Why Banks are not the Best Mortgage Companies
Mortgages are probably the most sought-after loans. These are loans that people actually want to take on. People tend to see them less as loans, as something that will cost them…and more as something they will receive, an investment in their home.
So people should be in a pretty good mood about their mortgages. Should…except for one little detail. Many people go to the big banks to arrange a mortgage.
No, not the big banks!
That is where the headaches begin. Quite simply, the big banks suck at customer service. This is not just conjecture; it is a fact borne out by surveys of consumers. In six successive surveys (2007-2012) conducted for MSN Money, the big banks have struck out with consumers.
In 2009, 2010 four of the ten “Hall of Shame” companies (ten companies with the highest “poor customer service” ratings) were big banks.
2011, 2012 still four of the ten “Hall of Shame” companies were big banks.
2013, 2014 – you guessed it – four of the ten “Hall of Shame” companies were big banks.
2015 – Guess how many of the big banks will make it into the “Hall of Fame” (ten companies with the highest “excellent customer service” ratings) each year? None.
So which is the best mortgage company?
Fortunately, there are alternatives. One of the reasons that our slogan is Bank Says No! We Say Yes!™ is that we pride ourselves on giving great customer service in a field where something so obvious is almost unheard of.
The best mortgage companies have the best attitude toward their customers. That almost goes without saying.
Customer service is more than just attitude – oh yes, attitude is a big deal, make no mistake – it is also about process. One of the most frustrating things about the big banks, when it comes to mortgages and other major loans, is that you have to go through the whole process and the paperwork and the stress first – and maybe even make you pay for an appraisal – then, after waiting impatiently for a few weeks, you are told that you do not even qualify. Frustrating? No kidding! Like you’ve been sent to a torture chamber? Exactly. Do you get back the money they spent on an appraisal? Yeah, right!
There is a better way. One of the first things we do is pre-approve you. If there are issues to deal with, we catch them up front. Often, they can be dealt with before forms are even signed, so that instead of getting a rejection letter four weeks later, you get a path to getting approved right away. Not only is your mortgage more likely to be approved this way, but if it can’t be approved, you won’t have wasted time, money and unnecessary frustration.
As a customer, this might seem obvious to treat people this way. And in the end, it does boil down to a good attitude. No mortgage company that respects you, the customer, will send you through the stress, make you pay, make you wait, then tell you that you never qualified in the first place.
When the bank says no, we say yes. That’s what makes the best mortgage company.