The homebuying process is not exactly known to be quick and pleasant, especially for first-time homebuyers, and it is time lenders improve the borrower experience.
What we have seen in many industries such as entertainment, hospitality, and transportation is the fact that a few big players are taking control of the whole industry. They offer a user-friendly, smooth experience and dominate the industry before smaller, more traditional competitors even realize it. And now this may happen in homebuying as well.
Mortgage lenders need to use their strengths and work on their weaknesses, offering innovative solutions to get ahead of the game and present to their clients the fact that, yes, they can serve their customers the same way they believe Google, Amazon, or Apple would be serving them in case they were to get in this industry.
By offering a better experience throughout not only the homebuying, but the complete homeownership journey, mortgage lenders will grow their business organically, keeping clients happy, increasing customer retention and gaining new ones through referrals. The reflection of the homebuyer customer experience will also reflect on their overall brand, broadening its effect. Let’s review some of the main points mortgage lenders should consider while planning to improve the borrower experience.
Offer Online Tools
The homebuying industry has undergone a boost of technological development and adoption, and it is set to keep growing. Offering online tools makes it possible for users to continue to work on their plans from the convenience and safety of their homes. Also making it possible for them to do it by themselves, whenever they feel ready.
A User-friendly Experience
The user has to be the center of the borrowing experience, with their needs and wants put in the first place. Understanding what it is they want: easy access, mobile-friendly, quick service, and being able to translate that into actual improvements to the process will put lenders ahead of the game.
All in One Place
Having everything the homebuyer needs in one place not only makes for a better experience but gives lenders the opportunity to introduce their various services and recommended partners, those guaranteed to perpetuate a great experience for the homebuyer.
Cater to the Homebuyer Throughout the Entire Homebuying Journey
The homebuying journey can often be long, throughout all different stages you want to meet the homebuyer exactly where they are, offering different tools that will cater to their needs at that point and keep them engaged with your brand.
Continue to Offer Value Post-Closing
The borrower experience shouldn’t end after the closing, in fact, by doing that, lenders are wasting an important chance of keeping customers engaged, boost client retention and referrals. During the post-closing lenders should focus on providing value to the homeowner and helping them achieve their future financial goals whatever they may be.
Offer a Better Borrower Experience With NestReady
At NestReady our goal is to help you provide the digital homebuying experience your clients dream of. Our plug-and-play online platforms cater to all stages of the homebuying journey and enable you to continue offering value post-closing.
NestFinder, our end-to-end personalized platform puts mortgage lenders at the center of the homebuying process, making you the trusted brand for every step in your clients’ journey.
NestEngage supports homeowners by providing them with valuable financial guidance and insight related to their real estate goals, whether the next step is to monitor their existing property or to identify when is the right time to renovate, refinance, sell, or buy their next home.