The home loan process can be summed up in a few words; stressful, long, slow, complicated and confusing for most home buyers and owners.
According to a Homes.com study that surveyed 2,000 homeowners, 40% of Americans say that buying a home is the most stressful event in their lifetimes. Also, American families aren’t moving as much as they used to. Where they used to trade up into a bigger home, or invest in a second house for retirement, now home buyers are buying once and sticking with that purchase as a forever home. This is a reality of the housing market today, and makes a home purchase even more important than ever, since it might be the only one they ever make.
The stress of the home loan process comes from not fully understanding the process, or a company not actually helping them through the steps of buying a home. Even though a family might score a really good interest rate, there might be other things in the process of the loan application or in buying a home that makes the whole situation unmanageable and stressful. What people need isn’t just a simplified loan application, they need a bank and an ally that helps them understand the entire situation and where a home fits into their lives. They’re not getting that today.
What can we do to change that?