Online Technology Likely to Play Larger Role in Mortgage Process

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While this survey addresses the use of more technology regarding the mortgage process the same holds true for the purchasing of a home. The easier it is for the consumer to compare different potential purchases the more likely they will be to buy. The better job the Realtor does in presenting their offering the greater the odds are that their listed home will sell. For a more detailed look at this subject – please read the article below.

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A recently released borrower survey on shopping habits shows increasing reliance on online tools when mortgage shopping, though many still find the learning curve too steep.

Fannie Mae’s Economic & Strategic Research Group released Thursday the findings from its latest topic analysis. The data was taken from consumer survey results from throughout the second quarter of 2013.

According to the group, the collected data show higher income borrowers—those earning at least $100,000 per year—are more likely to use online applications to make their own mortgage calculations, while low earners—those making less than $50,000 annually—rely more on real estate agents, lenders, and advice from family and friends in making their borrowing decisions.

In addition, when asked for suggestions in making the shopping process easier, high-income borrowers focused more on the technological side, with most saying they would like an improved way to compare multiple loan offers. On the other hand, low-income consumers were more likely to say they want easier-to-understand loan terms and costs.

“Higher income borrowers are using online shopping approaches about twice as frequently as lower income borrowers, which aligns with a stronger focus on doing their own calculations and using tools,” the research group’s business strategy director, Steve Deggendorf, said.

To read the complete article – please use the link below.

Online Technology

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