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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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