Consumers continue to turn to technology for mortgage-related needs and transactions, according to the recent study from Canada Mortgage and Housing Corporation (CMHC).
The recent CMHC Mortgage Consumer Survey found that research is the most popular online activity for homebuyers. They look for mortgage-related information, use online mortgage calculators and compare interest rates.
Despite the high comfort level with technology, over six in 10 buyers felt face-to-face discussions were important when negotiating or finalizing their mortgage. Nearly half said that it is acceptable to use more technology in arranging their next mortgage transaction, but they still deem face-to-face interaction important.
CMHC said that online research was also most popular among renewers. However, one quarter did offline research only.
Similar to homebuyers, about half of renewers said they are comfortable using more technology to arrange their next mortgage transaction, but for them, face-to-face interaction is still important.
Refinancers, on the other hand, were the most likely to conduct offline research only (34%). This group is also open to using more technology to complete their next mortgage, and they also rated face-to-face interaction as important.
The national housing agency said that although online research continues to be the most popular way to gather mortgage information, offline resources shouldn’t be discounted, given that about one in five mortgage consumers still gather information in this way.
While company websites are aiming to become mobile-friendly and many firms invest in mobile apps, CMHC said that the majority of buyers are mainly getting their information from computers.