Experts Reveal Homebuyers Still Prefer to Purchase Mortgage in Person, Here’s Why
While the rise of mortgage websites and apps changed the way how we search and purchase our dream home, the experts reveal most homebuyers still prefer to communicate with real home advisers they can consult with in person or at least over the phone. Here’s why.
According to renowned mortgage expert, Rob McLister says Canada lags when it comes to adopting technologies like artificial intelligence, chatbots, online applications, to automate the searching and purchasing processes in brokerage.
However, he’d no doubt Canada will catch up soon as more and more banks integrate these technologies to streamline their mortgage application process due to the overwhelming demand they receive from their clients. According to him, people will someday lose the need to connect with humans to get a mortgage.
He speculated more and more people would prefer to browse online or communicate with chatbots to search for the best real-estate property depending on their preference, budget, and need. Moreover, they would want to leave the hassle of dealing with paperwork and preparing documents to these chatbots since they don’t have time to do it themselves.
The Rise of DIY Brokerage
Just like how technology disrupts with investments as more investors prefer to browse online than to contact a financial analyst, he anticipates this trend would also apply to brokerage shortly.
True enough, TD Bank recently launched a mortgage app that lets its customers access the mortgage market 24/7 on all their devices. It also offers features to save their current search or their progress of filling out the forms, as well as uploading the necessary documents required for their applications.
According to TD Bank’s vice president, Pat Giles, their customers often complain about the tedious process of applying or renewing their mortgages.
They claim dealing with a large number of documents as well as conducting multiple face-to-face meetings hindered them from doing other productive things like working or running their business. As much as possible, they want to process their documents with more ease. It prompted the company to automate its mortgage application process.
While DIY mortgages sound appealing thanks to automation, Giles remains confident it wouldn’t replace mortgage specialists anytime soon. According to him, most homebuyers only want the AI or bots’ help to streamline mundane tasks like the application process.
However, they still seek human’s expertise when it comes to legal matters about their mortgage. Meanwhile, the Royal Banks echoed the same sentiment.
According to Royal Bank‘s vice president Nicole Wells, they integrate technology in their mortgage business to help RBC clients choose the right mortgage loans for them. The website retrieves their customer’s bank information to compute their credit scores, as well as the estimated value of their chosen property and the amount they need to pay in installments.
Despite the computer showing all the data the users need, she reveals most of their clients still arrange a meeting with mortgage experts to get their advice and engage in thorough discussions. According to her, people feel as if they’re making a big purchase whenever they avail a real-estate property.
So they want to go through everything and talk to the right people first before making a crucial decision. Aside from that, they also consult their expertise to know about the costs of home ownership, dealing with real estate taxes, as well as converting their property for investments.
Not to mention all the legal paperwork they need to process in acquiring home. RBC clients feel more at ease connecting with humans in dealing with these complex processes than a robot or AI which doesn’t feel empathy or understands this crucial milestone in their lives.
More in Real Estate
House Flipper Ellen DeGeneres at it Again! Take a Look at Her Most Recent $24 Million Sale
That Ellen DeGeneres has accumulated quite the real estate portfolio is a true testament of her knowledge in the business. The...June 18, 2020
Yon Won’t Believe How Much Kylie Jenner Makes Via Instagram
Kylie Becomes Youngest Self-made Billionaire Kylie Jenner is one to take long before she makes the headline, although this time it...June 17, 2020
Mila Kunis and Ashton Kutcher’s Kids Will NOT Inherit Their Millions, Here’s the Shocking Reason Why
Aren’t we grateful for That ’70s Show? In addition to being such a hilarious sitcom (TV.com gave it a 9/10 rating!),...June 17, 2020
Fewer Young Americans are Purchasing Houses! Could High Student Debt be the Reason?
The prospect of buying a home early on has always been a dream for most young Americans. Indeed, homeownership is every...June 11, 2020
130 Million Years Old Dinosaur Eggs Found in a Chinese ‘Hometown of Dinosaurs’
A shocking discovery was made a few weeks ago when construction workers in a popular town in China found more than...June 11, 2020
Climatologists Alarmed as Global Warming Hits New Record
Climate change broke a new record last month: A news report by NOAA revealed that for 400 consecutive months – that...June 10, 2020
Disney Bought a Company in Debts for $66 Billion – Here’s Why
Fox Network and Disney are the undisputed champions of television entertainment but, despite having empires worth billions of dollars, the future...June 10, 2020
As Housing Prices Rise, This City Becomes the Most Expensive to Live in the U.S.
Silicon Valley has just been worsted by the Big Apple in the race for becoming the most expensive city to live...June 10, 2020
Looking for New Family Car? Here are the Most Economical Hybrids on the Market
Drivers are becoming increasingly concerned about the exhaust fumes that come out of their diesel-powered cars but they don’t necessarily want...June 10, 2020