Mortgage Calculators: Customer Experience Compared
Because most mortgage shoppers get information online nowadays, traditional mortgage lenders need to improve the online customer experience. Therefore I set out to compare the websites of six large traditional lenders: Bank of America, Chase, Citibank, Countrywide, Washington Mutual and Wells Fargo. To give it some focus, I decided to focus on payment calculators, as Forrester thinks those are the most important. For an international comparison, we’ll be looking at the Moneyou calculator, a subsidiary of ABN AMRO.
The Test Scenario
A couple in California is looking to buy their first home in the next year, so they want to find out how much they can afford. They each make about $7000 a month and they have approximately $60k available for a down payment. They estimate they can pay approximately $4000 a month for their home.
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