Sunday, May 13, 2001
What's the Buzz?
More home buyers are using Web to shop
By Jeff McKinney
The Cincinnati Enquirer
Refinancing a mortgage? Looking for a home? Trying to find the best interest rate? Click here.
More than 86 percent of online consumers who bought a home or secured a mortgage or refinanced last year tapped into the Internet, according to a study by the Mortgage Bankers Association of America, one of the real estate finance industry's largest trade groups.
The survey of 1,005 Internet users who bought or obtained a new mortgage in 2000 also found that 82 percent used the Web to shop for a home, 75 percent clicked for the best interest rate and 66 percent searched for details on the home-buying process.
Moreover, 56 percent went online to get information about getting a loan, 32 percent found a broker or lender on the Internet and 17.1 percent applied for a mortgage electronically.
The trend is being played out in the Tristate as well.
Greater Cincinnati real estate experts say more consumers locally are using the Web to help make home-buying or mortgage-related decisions.
The Internet is being used by more and more people for everything, and real estate searches is a popular area for that, said Eugene Snavley, executive director of the Cincinnati Area Board of Realtors. He said the group's Web site has had more than 4 million visitors since it was launched five years ago.
Dan Brady, owner of Tristate Mortgage in Montgomery and a 20-year mortgage executive, said many people are using the Internet as an information source before meeting with their lender.
In some cases, they're using it to see if they pre-qualify for a mortgage, to see how much they could borrow or just see what different mortgage programs or options are available, Mr. Brady said.
Have a tip about a Tristate company that should be included in our Buzz? E-mail firstname.lastname@example.org.
Comair pilots reject deal
Delta examines painful options
Pilots' houses, wheels on block
Business suffers after riots
On-site day care keeps working moms happy
BYCZKOWSKI: Seeking a boost for tech group
Steel performance causes chills at the mills
What's the Buzz?
Business meetings and seminars
Commercial real estate
Tristate Business Notes
Ford thinks electric car's time has arrived
Fiat takes new incentive as an insult
Embarrassed in business? Try this contest