The invention of the Internet has made a lot of people a lot more independent than they once were. It used to be that if you had a home improvement project, you called a contractor. If you were sick, you went to a doctor. And if you needed a mortgage, you went to a mortgage broker. Today though, all one needs to do is hop online and they can get all the home renovation help they need, find home remedies to fix just about any problem, and yes, you can go online and get mortgage advice, too.
Because of this it’s not surprising then that a recent study by Canada Housing and Mortgage Corporation shows that more people than ever are going online to seek advice about mortgages, either.
The findings come from the Mortgage Consumer Survey conducted by CMHC. It was a survey that covered a variety of different mortgage-related topics, such as how much homeowners are interested in being involved in the mortgage process; and how important it is to them that they receive post transaction follow-up. The survey was extensive and so, we’ve broken it down and will focus on one area of the study each day. Today, we look at how many people are going online to get the mortgage advice they need.
As you can see from the chart above (and as you may have guessed,) more people than ever before are going online to get mortgage information. It’s clear that at 71%, nearly everyone goes online to get some kind of information about mortgages. But at only 31%, it’s also obvious that most people still need “the human touch” in their transaction, and that they’re not happy solely relying on the Internet to get the deal done for them. Mortgage brokers are also becoming more popular, with 45% of people insisting on one; but still not as popular as going straight to the lender, which 56% of people are still doing.
But what kind of mortgage information are people looking for when they hop online? The chart below shows us.
- Not surprisingly, most people (71%) want to know about the different mortgage products available,
- 67% of people want to know about mortgage insurance,
- 67% looked for information regarding penalty clauses, and 61% looked for mortgage prepayment information
- 62% sought out information regarding closing costs,
- 62% wanted to know about mortgage pre-approval
The survey also found that social media has exploded – something else that shouldn’t surprise many. But, as the chart from CMHC shows below, social media is becoming especially prevalent with first-time homebuyers who are perhaps seeking the most information.
Whether you’re a first-timer or already have a full portfolio of real estate, check out our social media page on Facebook. Like us and get all of today’s hottest financial news, and interesting real estate stories, right in your News Feed! And make sure you join us back here tomorrow on the blog when we’ll look at how other survey results showing how involved buyers are in their mortgage process, and what kind of service they expect when the time comes.