Here’s what first-time buyers ask Google about mortgages

Affordability is a key issue for first-time buyers and that’s reflected in their online research into mortgages.

A snapshot of how first-time buyers search for information has been published by Chase Home Lending and Google and the top three mortgage-related searches are all about affordability.

1. How much mortgage can I afford
2. How much mortgage can I qualify for
3. What mortgage can I afford

 “We teamed up with Google to help us better understand what customers are searching for and how the home buying landscape is evolving,” said Mike Weinbach, Chief Executive Officer of Chase Home Lending. “We found that millennials and first-time homebuyers are making a big splash in the market, and affordability remains top of mind.”
In 2017, 44% of searches in the mortgage category are for first-time buyer mortgages, up 11% from 2016.

The South is seeing a surge in mortgage searches on Google, accounting for 37% nationally over the last three years; the West is next at 26%; Northeast 19%; and Midwest 18%.

Florida saw the largest rise in searches for fixed-rate mortgage, up 30% in 2017 compared to 2016; New York saw an 18% rise, Illinois 9% and California 6%.

The research also suggests home buyers could be aiming high with ‘mansion’ topping the home style searches between 2014 and 2017.