Get Mortgage Online? Many Homebuyers Are Sold

Home loans onlineBuying a home is the biggest transaction in most consumers' lives. So why are an increasing number of homebuyers trusting their life savings to online mortgage processing sites? A recent survey by LendingTree.com shows that 21 percent of potential homebuyers use the internet to shop for their mortgage online. Could online mortgage processing replace face-to-face home loan servicing altogether? Christine Ricciardi at HousingWire explores this growing trend to show how web savvy consumers are shaping the next generation of mortgage processing.

After Brandon and Rebecca Chustz had their first baby in October, the couple decided it was time to buy their first house. The Dallas residents searched online at sites such as Trulia and Zillow to get an idea of which part of town they wanted to live in, then narrowed down their search by size and, more importantly, price.


They drove through prospective neighborhoods, surveyed the environment, and eventually settled in a house further from downtown than they previously lived. "We never had an agent through any part of the looking process, and we only physically stepped into one house," Brandon Chustz said. "We were able to find what fit us and tour every house that was a potential candidate online."


The mortgage rates available online were a big player in the Chustz's decision. The Chustz family isn't alone. According to a recent report by LendingTree.com, 21% of consumers use the Web to shop for their home loan. And John Walsh, president of lender/broker Total Mortgage Services, believes that percentage will increase in the coming year, illuminating an upward trend toward online mortgage processing.

Read more at HousingWire.

For more insight on mortgages and refinancing see these AOL Real Estate guides:


More on AOL Real Estate:
Find out how to
calculate mortgage payments.
Find
homes for sale in your area.
Find
foreclosures in your area.
Get
property tax help from our experts.

Add a Comment

*0 / 3000 Character Maximum

1 Comment

Filter by:
Rockett Singh

Thanks for the post! IM pretty sure that face to face transactions will stick around. The internet will serve a purpose, like if i wanted to look up mortgage rates oregon, but nothing beats talking to a professional directly in front of you.
http://gfequote.com

May 24 2011 at 2:59 PM Report abuse rate up rate down Reply