mortgages, How could design help home buyers better understand mortgages?

Buying a home is arguably considered one of the most important financial transactions that a person makes in his life. When he becomes a homeowner, there are assurances that he requires regarding the financing of the purchase, which is where mortgages become integral to him. When it comes to first time home buyers, mortgages could be something that is difficult to deal with, especially when you are unaware of the concept of finance. But when we refer to design thinking, there could be formidable opportunities that create a blend between the business values and user needs. We also call it as a user-centric approach in which brand awareness has been built when it comes to the design right from the beginning.

Research and Analysis

Research about mortgage lenders was conducted across North America, ranging from fintech startups (e.g. Quicken Loans, Better, Marcus) to established financial services (e.g. RBC, BofA, CitiBank).  There are two key denominators in correspondence to these mortgage lenders: mortgage 101 and action-oriented products. They are referred to as touchpoints. Mortgage 101 focuses upon the mortgage itself whereas the action oriented focuses upon the offers that the business provides.

Around 9 years ago, a newly formed agency of the United States government i.e. Consumer Financial Protection Bureau (CFPB) and its new head that was appointed, Elizabeth Warren, decided that they wanted to make things easier when it comes to understanding mortgages. They drew in experts from different fields across the board such as linguistics, design, public policy etc. and held a conference where it was decided that they’ll ensure the designation of the mortgage disclosure forum (MDF).

Purpose of the Experiment

The purpose is to ensure that the first time buyers have the desire to learn and explore the scenario of the mortgages through simple interaction and animation. There is a need of assurance when it comes to the understanding of mortgages. The whole journey of the mortgages is covered in three contrasting ways: first-time homebuyers, refinancers, and home equity loan seekers. 

  • Navigation Menu

Navigation in correspondence to the devices the users use, enable to make the selections. The navigation menu ensures a completely verified solution that adapts to the current context. In this scenario, the user is most likely to be a first time home buyer who is eager to learn about mortgages

  • Initialization of the subject

The user reads the introduction of the chapter, the user continues to learn about the mortgage journey by clicking the respective arrows.

  • Headings of Sub-Pages

Many different topics are covered in the sub-pages of the respective device. The user clicks the arrow of the topic that they want to study about. In the modern world, people are entitled to learn different contexts through different methodologies. Hence, making them learn in the form of plain text may create dullness inside them and they might grow bored because of the texture. Hence, the users are engaged into games such as flashcards. In these kinds of games, the users are entitled to make choices based on their preferences and liking. These procedures can shortcut the process of understanding and make the user very easy to grasp a respective context.

Principle of the Design Process

The potential animation and interactions within each page is always configured and noted down. In this way, the technical side of Principle is closely monitored and the necessary information is pared down. The overall consistency across the screens is also maintained. To ensure smoothness within the transitions of the Principle is quite hectic. But because all the animations and interactions within each page is noted, the user can look back onto their sketches and keep in mind that what do they demand from each screen. As a result, their own techniques improve. The design allows the users to stay engaged about mortgages with questions such as “who”, “what” and “how”. As a result, they remain focused when it comes to knowing what they demand.  Mortgage 101 is accessible across different sizes as a result of its flexible layout. A metaphor of mini pocketbook is instilled within the design, which guarantees searchability and readability. Future steps should stay focused on creating a blend between business and users, especially when it comes to creating brand awareness.

Bio: My Name is Angela Moser and my current occupation is blogging. Having had a history of great credentials when in correspondence to article writing, I have developed a curios brain with regards to mortgages. After having a great study life in my school and university life, I was able to fulfill my dream which was to create a name in the world of blogging.