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RESEARCH PANEL


CONSUMER Helping shape the future of real estate in Houston. October 2018 Mortgage Education Survey Provided by the Houston Association of REALTORS

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Document on Subject : "RESEARCH PANEL"— Transcript:

1 CONSUMER RESEARCH PANEL Helping shape th
CONSUMER RESEARCH PANEL Helping shape the future of real estate in Houston. October 2018 Mortgage Education Survey Provided by the Houston Association of REALTORS THE BUXE Company CONSUMER RESEARCH PANEL Helping shape the future of real estate in Houston. OCTOBER 2018 Houston Association of REALTORS Mortgage Education Survey ‹# › Explore feasibility and interest in HAR.com offering a comprehensive Mortgage Learning Center to prepare consumers to make sound decisions about their mortgage for next purchase or refinance and in turn engage them sooner in

2 the process. Survey Objective 2 THE BUX
the process. Survey Objective 2 THE BUXE Company CONSUMER RESEARCH PANEL Helping shape the future of real estate in Houston. OCTOBER 2018 Houston Association of REALTORS Mortgage Education Survey ‹# › • Consumer Panel Size - 8,056 • Number of Respondents - 1,235 • Response Rate – 15% Methodology 3 THE BUXE Company CONSUMER RESEARCH PANEL Helping shape the future of real estate in Houston. OCTOBER 2018 Houston Association of REALTORS Mortgage Education Survey HAR.com is the top source to find mortgage information HAR.com – 29% Property Searc

3 h Sites – 26% My REALTOR – 23% 4 2
h Sites – 26% My REALTOR – 23% 4 2% 4% 8% 9% 11% 14% 18% 20% 21% 22% 23% 26% 29% Where did you look to find mortgage information? THE BUXE Company CONSUMER RESEARCH PANEL Helping shape the future of real estate in Houston. OCTOBER 2018 Houston Association of REALTORS Mortgage Education Survey 30% believe that they will look at HAR.com to find mortgage information Bank – 39% Bank/Mortgage Websites – 39% HAR.com – 30% 6% 7% 9% 11% 13% 21% 24% 27% 28% 30% 39% 39% HUD/FHA Broker websites ay agent’s website Other (please specify) My Financial Advis

4 or My REALTOR Property Search Sites e.g
or My REALTOR Property Search Sites e.g. Zillow, REALTOR.com Online Mortgage Sites e.g. LendingTree, Rocket Referral from a friend/colleague HAR.com Bank/Mortgage websites My Bank Where do you believe you will look to find mortgage information? (Have not purchased yet) 5 THE BUXE Company CONSUMER RESEARCH PANEL Helping shape the future of real estate in Houston. OCTOBER 2018 Houston Association of REALTORS Mortgage Education Survey 54% are interested in mortgage calculator information Mortgage Calculator – 54% Mortgage Types – 38% Size of down payment

5 needed – 37% 4% 9% 14% 16% 18% 20%
needed – 37% 4% 9% 14% 16% 18% 20% 20% 22% 22% 22% 23% 25% 30% 37% 38% 54% Other (Please specify) Repairing your credit Saving for a down payment Rent vs. Buy Analysis What if my home appraises less than my mortgage? Information needed for applications Value of pre-qualifying for a mortgage Preparations needed before you buy a home How to pre-qualify for a mortgage Credit scores and how they affect my ability to secure a mortgage Value of home inspection before buying None of the above How to choose the RIGHT mortgage Size of down payment needed Mortgage Typ

6 es Mortgage Calculator What type of mort
es Mortgage Calculator What type of mortgage information are you interested in? 6 THE BUXE Company CONSUMER RESEARCH PANEL Helping shape the future of real estate in Houston. OCTOBER 2018 Houston Association of REALTORS Mortgage Education Survey Extremely strong interest in HAR.com providing Mortgage Education 25% 29% 30% 17% Extremely interested Very interested Somewhat interested Not at all interested How interested would you be if HAR.com offered the types of information listed in the previous slide? Extremely + Very + Somewhat interested = 84% 7 THE

