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.

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