a FinTech Mortgage Lender, Wyndham Capital Leads the Way in End-to-End Redesign mortgage process by automating 3.5 million menial and repetitive tasks. This gives its mortgage professionals more time to work directly with clients to find the loan that best meets their needs.
“We know that buying a home is the single most important transaction for most Americans,” said Douglas. “That’s why we believe that while innovation has power, it’s really the people on the front lines that make the difference. ”
Research methodology : Wyndham Capital Mortgage commissioned Atomik Research to conduct an online survey of 2,342 adults in the United States for its Mortgage 101 survey. The margin of error was +/- 2 percentage points with a confidence interval of 95 %. Fieldwork took place between March 23rd and March 29e, 2021.
About Wyndham Capital Mortgage
NMLS 2948 | Wyndham Capital Mortgage is a leading Fintech mortgage lender saving homeowners time and money with transparent rates and technology that automates 3.5 million menial tasks. Wyndham Capital celebrates 20 years of serving America’s mortgage needs and is licensed on 47 dates plus Washington, DC. In 2020, the company made more than 13,000 loans valued at more than $ 5.4 billion. For more information visit www.wyndhamcapital.com.