7 BUXE Company CONSUMER RESEARCH PANEL He
BUXE Company CONSUMER RESEARCH PANEL Helping shape the future of real estate in Houston. OCTOBER 2018 Houston Association of REALTORS Mortgage Education Survey 80% are interested in HAR offering a comprehensive Mortgage Learning Center Extremely + Very + Somewhat interested = 80% 22% 29% 29% 20% Extremely interested Very interested Somewhat interested Not at all interested How interested are you in HAR offering a comprehensive Mortgage Learning Center to prepare you to make sound decisions about your mortgage for your next purchase or refinance? 8 THE BU

8 XE Company CONSUMER RESEARCH PANEL Help
XE Company CONSUMER RESEARCH PANEL Helping shape the future of real estate in Houston. OCTOBER 2018 Houston Association of REALTORS Mortgage Education Survey 88% are interested in comparing mortgage types 33% 34% 21% 12% Extremely interested Very interested Somewhat interested Not at all interested How interested are you in being able to compare the benefits of each type of mortgage side by side like the image shown here? Extremely + Very + Somewhat interested 88% 9 THE BUXE Company CONSUMER RESEARCH PANEL Helping shape the future of real estate in Houst

9 on. OCTOBER 2018 Houston Association of
on. OCTOBER 2018 Houston Association of REALTORS Mortgage Education Survey 70% are interested in HAR mortgage webinars 14% 20% 36% 30% Extremely interested Very interested Somewhat interested Not at all interested How interested would you be in live/recorded webinars on HAR.com providing overviews of mortgage types, application process, etc.? Extremely + Very + Somewhat interested = 70% 10 THE BUXE Company CONSUMER RESEARCH PANEL Helping shape the future of real estate in Houston. OCTOBER 2018 Houston Association of REALTORS Mortgage Education Survey 93% a

10 re interested in True Lifestyle Cost Cal
re interested in True Lifestyle Cost Calculator Extremely + Very + Somewhat interested = 93% 46% 30% 17% 7% Extremely interested Very interested Somewhat interested Not at all interested How interested are you in HAR.com providing a True Lifestyle Cost Calculator for each home that projects the costs of living in a home – maintenance, insurance, utilities, commuting costs, landscaping, fees, etc. to help you truly understand the cost of o 11 THE BUXE Company CONSUMER RESEARCH PANEL Helping shape the future of real estate in Houston. OCTOBER 2018 Housto

11 n Association of REALTORS Mortgage Educ
n Association of REALTORS Mortgage Education Survey 91% are interested in seeing the insurance cost Extremely + Very + Somewhat interested = 91% 39% 35% 17% 9% Extremely interested Very interested Somewhat interested Not at all interested How interested are you in seeing the average monthly homeowners insurance cost of your prospective home? 12 THE BUXE Company CONSUMER RESEARCH PANEL Helping shape the future of real estate in Houston. OCTOBER 2018 Houston Association of REALTORS Mortgage Education Survey 62% are interested in a downloadable mortgage g

12 uide Extremely + Very + Somewhat inter
uide Extremely + Very + Somewhat interested = 62% 20% 30% 32% 18% Extremely interested Very interested Somewhat interested Not at all interested How interested are you in a downloadable guide providing an overview of the mortgage types, application process, etc.? 13 THE BUXE Company CONSUMER RESEARCH PANEL Helping shape the future of real estate in Houston. OCTOBER 2018 Houston Association of REALTORS Mortgage Education Survey Article topics – interested how to choose a mortgage lender / Federal Tax changes / next 12 months prediction 6% 16% 18% 24% 3

13 0% 33% 33% 38% 42% 46% 46% 55% 58% 58% 5
0% 33% 33% 38% 42% 46% 46% 55% 58% 58% 58% Other (Please specify) The advantages of being a veteran when securing a mortgage How to repair your credit score What is a good credit score and what affects it? What is better financially? Renting or buying? What is a reverse mortgage? How do FHA loans work and how do you qualify for them? What is a mortgage and all of the terms used to describe a mortgage What are mortgage points? What documents do you need to apply for a mortgage? How much down payment is required today? What type of mortgage is right for you? What

