Mystery solved! Those in the housing industry, (Realtors and Mortgage Brokers), like to contemplate how to best reach new home buyers then assist them along the way; providing the information and tools they are looking for to assist in this important decision-making process.
When taking inventory and reviewing network connections and online materials it’s easy to forget that each generation has their own methodology and thought processes, hopefully the following statistics will provide brand new insight and ideas!
25% of buyers who got mortgages turned to their agents for referrals to mortgage lenders; and the internet to investigate financing options.
When finding a lender, 90 percent of buyers then used the same lender for both pre-approval and a final mortgage loan.
Online Comparisons + Tools
Today’s buyers model their own financing options ahead of time with the help of online:
- Interest Rate Comparison Tools (67 percent)
- Affordability Tools
- Mortgage Calculators (62 percent)
- 54 percent of those who seek pre-approval do so online.
- 51 percent of home buyers apply for their final mortgage using an online application.
- Millennials are the most likely generation to use an online mortgage application (56 percent).
What Traits Are Buyers Looking for In Lenders?
Buyers consider the following traits more important than a lender’s affiliation with a well-known or national-brand lending company (58 percent).
- A lender’s willingness to work with the buyer to meet their terms as the most important factor (81 percent).
- Offering the best loan rates (79 percent).
- Being responsive (77 percent).
The Most Important Factors for Refinancing
- Having the lowest rates
- Being willing to meet their terms.
- Past personal experience with the lender is also critical, with 50 percent of homeowners who refinanced indicated this is important.
How Important Are Rates?
- 65 percent of Millennials indicate this is important
- 84 percent for Generation X
- 79 percent for Baby Boomers
- 80 percent for the Silent Generation
To that 65% of Millennials, What Is More Important Than Rates?
- Having the best mortgage products (66 percent)
- Having then lender location near them (56 percent)
- Already having an account with that lender (51 percent)
- Being a local company (46 percent)
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