July 2018

How tech is transforming the home buying process

Digital technology continues to drive rapid change in every facet of life — including the way people shop for and buy homes. According to the recently released 2018 Bank of America Homebuyer Insights Report, 92% of first-time buyers agree that technology makes them feel more in control of their financial decisions.

Percentages of first-time homebuyers who say tech will play a role while:

98% Researching Researching
94% Getting a mortgage Getting a mortgage
92% Negotiating and buying Negotiating and buying
 

When asked more specifically if they would apply or have applied for a mortgage digitally, people made it clear they are already starting to opt in — from millennials all the way to seniors.

Percentages of each demographic who would apply or have applied for a mortgage digitally:

Millennials 54%. Gen X 58%. Baby Boomers 48%. Seniors 34%. Millennials 54%. Gen X 58%. Baby Boomers 48%. Seniors 34%.
 

The power of tech: Information access
If you're in the market for a home, technology makes it easier than ever to access a wealth of helpful home buying information. Start with the Bank of America Real Estate Center® to browse through active listings in your neighborhood, learn about different mortgage loan types and more.

The financial education website Better Money Habits® also offers articles, graphics and videos about a wide range of topics — including how to budget for a home. And our Home Loan Navigator® can help you track your loan application, as well as sign and submit documents digitally.

Making sense of the details
The sheer amount of information available to you through technology is a tremendous asset — but it can also feel overwhelming. How will you know if you're making the best home financing decision for your unique needs?

As your lending specialist, I can provide the expertise and knowledge to guide your research and answer your questions. Bank of America offers a range of fixed- and adjustable-rate loans, including VA loans, jumbo loans and our Affordable Loan Solution® mortgage for modest-income buyers. Working together, we can find the one that best fits your situation.

Contact me today for more information.

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