Today’s generation of first-time homebuyers are increasingly using the Internet to their advantage when researching mortgages. CMHC’s recently released 2014 First-Time Homebuyers Survey backs that up.
The report found that 84% of first-time buyers went online to gather information about mortgage options and features. The figure was 76% for repeat mortgage consumers.
First-timers were also more active online compared to other mortgage shoppers. A full 80% of first-time buyers used an online mortgage calculator, for example, compared to 72% of other mortgage consumers.
Social media also factored into their online research in 2014, with 40% of new buyers using it when researching mortgage options – almost double that of other mortgagors. That’s up from 28% just a year ago.
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