Charlotte, North Carolina – (BUSINESS WIRING) – Most Americans, despite skyrocketing home prices, lack of inventory, and rising rates, still see home ownership as a smart investment, and one-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 percent) believe they should be able to apply for a mortgage exclusively via their smartphone.
Despite home ownership Consistently preferred over leases, research has shown that there is still a need to educate potential and current homeowners in the basics of mortgage lending. For example, while many Americans had a good general understanding of what is included in closing costs, there was a lack of understanding that escrow could affect closing costs. In addition, many respondents did not know the difference between pre-approved and prequalification. And only 60 percent of the respondents knew that a credit rating of 650 was considered good, while 56% could define a rating of 720-760 as excellent.
“Wyndham Capital is working with potential homeowners to provide context and clarity at this crucial moment in life,” said Jeff Douglas, CEO of Wyndham Capital. “We conducted a survey to better understand how we can best help our clients. Our survey showed that there is still work to be done to educate people about the mortgage lending process, so they not only save money, but also time. ”
Knowing about a mortgage and going through the process are two different things. More than two-thirds of those surveyed believe that automation will speed up the process on both the front and back to help close the house even faster.
“The traditional way of filing, approving and closing mortgages no longer fits people’s lives,” said Trey Rigdon, senior vice president of marketing at Wyndham Capital. “While many mortgage lenders promise to use digital only, the truth is no one can offer a 100 percent online mortgage. But as a leading provider of digital mortgages, we’ve made it easy. The borrower can start work online or from their smartphone or tablet, and work with the loan officer can be pre-approved on the same day. We are really moving at the speed of the client. ”
As a Fintech mortgage lender, Wyndham Capital is leading the way in upgrading the end-to-end mortgage process automating 3.5 million simple repetitive tasks. This gives mortgage consultants more time to work directly with clients to find the loan that best suits their needs.
“We know buying a home is the biggest single deal for most Americans,” Douglas said. “This is why we believe that while there is strength in innovation, what really matters is the people on the front lines.”
Research methodology: Wyndham Capital Mortgage commissioned Atomik Research to conduct an online survey of 2,342 adults in the United States for their Mortgage 101 study. The margin of error was +/- 2 percentage points with a 95 percent confidence interval. Fieldwork took place on March 23rd.rd and March 29th, 2021
About Wyndham Capital mortgages
NMLS 2948 | Wyndham Capital Mortgage is a leading financial technology mortgage lender that saves homeowners time and money through transparent rates and technology that automates 3.5 million black tasks. Wyndham Capital celebrates 20 years of serving America’s mortgage needs and is licensed for 47 dates as well as Washington, DC. In 2020, the company provided over 13,000 loans worth over $ 5.4 billion. For more information visit www.wyndhamcapital.com…