Older Americans Applying for Mortgages Online at a Brisk Pace

Think college kids and teens are the only people who can work a computer? Well think again! A study submitted in 2012 by MortgageMarvel.com, an online mortgage-shopping website that delivers real-time quotes from multiple lenders, found that older Americans represent a significant amount of the online mortgage applications. Of the more than 650,000 mortgage applications submitted online in 2012, 35% came from users who were 50 years or older. When looking at the applications from those applicants age 50 years and older, 24% were for home purchases, and 76% were for refinancing.

“A common stereotype is that older Americans tend to be less comfortable with complex online processes and transactions,” said Rick Allen, chief operating officer of Mortgage Marvel, “but our experience is that plenty of older Americans are computer savvy and very willing to pursue major transactions, such as mortgage applications, on the Internet.”

What do you think of MortgageMarvel.com’s findings? Are you surprised by the amount of online mortagage applications that are coming from people age 50 and above? Feel free to comment below.