Whether you’re a first-time or experienced homebuyer, chances are a good portion of your real estate journey will take place online. In fact, four in 10 homebuyers start their house-hunting with an online search, according to the National Association of REALTORS.
It’s easy to understand why: Online tools and apps can make the homebuying experience – including finding a mortgage – easier and more enjoyable.
If you’ll be shopping for a home, use the tools homebuyers find most useful, according to the Bank of America Homebuyer Insights Report:
• Mortgage calculators – It’s important you’re as comfortable with your mortgage terms and lender as you are with the home you’re paying for. An affordable mortgage helps homebuyers reap the full benefits of home ownership, including building equity and long-term financial security. A mortgage calculator can help you understand what you would pay each month, as well as estimate monthly mortgage payments and rate options.
• Finance websites – Home shoppers can learn a lot about mortgage options and a bank’s customer service through websites that feature reviews of mortgage loan officers and lending institutions. More than a third (36 percent) of first-time homebuyers and more than a quarter (28 percent) of experienced homebuyers use bank apps or websites to research reviews of lenders and loan officers.
• Loan status portals – Applying for a mortgage can sometimes be overwhelming, but real-time loan status information is transforming the process. For example, Bank of America’s Home Loan Navigator allows mortgage applicants to securely upload, submit and sign documents, get real-time status updates on their application and loan, receive important documents and disclosures and communicate with experts via secure messaging.
• Mobile real estate listings – With many home listing websites available, it can be difficult to narrow down online searches to homes that meet all your criteria in your location of choice. Using a bank’s online real estate center can help you refine your home search or, if you’re selling, it can help you determine your home’s estimated value.
• Down payment sources – Saving for a down payment can be one of the most challenging tasks of buying a house. Tools like Bank of America’s Down Payment Resource Center offer a searchable database of more than 1,000 local and national assistance programs that may be able to save you money on your down payment.
• Home design apps – With inspiration in hand, homebuyers can use home design apps to put their ideas into virtual reality. These apps allow you to take and store room measurements, make notes on design ideas and see virtual representations of what your decor plans will look like in your home.
To learn more about home buying and mortgages, visit Bank of America – Home Loans.