Online Mortgage Market Looking Flat
The percentage of Americans who would turn to the Internet as a channel for financing or refinancing a home has stayed remarkably flat since 1996, according to Fannie Mae.
The percentage of Americans who would turn to the Internet as a channel for financing or refinancing a home has stayed remarkably flat since 1996, according to Fannie Mae.
The percentage of Americans who would turn to the Internet as a channel for financing or refinancing a home has stayed remarkably flat since 1996, according to the 1999 National Housing Survey by Fannie Mae.
In 1999, only 21 percent of the respondents to Fannie Mae’s survey said they would probably or definitely try financing a home over the Internet, an increase of just 1 percent over those who said so in 1996.
The survey examines the attitudes 1,812 adults, included 878 who recently have gone through the mortgage process, about the process of buying and financing homes.
While the survey shows that adults are slowly beginning to consider online mortgage origination as a viable option, the Internet is still viewed predominately as a source of information for getting a mortgage, but is not yet viewed as being a very useful channel for the loan application. While 45 percent of adults, and 56 percent of those who have recently purchased a home, view the Internet as being “very useful” in providing information on obtaining a mortgage, just under one-third of adults (30 percent) view the Internet as very useful or delivering the paperwork needed to apply for a mortgage. Only 20 percent view the Internet as very useful when it comes to getting final approval.
Even using the Internet as a way of getting pre-qualified for a home loan is deemed very useful by only 37 percent of the respondents.
Those adults who have recently gone through the mortgage process are more likely than other adults to view the Internet as a “very useful” tool for helping one get through the mortgage process, the survey found.
Would You Use the Internet to Finance/Refinance a Home? | |||
---|---|---|---|
1996 | 1998 | 1999 | |
Definitely/probably try it | 20% | 15% | 21% |
Might consider it | 27% | 28% | 29% |
Probably not try it | 50% | 40% | 33% |
Definitely not try it | NA | 15% | 15% |
Not sure | 3% | 2% | 2% |
Source: Fannie Mae |
More about:
Lucy helps organizations leverage knowledge for in... View Tech Talk
TVSquared is the global leader in cross-platform T... View Tech Talk
Grata is a B2B search engine for discovering small... View Tech Talk
Streaming has become a staple of US media-viewing ... Download Now
Data is the lifeblood of so many companies today. ... Download Now
This report documents the findings of a Fireside c... Download Now
Customers decide fast, influenced by only 2.5 touc... Download Now
Streaming has become a staple of US media-viewing habits. Streaming video, however, still comes with a variety of pesky frustrations that viewers are ...
View resourceData is the lifeblood of so many companies today. You need more of it, all of which at higher quality, and all the meanwhile being compliant with data...
View resourceThis report documents the findings of a Fireside chat held by ClickZ in the first quarter of 2022. It provides expert insight on how companies can ret...
View resourceCustomers decide fast, influenced by only 2.5 touchpoints – globally! Make sure your brand shines in those critical moments. Read More...
View resourceRebranding is a strategic overhaul of a company's image, involving changes to its name, logo, and brand strategy, aimed at better connecting with cust...
View articleSnapchat driving spend growth at higher efficiency Nutrimuscle is a fast-growing sports supplement brand that started using Fospha in June 2023. ...
View articleFinding the perfect marketing agency is like going on a blind date – you hope for magic, but often end up with mismatch. Yet we still believe ou...
View articleBrave Bison will optimize ProCook's paid search and social outreach, aligning digital growth with physical expansion. The partnership aims to make Pro...
View articleIn the ever-evolving landscape of eCommerce, staying ahead requires constant adaptation and strategic insights. The Fospha State of eCommerce Report f...
View articleFospha and Snap announced a partnership that will further enable eCommerce advertisers to measure their Snapchat campaigns. What’s the problem t...
View articleMarketo's January 2024 updates introduce email bot filters, a feature designed to identify bot activity, improving data accuracy for email marketing c...
View articleGoogle's phasing out of third-party cookies prompts marketers to adopt privacy-minded strategies, focusing on first-party data, contextual targeting, ...
View article