Brokers across the country acknowledge the growing number of online rate shoppers, but finally a study has been conducted to give a glimpse into just how prevalent they are.
According to a recently released poll about the prevalence of technology in the home buying process, 90 per cent of those polled used some sort of technology when purchasing a home. The poll included over 1,000 people and took place in the United States; the data still gives a glimpse into consumer habits applicable to Canada.
“As technology continues to become an integral part of our daily lives, it’s only natural that buyers also use it to make the home financing process easier,” said TJ Freeborn, senior manager of customer experience at Discover Home Loans – the company that facilitated the poll. “Not only are homebuyers using the internet to look at homes and neighborhoods, they’re also using it to submit documents and complete applications online.”
The study also found that more than 70 per cent of home buyers submitted e-docs to their lender or broker and that 47 per cent were pre-qualified for a mortgage online.
Further, 92 per cent of those who used technology to submit documents said it helped save time and 83 per cent said it helped them stay organized.
“Four out of five homebuyers submitted documents electronically to a lender, realtor or at closing. Of those, nine out of 10 say it was easy to do and saved time,” the company states in a release. “Also, recent homebuyers felt secure submitting documents virtually. Eighty-six percent felt comfortable sharing personal and financial information electronically with their lenders.”