Another day, another case study of a completed project at our market research agency. Drive Research worked with loanDepot again last October to complete a national survey with Millennials. We talk about maximizing the value of market research a lot with our clients on this market research blog and perhaps no client does it better than loanDepot. They use market research from Drive Research to help fuel strategies and content for press releases, blog posts, and sales strategies.
How do Millennials feels about refinancing their home mortgage? We found out.
The objectives of the survey were to understand knowledge, feelings, timing, barriers, drivers, impact on credit score, savings, and other types of debt outside of home mortgages. loanDepot wanted to better understand motivating factors and other criteria surrounding decisions among Millennials to refinance a home.
In October 2017, Drive Research conducted a 12 question online survey with Millennials living in the United States who currently had home mortgages. Respondents were screened to ensure they were born between the years of 1981 and 1997 and currently had a home mortgage. The age classification aimed to match the Pew Research classification of the generation. Over 1,000 respondents completed the survey from October 6 to October 12. This represents a margin or error of approximately +/- 2% at the 95% confidence interval which represents strong reliability.
Online surveys with Drive Research follow a step-by-step process. They move from kickoff to workplan, drafting, programming, testing, soft launch, full launch, analysis, and reporting. Our market research agency works with our clients every step of the way. We both recommend best practice approaches and questions as well as listen to your unique needs and feedback.
Online surveys are the most cost-effective quantitative methodology. The are less expensive, offer a quick-turnaround, and if monitored, can produce high-quality data. These pros far outweigh the cons. The ROI on an online survey is higher than a telephone survey or mail survey. No other methodology offers a better trade-off.
The survey covered a variety of topics for the client. It was drafted, testing, and administered through Drive Research. Below is a summary of the some of the topics covered in the online survey among the national Millennial audience.
Type of Home Mortgage
Knowledge of the Process for Home Mortgage Refinancing
Feelings or Emotions Around Owning a Home
Right Time to Refinance a Home
Barriers to Refinancing
Main Reasons to Refinance
Perception of How Refinancing Impacts Credit Scores
Remaining Balance on Home Mortgage
Other Types of Debt
Level of Debt
The client received a full report of all question-by-question breakdowns including an executive summary over email. The report detailed key cross-tabulations from age groups, types of debt, and other criteria. The entire market research project took about 1 week to complete.
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