In today’s world, almost everything is digital and can be found online. Customer reviews for almost every product or service under the sun have become ubiquitous on the internet, and mortgage lender reviews are no exception. But, how reliable are they really?
Online reviews can be helpful for just an overall feel of customer satisfaction, to get a sense of if you want to work with a large or local lender, or to see if there are any red flags that should be looked into further. However, everyone’s customer experience is likely to be different, depending on expectations of the borrower, the housing market, and other factors. You are likely to see a number of exceptional reviews as well as negative reviews since not everyone’s experience is going to be the same; and even if the mortgage lender in question is dedicated to providing excellent customer service.
Some potential borrowers may simply not qualify for a mortgage for the amount they want and could take it out on the lender with a bad mortgage lender review. Of course, the problem of bogus reviews is as common in the mortgage lending industry as it is everywhere else. Some people will post bad reviews out of sheer malice. Additionally, some unethical companies could pay to have mortgage lender reviews posted as well. It is important to do your research and use your judgment when browsing online reviews.
Online mortgage reviews should not be completely trusted because every customer's situation is different. The best approach is to view customer reviews with a grain of salt. Read the mortgage lender reviews, by all means. Lengthier reviews can impart some valuable information, especially if the similar accounts show up in more than one review. But you should not rely solely on online customer reviews when selecting a mortgage lender.
The best way to choose the right mortgage lender for your needs will be to do so with due diligence. You should ask people you know and trust which lenders offer the best service. You should meet with mortgage lenders to get a feel for what they are offering, but with the full realization that they are trying to sell you their services and will make the best case for their firms. You should ask detailed questions about what terms are being offered, including what is in the fine print. After checking several mortgage lenders, you should have a good sense of which one is the best fit for your needs.
For more information about what to look for in a mortgage lender and things you will encounter during the mortgage and home buying process, download our free eBook now!