14 s the prediction of mortgage rates for
s the prediction of mortgage rates for the next 12 months? How will Federal Tax changes affect home buying? What questions to ask to choose a mortgage lender? How interested would you be in HAR providing articles on the following topics? What questions to ask to choose a mortgage lender? - 58% How will Federal Tax changes affect home buying? – 58% What’s the prediction of mortgage rates for the next 12 months? - 58% 14 THE BUXE Company CONSUMER RESEARCH PANEL Helping shape the future of real estate in Houston. OCTOBER 2018 Houston Association of RE

15 ALTORS Mortgage Education Survey 77% ar
ALTORS Mortgage Education Survey 77% are concerned about rising mortgage rates Extremely + Very + Somewhat interested = 77% 20% 21% 36% 19% 3% Extremely concerned Very concerned Somewhat concerned Not concerned Don’t Know/Not Sure How concerned are you about rising mortgage rates? 15 THE BUXE Company CONSUMER RESEARCH PANEL Helping shape the future of real estate in Houston. OCTOBER 2018 Houston Association of REALTORS Mortgage Education Survey Majority are unsure of what effects the Federal Tax code change will have Don’t know / Not sure – 62% W

16 ill not affect my ability to purchase /
ill not affect my ability to purchase / refinance – 21% Will negatively affect my ability to purchase / refinance – 11% 62% 11% 21% 5% 2% Don’t know/bot sure Will negatively affect my ability to purchase/refinance Will not affect my ability to purchase/refinance Will somewhat improve my ability to purchase/refinance Will significantly improve my ability to purchase/refinance How much do you believe the changing federal tax code will affect your ability to purchase/refinance a home? 16 THE BUXE Company CONSUMER RESEARCH PANEL Helping shape the future

17 of real estate in Houston. OCTOBER 2018
of real estate in Houston. OCTOBER 2018 Houston Association of REALTORS Mortgage Education Survey Respondents are interested in understanding rates, tax, loan types, and maintenance costs “Showing live rates, I have seen this on a REALTORS's page and it was very helpful.” “I think there needs to be more information about all the loan types and programs in one location. FHA, USDA and VA and the different programs in each.” “I really liked one of the questions on this survey asking if a buyer would be interested in seeing more details provide

18 d for the cost of a home.” “Recomme
d for the cost of a home.” “Recommend creating and providing a tillable 3 - year property tax calculator/estimator based on home’s selling price/home value.” Is there any additional information HAR.com can provide to help you better prepare for the mortgage process? 17 THE BUXE Company CONSUMER RESEARCH PANEL Helping shape the future of real estate in Houston. OCTOBER 2018 Houston Association of REALTORS Mortgage Education Survey ‹# › • 49% are buyers, 15% are sellers • 26% are currently working with a mortgage professional Respondents Pro

19 file Data 18 THE BUXE Company CONSUMER
file Data 18 THE BUXE Company CONSUMER RESEARCH PANEL Helping shape the future of real estate in Houston. OCTOBER 2018 Houston Association of REALTORS Mortgage Education Survey Extremely strong interest in HAR Mortgage Learning Center Opportunity to further increase HAR.com engagement Nearly 1/3 already think HAR offers a Mortgage Learning Center Strong interest in a variety of mortgage education tools Overall Observations 19 THE BUXE Company CONSUMER RESEARCH PANEL Helping shape the future of real estate in Houston. OCTOBER 2018 Houston Associa

20 tion of REALTORS Mortgage Education Sur
tion of REALTORS Mortgage Education Survey Launch a Comprehensive Mortgage Learning Center Recommendations 20 Provide educational content on implications of tax law changes and rising interest rates Launch real - time Mortgage Rates with Side by Side Comparison of Mortgage Rates/Types Promote HAR.com as THE source of mortgage information via social media Launch a True Lifestyle Cost Calculator including monthly property insurance costs Offer mortgage educational content on The 5 minute Realtor Invite Brokers to include their mortgage offerings on sit