For most homebuyers throughout the country, the first step in the mortgage process is online research. From asking affordability questions to making housing market inquiries, homebuyers heavily rely on this first step for shaping many of their mortgage plans. Although the availability of these online resources has assisted with research, however, these tools have predominantly remained just that - sources for research. According to the latest Fannie Mae Economic & Strategic Research study, homebuyers still prefer face-to-face interaction with lenders and real estate agents for purchasing a mortgage and selecting a home. Here’s why.
For most, buying a home is one of the biggest financial investments they will make in their life. As a result, they would like a licensed professional to ensure that they get the home of their dreams and a mortgage they know they can afford. More specifically, they are “seen as more trustworthy and credible than online sources, which were ranked primarily for their convenience.”
Even homebuying Millennials have reported that although they use online tools, lenders, and real estate agents equally throughout their home buying process, they are influenced more by what their lender and agent have to say - but this does not mean online tools will remain inferior to lenders and real estate agents forever. In fact, the report states, “to be competitive, lenders and real estate agents must evolve their digital offerings to provide an omni-channel experience that allows consumers to move conveniently between online and personal interactions.”
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