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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.

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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? 

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Sources:

https://nationalmortgageprofessional.com/sites/default/files/NAR_HBS_2018_10_29_18.pdf

https://www.elliemae.com/resources/collateral/ebooks/connecting-with-borrowers-online

http://engage.elliemae.com/Webinar-New-Growth-Trends-2018-OnDemandLP

https://www.nar.realtor/sites/default/files/reports/2017/2017-real-estate-in-a-digital-age-03-10-2017.pdf

https://www.zillow.com/research/wave-of-potential-buyers-24030/

https://www.housingwire.com/articles/48259-millennials-have-officially-entered-the-housing-market


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

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Posted To: Mortgage Rate Watch

Mortgage rates remained in line with 3-month lows today for the average lender. Several lenders offered marginally better terms compared to yesterday, but in those cases, the only changes were to the upfront costs associated with the same rates quoted yesterday. It's a pleasant surprise to see rates as low as they are considering several economic reports have been quite strong recently. In general, stronger economic data tends to put upward pressure on rates. That was a risk today with today's Existing Home Sales report coming in at the best levels since early 2018. But econ data isn't the only consideration for the bond market that underlies day-to-day rate movement. Low inflation, geopolitical tensions, and even concerns over the Coronavirus outbreak are just three of many other factors that...(read more)

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Existing Home Sales Highest in Nearly 2 Years

Posted To: MND NewsWire

Existing home sales rose convincingly in December, gaining 3.6 percent compared to sales the prior month. Sales of all existing home types , single-family, townhouses, condos, and cooperative apartments were higher than in November and all posted double digit increases from sales in December 2018. The National Association of Realtors® said home sales were at a seasonally adjusted annual rate of 5.54 million units in December compared to 5.35 million units in November. They were up 10.8 percent from the 5.00 million pace in December 2018. Single-family home sales were also solid, posting a gain of 2.7 percent to an annual rate of 4.92 million (compared to 4.79 million in November) and a 10.6 percent change from a year earlier. Condominium and co-op sales were recorded at a seasonally adjusted...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.