When Finances are Shaky, More Men Than Women Want to Buy Homes
Ever wonder if gender is a factor in the home buying process or when it is a good time to go online and get yourself a mortgage?
Rick Allen did. He’s the chief operating officer of MortgageMarvel.com, an online mortgage-shopping website operated by D+H Mortgagebot, the Milwaukee-based provider of online mortgage software for banks, savings institutions, and credit unions
Massaging data from 650,000 mortgage applications and 1,100 lending institutions, Allen came up with some surprising results.
For a study he worked in conjunction with Harris Interactive, Allen looked into how people feel in regard to their finances and how those assumptions might relate to their tendency to buy a home.
Gender did make a difference, with men being more aggressive despite being aggrieved about finances, while women were more conservative.
Here are his findings:
- Among Americans ages 18 to 34, a total of 41% (46% men and 36% women) displayed an interest in buying a home this year. Of those in this age group who displayed an interest, 17% of men and 6% of women considered their finances shaky, but still thought they could buy a home.
- While in the younger age group, 41% were interested in buying a home regardless of their financial position. Across all age groups, only 30% were interested in a new home when they considered their finances shaky.
Allen also studied the timing habits of people attempting to get a mortgage online. The outcome of this study is a little surprising.
In regard to the online mortgage process, over 60% of consumers submit those applications during business hours, which means that a lot of folks are taking time out of their business day to pop over to a mortgage company website to fill out an application.
If you think that is stealing time from an employer, you might be right, but then again people might be doing the mortgage application during break or down time, says Allen, because the technology has gotten so fluid that the average mortgage application can be done in about 30 minutes, and in some cases as quick as 15 or 20 minutes.
“I’ve been in the online mortgage business long enough to know that Monday is the busiest day,” says Allen.
Conversely, if just over 60% are applying for mortgages online during the work week that means that just under 40% are doing the same thing, but over the weekend when lending offices are closed and no personnel are on hand.
This is also a good sign, says Allen, because it means more and more Americans are comfortable with doing this type of transaction online.