The Internet has simplified nearly everything we do, especially with the advent of mobile devices. Whether it’s shopping, ordering food, or finding information, it’s all at our fingertips. Nowhere have things changed more than with the mortgage and real estate industries, where the vast majority of homebuyers use mobile devices to find a new home, and many of them apply for a mortgage on a mobile device.
A recent National Housing Survey by Fannie Mae shows us the exact numbers relating to these two industries.
Where Homebuyers Are Getting Their Mortgage Information
Fannie Mae’s survey tells us that homebuyers are getting their mortgage information from a variety of sources. However, the sources that buyers are using the most often are:
- Real estate agents.
- Mortgage lenders.
- Online sources.
- Family.
- Friends.
Published in October 2017, the National Housing Survey analyzed homebuyers habits in the modern marketplace.
Nearly 77% of respondents reported that they contacted a real estate agent for mortgage information, with mortgage lenders close behind. But, they also said that mortgage lenders were the most influential source of mortgage information.
Not surprisingly, online sources were most popular with buyers between the ages of 18 and 34. More surprising is that the 45-64 age group wasn’t far behind. Of those who use online resources, they say that they do so because:
- Around 50% of respondents say that it’s for convenience.
- 22% use online resources for their usefulness.
- 12% reported say online resources are easy to understand.
However, one of the most important takeaways from this survey is what Fannie Mae found out about mobile Internet usage for finding a new home and getting a mortgage, which we discuss next.
Increase in Mobile Internet Usage for Homebuying Activities
Fannie Mae’s survey shows that increasing numbers of homebuyers are using mobile devices in the homebuying process.
From a historical perspective in Q1 of 2015, only 29% of respondents reported performing a mortgage activity on their mobile device. That has changed significantly, with 65% in Q1 2017 saying they have used their mobile device in their search for a mortgage. Furthermore, 73% said they hope to use their mobile device to perform mortgage activities in the future.
“Recent homebuyers are almost twice as likely to want to use mobile devices in the future for mortgage shopping,” Fannie Mae reported.
86% of Homebuyers Research Homes for Sale on Mobile Devices
The vast majority of homebuyers are using mobile devices to research a home to buy – 86%, according to Fannie Mae’s survey.
Realtors must have a significant mobile online presence to sell homes, which should include a mobile-optimized website with meaningful information and helpful tools. Realtors can also use call-to-action domain names and landing pages in conjunction with signage and other advertisements to drive sales by providing relative information, along with easy methods to communicate.
Homebuyers Increasingly Use Mobile Devices to Get a Mortgage
In addition to finding a home and doing research on homes with mobile devices, homebuyers are using mobile devices to get a mortgage.
Here are some of the things homebuyers are using mobile devices to do:
- Submit documents to a mortgage lender.
- Search for mortgage advice.
- Obtain and compare mortgage quotes.
- Fill out a mortgage application.
Like Realtors, mortgage lenders need a strong mobile presence to win new customers and retain their existing clients.
Image Building Media Solutions
Image Building Media offers solutions for Realtors and mortgage lenders, with world-class technology and expert designers to develop and maintain mobile optimized websites and landing pages.
And with call-to-action domain names, both Realtors and mortgage lenders can increase sales by offering personalized mobile experiences to users.