Family, friends influence decision about financing

Real Estate Watch

July 18, 1999

Family and friends are the biggest influences in the decision about financing the purchase of a home, a recent survey by the Mortgage Bankers Association of America reports.

The survey, conducted to help lenders understand borrower influence and behavior, found previous home-buying experience was the second-largest influence. Of those responding, 60 percent said they were first-time homebuyers.

Of respondents who said they were influenced by advertising, 61 percent said print media was most effective, compared with 12 percent who said mailings worked best.

The telephone proved to be the most popular method for gathering home financing information (61 percent), followed by personal visits (30 percent).

The Internet was used relatively little as a source of information, but nearly two-thirds of respondents said they would use it in the future.

While 50 percent said they contacted three or more lenders before acquiring a mortgage, 52 percent said they decided on the first lender they had contacted.

Pub Date: 7/18/99

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