Over the years, mobile Internet usage has increased significantly, changing nearly every industry. Not surprisingly, innovation in the mobile industry is changing the way people buy a home, which includes getting a mortgage.
Because of the simplicity and convenience mobile devices offers consumers, more people are now using mobile Internet tools to research and find the best mortgage. According to a recent study by Fannie Mae, that trend is poised to continue into the future.
The Data Regarding Mortgages
In its most recent National Housing Survey, Fannie Mae set out to explore how mortgage buyers are going through the buyer’s journey. What they found is that people are now using a variety of resources to get information about mortgages. The most-used resources, according to the survey, are:
- Real estate agents
- Online sources
- Family & Friends
Of the most-used resources, the survey found that:
- Real estate agents are the most popular source of information for buyers (77% of respondents said that they used one for information).
- Lenders followed closely behind real estate agents, as a source people relied upon for mortgage information. Around two-thirds of the respondents reported that they went straight to the source for more information.
- Online resources came in third. The survey found that around 69% of the respondents use real estate sites like Realtor.com, credit management sites, and social media to find mortgage information.
Online resources were most popular with people between ages 18-34. However, it was also very common in the 45-64 range as well. The most commonly stated reason (around half of the respondents) for using online resources was for the convenience that it offers. Other reasons for using online resources were that they are “useful” (22%) and “easy to understand” (12%).
Increasing Popularity of Mobile Mortgage Information
Fannie Mae’s recent survey found that people are increasingly turning to mobile resources throughout their mortgage purchasing journey.
For perspective, look back at Q1 of 2015 when only 29% of mortgage shoppers reported that they had used mobile resources in their shopping journey.
In 2017, that number has risen significantly. This year, 65% of respondents reported having performed an activity on a mobile device during their mortgage shopping journey. And looking forward to coming years, 73% of respondents said they hope to use their mobile device for mortgage shopping in the future.
“Recent home buyers are almost twice as likely to want to use mobile devices in the future for mortgage shopping,” Fannie Mae reported.
The most common reported reasons for wanting to use a mobile device in shopping for a mortgage were:
- Obtaining a mortgage quote.
- Filling out a mortgage application.
- Submitting documents to their lender.
- Looking for advice about purchasing a mortgage.
All online services with Marimark Mortgage are mobile optimized, which includes submitting a mortgage application and getting the latest interest rates.
We offer conventional home mortgages, FHA, VA and USDA mortgage options, refinance loans, and reverse mortgages. We’ve worked extensively with cash-out refinancing, and help clients with HARP refinancing to lower their monthly mortgage payments.