Huge Increase in the Number of Online Mortgage Shoppers

Shopping for a mortgage online is fast, convenient and free. More and more people prefer to look for a home loan online rather than to visit the office of a lender or a broker, according to a Fannie Mae survey published in the beginning of 2014. In addition to being more accessible, the online loan services have become a lot better as well.

The survey has revealed that during 2011, 2012 and 2013 some 51% of borrowers searched for a lender on the web. This marked an increase of some 35% compared to the period before this one. 46% of borrowers went one step further and obtained an online mortgage quote. Their number had increased by 29% compared to the previous period.

Further increase in the number of people shopping for a mortgage online is expected in 2014. With interest rates still maintaining low and the property market set to experience major growth in the spring and summer months, the demand for home loans online will be huge. The major improvements in the service are expected to contribute this trend as well.

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Over the past three years, the amount of mortgage information and advice available online has grown immensely. An even more important factor for the increase in online home loan shoppers is the improved accuracy of the quotes. Now lenders use much more detailed information from various sources to provide the best possible estimates on the interest rate and the total loan coast.

The availability of online mortgage services has increased and this is always a good thing. When there is more competition, the services will become even better in the coming months and years. Another major factor contributing to the growing number of online loan searches and quotes is the rise of mobile technology. Now people can look for a home loan on the go.

Online mortgage shopping has never been better.

Finding a mortgage online has never been easier either. There are a number of websites and companies that provide mortgage rates and mortgage information.

Mailynne

Mailynne

Mailynne serves as a content strategist and writer for mortgage.info. She is ahighly task-oriented strategic planner and experienced writer. Over the past 10 years, Mailynne has managedcontent for both large corporations, non-profits and businesses. She specializes in managing digital marketing,branding and web development content. Mailynne has worked with a variety of local, national and international organizations.

Contact: mailynne@mortgage.info
Mailynne

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