Mortgage Experience Trends

Better information –
for a better
experience.

The TD Bank Mortgage Service Index: the industry's most reliable
resource for regional customer
experience data.

 

At TD Bank, we know that buying a home is exciting, but the actual process of applying – and getting approved – can be overwhelming for homebuyers who aren't prepared for the process.

We created the TD Bank Mortgage Service Index, which surveys homeowners across the country to learn more about their home buying experience.

To learn more about the impact of mortgage insurance during the home buying experience check out our latest Mortgage Insurance survey.

 

Below are some key highlights from the third annual Mortgage Service Index survey.

Americans consider now to be a very good time to purchase a home

30% in 2015 versus 20% in 2014

Americans are more likely to purchase a home this year

29% in 2014 versus 21% in 2015

Consumers may be missing the opportunity to buy a home due to lack of knowledge

Only 28% successfully using mortgage affordability programs

Only 28% successfully using mortgage affordability programs

Millennials are ready to buy homes...

50% are very or extremely likely to purchase a home within the next year. More than 1/3 consider now a very good time to purchase a home

50%
are very or extremely likely to purchase a home within the next year

More than 1/3
consider now a very good time to purchase a home


...but have unique home-buying concerns

Lack of knowledge and understanding about financing: Millennials (32%) vs. Nationally (20%). Concerns about mortgage rates: Millennials (27%) vs. Nationally (18%).
High non-mortgage debt: Millennials (25%) vs. Nationally (15%)

What do the TD Bank Mortgage Service Index survey results mean for potential buyers? It's simple. Talk to a mortgage broker.

The best way to prepare for applying for a mortgage is to establish a relationship with your mortgage broker. Find someone you feel comfortable with who can explain all available options towards achieving home ownership.

Find a TD Bank Mortgage Advisor near you

For detailed information from the 2015 TD Bank Mortgage Service Index:

  • Executive Summary (PDF) – Get an in-depth look at findings of the TD Bank Mortgage Service Index.
  • Regional and Segment Snapshots – Check out our regional and segment snapshots for specific survey results from consumers in Boston, Florida, New York, Philadelphia and other segments.