Monthly Archives: April 2017

What Consumers Look for When Choosing a Lender

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Last month, Ally Bank commissioned an online mortgage survey of 2,167 U.S. adults to understand consumer preferences when choosing a lender for a mortgage. The study, facilitated by Harris Poll from March 28-30, revealed several extremely valuable insights.

Survey Results: Choosing a Lender

The survey found that 98 percent of respondents consider interest rates critical factors in choosing a lender. 96 percent stated that closing costs are very or somewhat important, and 93 percent indicated that a strong customer service reputation and convenience were also important. The survey also indicated that 81 percent of respondents who have had a mortgage or plan to apply for one in the future did or will factor closing costs into their home loan decision.

Can Lenders Buy Allegiance?

Another significant result of the survey was that 81 percent indicated that a?$500?incentive would be very or somewhat influential on their decision in choosing a lender.Furthermore, 39 percent of respondents who were dissatisfied with their mortgage application process cited high closing costs as a reason. This is good news for Ally. They currently offer home loan applicants $500 off of closings costs if they complete the applications by April 30 and close with Ally Home Loans.
Ally Bank launched Ally Home Loans in December 2016 in response to increasing customer demand for home loans. Ally?s loan experts provide clients with dedicated, personalized assistance via direct-to-consumer mortgages available online.
Diane Morais, President of Consumer and Commercial Banking Products at Ally Bank, stated, ?We are very excited to be expanding our product suite at Ally Bank, and with the spring home buying season ramping up, we believe the?$500?promotion, along with competitive interest rates and exceptional service, is a great way to help our customers with their home financing needs.?

Are Consumers Satisfied with the Application Process?

Interestingly, the survey also revealed that of those who have had a mortgage, 37 percent were very satisfied with the application process. 15 percent were not satisfied. Among the unsatisfied customers, 29 percent believed closing costs were too high, and 24 percent stated that interest rates were too high. A whopping 48 percent cited?poor customer service as the reason. Poor communication from the lender was cited by 46 percent of respondents.

Experience the Acuity Difference

Acuity National Real Estate Solutions offers clients a 24-hour portal to access, upload, and download files at any time. Even as we continue to redefine what a title agency can be, Acuity National Real Estate Solutions is committed to staying true to its guiding principle: providing individualized service without sacrificing efficiency. For more information visit our homepage today.

The 5 Most Competitive Housing Markets in 2017 are

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According to Redfin, a web-based real estate marketplace, 2017 is the fastest housing market on record with sharp increases in home prices and rapid contract turnover times. Here are the country?s most competitive housing markets in March ranked according to percentage of homes sold above asking price:

The 5 Most Competitive Housing Markets

  1. TACOMA, WASHINGTON

Homes sold above asking price: 44.4%

Young entrepreneurs and creative types are flocking to Tacoma ? a thriving urban area set against the picturesque backdrop of the Puget Sound and Mount Rainier.?With a flourishing art scene, great food, and much lower cost of living than similar cities, your dollar goes much further in Tacoma.

  1. SEATTLE, WASHINGTON

Homes sold above asking price: 56.6%

In addition to being ranked fourth, Seattle (tied with Denver) was also the fastest market last month with the typical home going under contract within a mere eight days. Seattle also had one of the nation?s?highest price growths in the last year at 14.5%. Seattle is booming!

  1. OAKLAND, CALIFORNIA

Homes sold above asking price: 65.9%

People are vying for homes in Oakland, which is San Francisco?s more affordable and less crowded neighbor. Oakland is the seventh largest city in California at 54 square miles compared to San Francisco?s seven. Similar to Seattle, Oakland was one of the fastest markets last month with the typical home going under contract within just 13 days.

  1. SAN FRANCISCO, CALIFORNIA

Homes sold above asking price: 66.7%

With the tech boom and expansion of other high-value industries in the area, San Francisco?s economy is outpacing the rest of the country and homes are in high demand. A testament to the strength of the city?s economy: during the Great Depression, not a single San Francisco-based bank failed.

  1. SAN JOSE, CALIFORNIA

Homes sold above asking price: 69.6%

At the heart of Silicon Valley, San Jose is unsurprisingly at the top of the most competitive housing markets list. Similar to San Francisco, San Jose was one of the fastest markets last month with the typical home going under contract within just 14 days. Founded in 1777, San Jose is California?s?oldest settlementand, now, most competitive market.

Technology Meets Title Insurance

Acuity National Real Estate Solutions is a technology-driven title agency offering cutting-edge tools to help lenders and loan officers reduce cost, increase compliance, and streamline closings. For more information, please visit our homepage today!