- Confusion about the paperwork required: 31.85%
- Unexpected costs: 22.22%
- Concerns over financing: 21.48%
- Appraisal and inspection: 11.85%
- Meeting and closing date: 6.67%
- Credit approval: 5.93%
To better support clients through their toughest transaction issues, TD Bank recommends partnering with mortgage loan officers who can help buyers – particularly first-timers – navigate the purchase process more smoothly.
Nearly 80 percent of real estate professionals who responded to TD Bank's survey said the traits they value most in a mortgage loan officer are efficient communication, ability to guide clients through the finance process, and expertise on managing the regulatory landscape.
According to the survey, other the factors affecting clients' home search most are limited inventory (45 percent), qualifying for a mortgage (29 percent) and affordability (26 percent).
Even with stressors, though, respondents still expressed optimism about the real estate market in 2017: 55 percent expect home sales to increase this year, and 70 percent expect greater demand for single-family homes. They expect online real estate portals to continue to grow, with 44 percent saying realtor.com, Zillow and Trulia will be the biggest technology influencers on the home buying process in 2017.
Source: TD Bank
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