First-time home buyers (FTBs) are more tech-savvy than other mortgage consumers when it comes to researching mortgages, says the First-Time Home Buyers Survey, conducted by Canada Mortgage and Housing Corp.
The survey says 84% of FTBs went online to search out information about mortgage options and features, compared to 76% for other mortgage consumers (OMCs).
The FTBs were more likely to visit lenders sites (55%) than broker sites (33%), with about one in five saying they visited websites of both lenders and brokers.
FTBs undertook a variety of activities with 80% using a mortgage calculator (72% for OMCs), 63% completing a financial self-assessment (43% for OMCs), 42% either got pre-approved or filled an online form (24% and 23% respectively for OMCs) and 20% engaged in an online conversation (11% for OMCs).
Not surprisingly, the use of mobile devices to access mortgage-related information was more prominent among FTBs (23% vs. 14% among OMCs), however, at 90%, desktops are still the preference of FTBs.
The use of social media as a tool when looking for a mortgage is increasing and was much more prevalent among FTBs.
About one in five using social media posted a review or rating of either a broker or lender and 30% used social media to find a referral to use a specific professional, such as broker, lender, real estate agent or other professional.