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A growing number of older Americans are applying for mortgage loans online, according to a recent survey from ""Mortgage Marvel,"":http://www.mortgagemarvel.com/ a Mequon, Wisconsin-based provider of online mortgage applications.
[IMAGE]Thirty-five percent of mortgage applicants are past the age of 50, according to the survey of more than 650,000 applications submitted to more than 1,100 lenders in 2012. This is an increase of one percentage point from 2011.
""A common stereotype is that older Americans tend to be less comfortable with complex online processes and transactions,"" said Mortgage Marvel COO Rick Allen.
[COLUMN_BREAK]However, as the survey reveals, ""plenty of older Americans are computer savvy and very willing to pursue major transactions, such as mortgage applications, on the Internet,"" Allen said.
Allen suggested this trend is partly due to the presence of application websites with ""good, easy-to-navigate user experience[s].""
The youngest category of homeowners--those aged 19 to 29--made up 13 percent of Mortgage Marvel's survey.
Those aged 30 to 39 and 40 to 49 each contributed a 26 percent share of applications in 2012.
While those in the 50-plus age range contributed 35 percent of applications in 2012, the share declines with rising age. Those aged 60 to 69 made up just 10 percent of 2012 applications, according to the survey.
Among nearly all age groups, refinance applications were more popular than purchase applications last year. The one exception was among the youngest applicants--aged 19 to 29. Nearly 80 percent of applications among this age group were purchase applications.
On the other hand, among those aged 50 and older, just 24 percent of applications were for home purchases.
