AI-Powered Mortgage Hunt ends Where It Began: In a Spreadsheet
A consumer’s attempt to leverage artificial intelligence to navigate the complex world of mortgage options revealed a surprising outcome: the most reliable path to finding the best deal still lies with a well-organized Excel spreadsheet. As interest rates remain volatile and mortgage products increasingly diverse, many are turning to AI tools for assistance, but a recent personal experience demonstrates the limitations of current technology when faced with nuanced financial decisions.
The quest for the optimal mortgage can be daunting, involving countless variables like interest rates, bonuses, and associated fees. Initially hoping to streamline the process, the consumer tested chatgpt and Gemini, attempting to feed them mortgage details via templates. However, the AI models struggled to accurately process the sheer volume of options offered by various banks, generating numerous errors and omissions.This highlighted a critical challenge: while AI excels at processing large datasets, its reliability diminishes when dealing with complex, individualized scenarios requiring meticulous accuracy. The stakes are high – even a small difference in interest rates can translate to thousands of dollars over the life of a loan – impacting millions of homeowners and prospective buyers.
The turning point came with the creation of a detailed Excel spreadsheet, manually compiling proposals from different banks, including scenarios with and without bonuses. Despite the time investment,the spreadsheet proved more trustworthy than relying solely on AI-generated analysis.”Having to review potential errors and omissions made the risk of making a mistake higher” with the AI tools, the consumer noted.
Once the Excel data was complete, running it through ChatGPT and Gemini yielded valuable insights, but ultimately served as a confirmation tool rather than a primary decision-maker. The experience underscored the importance of data homogenization, but also demonstrated that, for a manageable number of offers, a conventional spreadsheet remains the most effective method. “If I started over, I woudl go straight to Excel,” the consumer concluded.
This case study serves as a cautionary tale for those seeking to fully automate complex financial decisions with AI, emphasizing the continued need for human oversight and the enduring power of a well-crafted spreadsheet.
