Top ways technology is changing Mortgage Approval
Owning a home is always a big part of the American dream. Getting a mortgage process, however, it is often considered a nightmare for many potential home owners. The purchase of a house or apartment should be fun and exciting, not stressful and tiring, is not it?
Those in the market for a new home can give a sigh of relief, because it is guaranteed to speed using technology to make the process almost as easy as moving to a new home.
More than 90 percent of potential customers use the Internet to search and compare properties, with many virtual tours and making decision on a house without going inside. Even if there were more to process a mortgage to move right, it's happening now. Fewer potential buyers now fill paper forms and technology has changed the mortgage process.
Ability to apply online
Technology now make it easier to complete the process and puts lenders control, so they can go at their own pace and only work with a loan officer, when they are ready, or have questions. Lenders can enter their data securely and upload their documents. Then in a matter of time, they receive a real approval. With the approval letter in hand, lenders can provide on the spot when they find their dream home.
Reduces costs in the process
A borrower who knows more about how the process works and can do most of their online application themselves can save more of their money by not employing a broker. Also, they are not taking up the time of a loan officer, they give the person more time to help others or work on other tasks.
E-signatures (online signatures)
Paperwork can now be easily signed online; one of the things that consume much of the time when securing a mortgage is all of the paperwork you have to sign. But you can now easily sign digitally from your computer.
Online comparison websites
We now have a lot of websites dedicated to provide list of about 30 providers and their quotes. This enables buyers to browse multiple options and opt to request a personalized quote. You can as well do that with mortgage lenders now too. That's after you would have provided some high level information's.
Smartphone apps
You can now track your loan's progress through each stage. Notifications can also be turned on so that the borrower is instantly notified of any documents that they need to provide or paperwork to sign. This keeps them connected and up to date, anywhere they go!
