Ninety-eight percent of first-time homebuyers report that technology will play a role in researching their first home.
Ninety-two percent said it would play a role in negotiating and buying, while 94 percent reported they would use it to get a mortgage. For both first-time and repeated homebuyers, more feel comfortable applying for a mortgage online over online dating.
According to the 2018 Bank of America Insights Report, 32 percent of Americans feel comfortable applying for a mortgage online, compared to only 20 percent who feel that way about online dating. Americans are becoming more and more comfortable with performing important tasks online, like booking travel (76 percent), paying a friend or family member (53 percent), car shopping (44 percent) and grocery shopping (37 percent).
The top obstacles deterring people from applying for a mortgage online include the preference of working with a person and being concerned about privacy. However, nearly one-quarter of people feel they don’t know enough about it, while 16 percent said they didn’t think they could do it without help and 14 percent are concerned they wouldn’t enter the right information.
Across generations, Generation X members were most likely to apply or have already applied for a mortgage online, at 58 percent, followed by millennials at 54 percent. Forty-eight percent of baby boomers have applied for a mortgage digitally, as have 34 percent of seniors.
Overall, consumers reported they want their homebuying experience to be efficient, according to 64 percent, while 59 percent are searching for simplicity. Fifty-one percent want a personalized experience and 31 percent want it to be quick. Twenty-six percent prefer a flexible transaction and 17 percent are just looking for fun.