23 June 2011
Here are some of the main facts from the report:
Ways of mortgage research
• 65% of all mortgage consumers use the Internet for their mortgage research.
• 75% of home buyers also use the Internet for their mortgage research.
Usually, home buyers tend to do more mortgage research than renewers (sometimes they just sign their lender’s renewal letter without any alternative mortgage researches).
• 80% of first time buyers use the Internet for their mortgage research.
The last year showed higher results – 90%.
• 51% of recent mortgage borrowers worked with a mortgage or financial professional to start gathering information on their mortgage needs.
• 81% of recent buyers consulted with a mortgage professional.
• 22% of mortgage borrowers used only Internet for their mortgage research.
• 35% used only off-line resources.
• 43% used both on-line and off-line resources.
Terms for making the final decision
• It took about 5 weeks for recent buyers to make a final mortgage decision.
• It took about 7 weeks for recent first-time buyers to make a final mortgage decision.
• It took about 11 months for homebuyers to plan their house purchase.
Mortgage consumer satisfaction
• 84% of recent mortgage borrowers were sure they got the best mortgage product.
• 82% of recent buyers said their mortgage professional (lender or broker) worked hard to fully understand their financial situation and mortgage needs.