Social Media & Mortgages

Brennan Valenzuela from RateHub is back this month for his guest post. In case you're not up to speed, Brennan and I decided to swap articles once a month on each other's blogs. If you missed his last post, no worries, just click here and if you missed mine, just click here. Now that you're up to speed, Brennan will be discussing the importance of the internet and social media for mortgage shoppers, how appropriate!

Take it away Brennan........

The internet is one of the most important communication tools on the planet. It plays a large role in how we discover, research and share information.  And it’s usage is growing at a phenomenal rate. One “internet minute” yields:

·         6 million views on Facebook

·         2 million search queries on Google

·         1.3 million videos watched on YouTube

·         100,000 new Tweets on Twitter

Social media is increasing the rate at which information is shared and now more than ever, consumers are spending more time visiting and engaging on social networks. This is no different for the mortgage industry.

According to the annual CMHC Mortgage Consumer Survey, seven in ten mortgage consumers use online sources, with an astonishing one in three relying solely on the internet to source their mortgage information.

Facebook is the most popular social media platform among mortgage consumers. In fact, social media for first-time home buyers  is an important aspect of their mortgage process. Two years ago, only 3% of first-time buyers used social media for their mortgage needs; however, today the number of users increased to 20%, or one in five first-time home buyers. Even more interesting is that 43% of social media users engaged in interaction to solicit a mortgage opinion.

Home buyers are not only using the internet to feed their mortgage queries, but to also improve their financial literacy. About four in ten recent buyers did a financial self-assessment online. Even more impressive, over 80% of those people felt they had a better understanding of their affordability and the mortgage options available to them after taking the online assessment.

Examining what mortgage consumers search for reveals what’s truly important to them. It’s no coincidence that the most searched topic was current interest rates as consumers look to acquire the best mortgage rate. Other popular search topics included mortgage options, mortgage calculators and general mortgage information.

The mortgage industry can seem complex to the average home buyer, but by using the internet, mortgage education is only a few clicks away. As social media flourishes, its popularity as a resource will grow among Canadian home buyers too.

The following article was written by Brennan Valenzuela for Ratehub.ca, a mortgage rate comparison website that is dedicated to helping and educating first-time home buyers.
Thanks Brennan, that was really an eye opener! Are you surprised at the facts? Do you begin your mortgage search online first? Brennan and I would love to hear from you!

For more information make sure to follow RateHub on Twitter @RateHub_Canada and like them on Facebook. 

See you next month Brennan!

Source: http://www.intel.com/content/www/us/en/communications/internet-minute-infographic.html