Study: Online Borrowers Often Searched Before Applying for Loan

A new study from Compete, Inc. and Forrester Research found that consumers who applied online for home loans were more likely to have used search and product selector tools—nearly one in five used search, compared with only 7 percent of all loan prospects.

The study, "Online Mortgage Shoppers' Paths To Purchase: Navigational And Survey Data Uncovers How Prospects Use Sites,"
looked at the behavior of millions of users as they searched, researched, and applied for mortgage loans.

Another key finding: While many applicants used the internet for research but then went offline to apply via the phone or in person, 37% of applicants applied online or submitted a lead form via the Internet.

More information on the findings should be available from Compete's web site when they update their press release page.