{"id":5288,"date":"2024-08-19T08:18:47","date_gmt":"2024-08-19T13:18:47","guid":{"rendered":"https:\/\/www.ncultheaffiliate.com\/?p=5288"},"modified":"2024-08-19T08:18:47","modified_gmt":"2024-08-19T13:18:47","slug":"4-ways-to-make-the-mortgage-application-process-easier-for-your-members","status":"publish","type":"post","link":"https:\/\/www.ncultheaffiliate.com\/?p=5288","title":{"rendered":"4 Ways to Make the Mortgage Application Process Easier for Your Members,"},"content":{"rendered":"

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Ashley LaBombard, Marketing Associate at Sharetec, alabombard@sharetec.com<\/a><\/em><\/p>\n

\"\"Buying a home can be tedious, stressful, and time-consuming, especially with today\u2019s unpredictable housing market that often favors the sellers. The Fed has signaled that rate cuts may\u00a0 be on their way toward the end of 2024, and if so, there could be an influx of new homebuyers.<\/p>\n

Despite the number of would-be homebuyers in the market, you want to ensure that your members are applying for mortgages through your credit union and not a competitor. Making your credit union\u2019s mortgage application process easier for your members is one differentiator that can boost the number of members applying for mortgages through your CU. Here are four ways you simplify and streamline your mortgage application process:<\/p>\n

1.\u00a0\u00a0\u00a0\u00a0 Make it Digital<\/h3>\n

If your CU isn\u2019t offering a digital mortgage application yet, it\u2019s time to rethink your application strategy! Not offering a digital form could be the deciding factor for a potential new member.<\/p>\n

According to the National Association of Realtors<\/a>, the median age of first-time home buyers is 35, and people in this age range (millennials) tend to prefer digital applications over paper. That being said, Gen-Zers are beginning to purchase homes, too, and they are even less likely to fill out a paper mortgage application.<\/p>\n

2.\u00a0\u00a0\u00a0\u00a0 Make it Short(er)<\/h3>\n

No one is asking you to cut corners, but reviewing your current content is important to determine how much extra \u201cfluff\u201d is taking away from the task at hand.<\/p>\n

According to recent form abandonment statistics, 27% of applicants<\/a> will abandon a form based upon length. Make sure your instructions are direct and to the point, remove duplicate material, and only ask for required information<\/a>.<\/p>\n

3.\u00a0\u00a0\u00a0\u00a0 Make it Easy (as possible)<\/h3>\n

Look at your current mortgage application form and determine how user-friendly it is. Are the steps in a cohesive order? Does each step include short, simple instructions? Consider a rewrite if your content includes long, drawn-out descriptions or unnecessarily big words!<\/p>\n

Other steps you can take to make the mortgage application process easier include:<\/p>\n