August 30, 2018

Survey: Most Homebuyers Want an All-Digital Mortgage Process

Buyers say that the process of getting a mortgage needs to be faster.

  • A poll of recent homebuyers found that excessive paperwork is the biggest pain point in applying for and closing on a loan.
  • Sixty-six percent of homebuyers would prefer a mortgage process that was conducted entirely online.
  • Homebuyers still need human contact throughout the mortgage process, with 65 percent saying that they want a person to explain options and terms.

 

Most people shopping for a home loan would prefer to avoid mountains of paperwork, and Fannie Mae has plans to bring the mortgage-application process into the digital age.

In a survey of 3,000 recent homebuyers, the company found that most borrowers want to speed up the process of obtaining a mortgage to one month. Currently, Fannie Mae says that it takes a median of 35 days to close on a home loan.

 

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