More homebuyers are using social media to find out information about mortgage products and services, TD Bank reported in its Mortgage Service Index.
The bank found that 14% of homebuyers polled used social media to assess mortgage products and services. While still a small figure when compared with the 51% of homebuyers who talked to a real estate agent, that number has doubled since 2014.
The Internet surfaced again in the report from TD Bank, when 52% of homebuyers said that banks and other lenders could "provide more relevant, helpful information online," roughly in line with the figure from last year. Training frontline staff came in as the next most necessary improvement, according to 49% of those who took the poll.
TD Bank also noted that many survey-takers reported positive experiences using the new Loan Estimate and Closing Disclosure forms. Sixty-four percent rated the experience as "excellent" or "very good," while just 8% said it was "not very good" or "not good at all."
Overall, TD Bank reported that sentiment among homebuyers was higher than in previous years. The survey found that 71% of homebuyers believe that their most recent home-buying experience was "excellent" or "very good" versus 68% in 2015 and 62% in 2014. The share of respondents who believe that now is a very good or good time to buy home was 88%, the same as last year.
Stress levels among homebuyers appear to be holding steady — only 32% rated their most recent purchase experience as extremely or very stressful versus 33% last year. That figure varied depending on location, as only 25% of Florida buyers characterized their experience using those terms as opposed to 50% of New York City buyers.
The two biggest factors negatively impacting respondents' most recent home decision were inventory and mortgage rates.
TD Bank surveyed about 1,300 people from March 23 to April 1 for the index.
