How Technology is Changing Mortgage Approval
For many years, the process of buying a home seemed permanently lodged in a bygone era. It was primarily a paper chase of the old-school variety, needlessly cumbersome and time-consuming to the buyer. While the ability to surf for properties advanced with the onset of the internet, securing financing and buying your dream house lagged behind… until recently. Here are a few ways technology and mortgage approval are now united to place you in a new home with less stress and more speed.
Loan Comparison Shopping
Today, online sources like Zillow list major mortgage lenders along with up-to-date interest rate quotes.You can also check ratings and evaluate the experiences of other buyers with a particular lender.
Your mortgage provider can now streamline the process by utilizing electronic prequalification tools to match you with the best available program and rates. The waiting game for a definite yes or no has now been reduced from days to mere hours.
You don’t have to wait to receive the necessary forms, then spend time manually filling them out plus gathering and sending documentation. Online applications allow you to type in vital info easily plus submit electronic tax forms or other documents as attachments to the application.
The inconvenience of having to show up in person at a mortgage lender’s nearest office—which may not be conveniently located—to personally sign a plethora of paperwork is outdated. Now you can electronically sign all docs conveniently from anywhere you have an internet connection.
Many major mortgage lenders now offer proprietary smart phone apps that let you track the progress of your loan application just like tracking the delivery of a package online. If there’s any additional requirements during the course of the process, special alerts will keep you informed.
For more on how the mortgage approval process of buying a home has gone high-tech in Ft Lauderdale contact Realtor Joseph Schutz with Broward & Palm Beach Realty at 954-461-7895.