What Buyers Want From Lenders

Buyers often ask us what they should look for in a lender. What makes one lender stand out from the others? Lenders ask us how they can get the attention of homebuyers in an increasingly crowded field. There are some things that are undeniable truths in the market,  let’s look at them in order to help both lenders and buyers know what makes the difference.

Time is of the essence. When people have settled on the house they want, they are impatient to get the process started. Data shows that responsiveness is one of the most important qualities borrowers name when discussing a good or bad experience reaching out to a prospective lender.

After the initial contact, it is important for both parties to know the best method to reach each other, and what times are more convenient. Nowadays, many lending agents can be more easily reached via text or messenger than by phone, where some buyers would rather receive all communications via email. Discussing this in the early conversations can make the entire process smoother and more satisfying for everyone.

Buyers want, more than anything, personalized service. And it is not unreasonable to expect it from a lender. Many large lenders do not have one specific case worker assigned to each mortgage-seeker, and in those cases it is even more important for the agent to take time with the buyer and make them feel valued and understood as an individual.

Once the process has been set in motion, the relationship should be managed by the lender and they should take the lead, guiding the buyers through the process and laying out a clear roadmap of what will be done and when. Having a clearly defined path to completing the borrowing process makes buyers feel more secure in their relationship with the lender and in their transaction.

Since there is such a wealth of choices in the market and so many ways to communicate, it is understandable that buyers expect faster response times without sacrificing personal service and quality of care. Lenders who can perform on all these points are likely to have a loyal following and gain new customers through word of mouth and social media reviews. And buyers who receive this level of care are going to be happy and content with the borrowing process from start to finish.

At Setco, we are building relationships with lenders and buyers alike.  Please click below to learn about the personal, high quality care that Setco can offer to both sides of the transaction.  

to help buyers find the perfect match. If you are a lender, or in the market for one, please click below to learn about the personal, high quality care that Setco can offer to both sides of the transaction.

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