June 18th, 2018
Still think borrowers care more about rates than anything else? Think again. According to a new comprehensive study conducted by Stratmor Group, relationship is still the name of the game.
For refinances: the primary reason for choosing a borrower was by far the existing relationship that borrower had with their LO (37.56%), whereas best interest rate as the primary reason was only 5.06%.
For purchases: the best interest rate as the primary reason for choosing a lender was even lower, only 1.76%, compared to the existing relationship with the LO (12.92%) and realtor referrals (46.76%).
What does this mean? Building relationships with both borrowers and realtors should by far be your biggest focus on every single transaction.