Other Key Findings From the Mortgage Service Index Include:
- On average, home buyers considered approximately two banks or lenders when applying for a mortgage
- The majority of those surveyed (47 percent) obtained a mortgage at a bank where they did not have an existing account
- 82 percent of those surveyed feel that right now is a "very good" or "good" time to purchase a home, with 90 percent expecting the housing market to "stay the same" or "improve" over the next six months
- An equal number of those surveyed (43 percent) obtained information on the lending process from their bank and from their Realtor, demonstrating that Realtors are used as informative resources by consumers during the mortgage process
- Only 34 percent of home buyers obtained a mortgage at their primary bank
- 80 percent of those who had a positive home buying experience felt that they had an "excellent" or "very good" experience obtaining a mortgage, while just 39 percent of those with a poor home buying experience felt the same
Survey Methodology The study was conducted among a nationally representative group of consumers from March 6-11, 2013. The sample size of 1,519 has a margin of error of +/- 2.5 percent. The survey was hosted by global research company Angus Reid Public Opinion.
About Angus Reid Public Opinion Angus Reid Public Opinion is the Public Affairs practice of Vision Critical—a global research company. Vision Critical is a leader in the use of the Internet and rich media technology to collect high-quality, in-depth insights for a wide array of clients.
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