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2019 Mortgage Service Index
• Jul 31, 2019

The home buying experience is improving, according to TD's 6th Annual Mortgage Service Index. A record number of homeowners report their most recent home buying experience was excellent – 32% today compared to 16% in 2014. Still, a third of respondents said the process was very stressful.

Creating a positive homebuying experience requires the right mix of human expertise and digital support, as evidenced by key survey findings:

In-Person Advice: When looking for information about a mortgage, homebuyers are forgoing an online search in favor of asking their realtors (51%), bankers (42%) and family/friends (38%) for guidance.

Fast Close: More homeowners than ever (60%) said the entire mortgage process lasted four weeks or less. Digital platforms may be contributing to increased ease and speed – 21% said they applied for a mortgage online.

Knowledge Gap: 14% of homeowners said a lack of confidence in navigating the home finance process most negatively impacted their most recent home purchase. This can have significant effects – in fact, 30% of respondents said they incurred $2,000 or more in unexpected expenses during the homebuying process.

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TD Bank Mortgage Service Index, April 2019

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