Using a cell phone to research mortgages is more popular than ever in the US | finder.com

Using a cell phone to research mortgages is more popular than ever in the US

Peter Terlato 24 October 2017 NEWS

People are seeking convenience and versatility when comparing and examining loans.

A new research report reveals mobile usage for mortgage searches and assistance has increased substantially over the last two years, and Americans remain keen to continue augmenting the use of these tech services.

Fannie Mae’s National Housing Survey Q1 2017 found both current and future mobile use for home-buying activities has doubled since the first quarter of 2015. Previously less than one third (29%) of respondents completed a mortgage activity on a mobile device, while just two-fifths (39%) wanted to in the future.

The latest survey results show more than half (65%) of Americans used a phone or tablet to complete mortgage activities in the first quarter of 2017, while almost three quarters (73%) would like to do so in the future.

The research also discovered that recent home-buyers across the US want to use mobile devices almost twice as often in the future for mortgage shopping. A little over one third (35%) of respondents compared mortgage quotes online on their mobile in Q1 2017. However, more than three-fifths (62%) plan to do so in the future.

Additionally, a similar proportion (34%) obtained a mortgage quote via a mobile device in the first quarter of the year, while more than half (57%) plan to do this in the future. Just under one third (31%) filled out a mortgage application on their mobile, while just under half (48%) expect they’ll do this sometime in the future.

There’s also a growing demand to obtain home-buying advice on mobile devices. Currently fewer than half (46%) of respondents said they sought advice this way, while a greater proportion (57%) plan to in the future.

However, while online sources (46%) were easily seen as the most convenient among mortgage shoppers, few respondents (8%) considered them trustworthy, compared with advice provided by family and friends (50%).

The buying process doesn’t end once you’ve found your dream home. Compare loans to see what fits for you.

Signing a mortgage isn’t something you should rush into. Taking out the right loan will save you money in the long run. Take the time to find out about how they work, the types of loans offered and the rates available.

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