Online mortgage shopping on the rise
Posted on Monday, January 30, 2012 at 9:12:51 AM
Buyers are tuning in and using online resources to shop for mortgages and other residential financing options. According to Rueters, online mortgage research, transactions and applications have heavily increased in the past year - bucking the overall housing market trends.
"There's this growing expectation among consumers that this should be like the other things in their life with financial services: 'I should be able to do things on my clock,' " Mark Schwanhausser, a senior analyst at Javelin Strategy and Research, told the news source.
Overall, online finance handling has jumped in popularity, with 108.9 million U.S. households using online banking or online bill paying options in 2010, according to the Financialbrand.com.
Consumers are using their penchant for online banking, and social media to conduct mortgage research, home mortgage comparisons and read reviews on a companies' customer service. Potential homebuyers no longer need to ever meet with mortgage lenders during regular business hours, as more and more services are provided online to meet customer demand.
The number of consumers researching mortgage options online is expected to increase in the next year.