Online mortgages? Really? Sure. A recent benchmark study by Mortgagebot.com states that of the mortgage agencies with an online presence, fully half of their loans have come through the online channel. This speaks volumes about how Americans are searching for information on home loan lending and how much information they're willing to get from Internet sources.
It also says a lot about the future of the mortgage industry as a whole. With the incredible movement to Web-based commerce still going strong, it should come as no surprise that people are readily engaging in every form of e-commerce, including mortgage applications.
Even less surprising is the market segment doing the online mortgage hunting. Young, affluent and creditworthy, is the description on a popular mortgage news site. These folks are creating the future, now. The market will follow where the money goes, and the money is going to the Internet. While the e-commerce boom has long since died down, the real e-commerce surge is just beginning. The fad that everyone called the 'boom' of e-commerce was nothing more than that, a fad. The real interest and movement of business to the Web began slowly and has continued while the .Com folks have mostly faded away.
It's only natural for the mortgage industry to make the move to the Web. After all, they're following the money, like everyone else. The real blossoming of the Internet as an outlet for all types of industry and business has yet to come, but we're seeing the first budding right now. The Web offers engaging visual interaction with enough information to sate anyone's hunger for knowledge. Websites can be incredibly interactive, even beautiful, and mortgage industry websites are no different. With the right tools, websites can be built that truly promote the beauty and immediacy of the "American Dream".
Web-based lending is making headway, a new mortgage program for a new generation of home buyers. As with most new business formats, web-based lending may take a little while to catch on with the majority of Americans and the need for brick and mortar lending institutions will never go away. Web-based lending, new mortgage program or not, is here to stay. An example of its growing popularity is the simple fact that Mortgagebot.com's study was done in the first place. If there weren't vast potential in the technology, it would have been dismissed completely and many mortgage lenders have realized the error of doing this to their chagrin.
The 21st century's answer to the mortgage industry is web-based lending and it offers lending powerhouses the opportunity for secured future growth. Even with our society's increasing technology, most consumers still shop by brand name. Lenders with established names and reputations stand in good stead of reaping the rewards of web-based lending. New mortgage programs like online lending also increase company productivity with all or most of the customer's information originating from Internet portals. Web-based lending also promises greater competitive opportunities for small companies to grow brand recognition across the nation and even the world.
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