How to Evaluate Online Reviews for Mortgage Lenders

Posted by Tiffany Yang on Aug 28, 2019 9:00:00 AM

How to evaluate online reviews

In today’s digital age, consumers are turning to the Internet to research companies. In fact, according to Qualtrics, online reviews influence 93% of purchase decisions. We believe online reviews can be incredibly useful yet should be taken with a grain of salt. Here is how we recommend evaluating reviews for mortgage lenders when shopping for a loan:

  1. Check out several comparable mortgage lenders and their reviews.

    • Even if you are set on a lender, it is always good to have a reference point.
  2. See if the reviews were obtained only in a certain period of time and see how historical some reviews are, especially for the bad ones.

    • If you happen to come across a bad review, note both the date and how the issue was addressed or if the issue was resolved.
  3. Look for “brand language” in the review. Often, this means the positive review was prompted by the brand itself.

    • To combat this increasing problem, Visio Lending uses a review platform called Trustpilot. Reviews given by actual Visio Lending customers have a check box next to them that say, “verified order.”
  4. Look for a variety of trends in the reviews. This implies authenticity, since different consumers like different things about lenders for different reasons.

    • Further, patterns and trends can shed light on which team members and products stand out to other savvy investors.
  5. Keep in mind that people have more of a tendency to leave bad reviews than outstanding ones. Sometimes a short and sweet positive review is more compelling than a lengthy unhappy one.

    • It is also useful to see how the brand responds to positive reviews.

Happy mortgage shopping! To see authentic Visio Lending reviews, check out our Trustpilot Profile.

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Related: Why You Should Choose a Specialized Rental Lender, Why Buy and Hold Investors Love Visio

Topics: Real Estate Investing