Online Mortgages More Attractive Than Online Dating

online mortgages more popular than online datingIn the not-too-distant past, online dating was considered by many as somewhat taboo. But nowadays when the subject comes up, most people don’t even bat an eyelash.

Society’s general acceptance of and reliance on technology is also permeating the housing industry. In fact, the portion of Americans who say they’d feel comfortable applying online for a mortgage is greater than those who’d consider online dating.

That’s according to the latest Homebuyers Insight Report conducted by Bank of America. The report references a recent survey of home owners and prospective buyers which found — in addition to that little factoid about online dating — several other interesting stats about consumers, including:

  • The majority (52%) would apply or have already applied for a mortgage via mobile or online.
  • Nearly half (48%) feel comfortable taking a video tour of a home, and 36% will gladly attend an open house using virtual reality.
  • Almost all first-time buyers think technology will play a role during each stage of the home buying process — not just in the researching stage, but also in the mortgage application, price negotiation and closing stages.

The results come as little surprise to housing sales and marketing experts like Meredith Oliver, president of the digital marketing agency Meredith Communications in Raleigh, N.C.

“We monitor 30-40 home builder websites every month, and virtual tours and videos are frequently the most clicked-on content on the builder’s site,” Oliver said. “It’s apparent that home buyers still can’t get enough of photo galleries, drone videos and virtual tours.”

The online mortgage business, however, has yet to gain the full confidence of Oliver and many of her colleagues — a sentiment echoed by 62% of the survey respondents who said they still prefer to work with a person when applying for a home loan.

“Some of the marketing [for online mortgage applications] is very compelling,” she said, “but from what I’ve seen and heard, the experience rarely lives up to the hype, particularly with new construction.”

Oliver said most new-home buyers will find that working directly with a local mortgage representative, especially one who is familiar with residential construction, provides the smoothest experience.

Read the full report.

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