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With the rise of the internet and smartphones over the past 20 years, prospective homebuyers are steadily changing the way they shop for houses. Many homebuyers are beginning and ending their search online.



image: https://www.newamericanfunding.com/media/4100/growth-in-digital-mortgage-experience_v3.jpg


Going Digital with Mortgages

Here We Grow Again!

Where Homebuyers Found Their Home

92% Do Online Research First

Always be prepared – especially when it comes to buying a home. That’s why most borrowers do online research before reaching out to a lender.

72% Search for Best Rate

Borrowers know what they need … and they need it now. Getting a competitive online loan rate with electronic immediacy and accuracy adds transparency to the loan experience. 

59% Look to Qualify

What loan amount do you qualify for? It’s an important question, and that’s why 59% of borrowers go online to find the answer.

58% Found Home on Mobile Device

As technology advances, so does the loan process, with 58% of homebuyers using their mobile devices to find their home.

3.1 Million New Homebuyers Await

They’re coming … an extra 3.1 million first-time homebuyers are expected to enter the housing market by 2028. Stiff competition for these millennial sales will likely drive more online user-friendly solutions.

7.4% More Homebuyers at Prime Buying Age

It’s prime time for homebuying. Over the next decade, the number of 34 year olds – the median age of current first-time home buyers – is expected to increase by 7.4% from 10 years ago.

45% of New Mortgages Go to Millennials

Millennials now represent 45% of all new mortgages, surpassing generation X and baby boomers as the leading age group seeking to fulfill the dream of homeownership.

Over 90% of Real Estate Firms Have Websites

They’re here already. Most real estate firms have websites with features such as property listings, interactive maps, virtual tours and more. 

71% Use Online Loan Portal

Most borrowers work with lenders who provide an online portal for sharing documents every step of the way – from application to qualification to approval.

82% Online Portal

The reviews are in. Homebuyers and lenders overwhelmingly approve of the online portal experience. After all, it’s safe, efficient and easy to use – what’s not to like? 









Read more at https://www.newamericanfunding.com/blog/going-digital-with-mortgages-infographic/#Ecmjpg7QpHUcA2Qr.99


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Posted To: MND NewsWire

Builders are finding that acquisition, development, and construction (ADC) loans in the last half of 2019 were both easier to access and less costly. That may be, in part, behind a fourth quarter 2019 surge in custom home building. The National Association of Home Builders' (NAHB's) quarterly survey of its builder and developer members found that the average interest rate on ADC loans declined in Q4 from 6.39 to 6.13 percent on loans for land acquisition and from 6.31 to 5.94 percent on development loans. Loans for single family spec construction declined 36 basis points to 5.63 percent and from 5.63 percent to 5.38 percent for pre-sold homes. It was the second consecutive quarter in which rates for all four loan categories declined. NAHB notes that, because ADC loans are typically short term...(read more)

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MBS Week Ahead: High Gear nCov Fear Pushing Rates Toward All-Time Lows

Posted To: MBS Commentary

Coronavirus (or nCov for short) made more disconcerting headlines over the weekend and has generally proven itself to be far more capable in that regard than its long lost cousin, SARS. When the nCov market narrative first emerged in mid-January, the comparison to SARS was still unknown. Now that the virus is unequivocally spreading faster, farther, and killing more people, markets are free to express more panic. But why panic? It's not as if nCov will kill more people than the flu does each year, right? So what's the big deal? In short, the big deal is that everyone is used to dealing with the flu. There are well-established figured on how many people will probably get it and how many of those will die. There's also a vaccine that is occasionally effective and that may at least...(read more)

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