CHERRY HILL, N.J., March 5, 2014 /PRNewswire/ -- TD Bank, America's Most Convenient Bank®, has announced results of its second annual Mortgage Service Index, a nationwide consumer survey that gauges the home buying experience. The Index revealed that 68 percent of Hispanics this year (compared with 62 percent last year) found their most recent home buying experience to be "excellent" or "very good," compared with 62 percent of the general market.
The TD Bank Mortgage Service Index, which was generated from a recent survey of nearly 1,500 consumers who purchased homes within the last ten years, was designed to assess opportunities and challenges during the home buying process, with a specific emphasis on home financing. Index results showed the number of Hispanic first time homebuyers increased by 10 percent since 2013. For full survey results and regional Hispanic data visit https://mediaroom.tdbank.com/msi2014.
"The Hispanic population continues to grow in the United States and lenders will need to make sure that they have the products and people in place who can create a legendary experience for this important segment of the home buying population," said Michael Copley, Executive Vice President, Retail Lending, TD Bank. "Results from TD Bank's Mortgage Service Index demonstrate that honesty and accessibility will be paramount to meeting and exceeding the home financing expectations of Hispanic buyers."
Hispanic homebuyers in 2014 reported an eight percent decrease in their home buying stress, with 34 percent of respondents reporting the experience to be "extremely" or "very stressful" compared to 42 percent in 2013.The survey also revealed Hispanics are as likely to obtain their most recent mortgage through their primary bank as they are with a new bank or institution (39 percent respectively). "There are certainly advantages and benefits to choosing a primary bank through the lending process," added Copley. "For example, at TD Bank we offer a discounted mortgage rate for customers who maintain a checking or savings account with the bank."