Technology touches all aspects of our lives, from banking to shopping to dating. The mortgage industry is no different. Buying a home today is vastly superior to what it was years ago, thanks to the benefits of online mortgage applications like Home SNAP. Gone are the long wait times, the reams of paperwork, and the outlandish fees.
Online Applications Make a Mortgage Easier
What makes today’s home buying process so much easier? In a word: technology.
Technology has streamlined the mortgage lending process in the same way technology streamlines other transactions. Today, applying for a mortgage is faster, easier, more accurate and less costly for millions of home purchasers. Online tools such as “Mortgage in a SNAP” make the loan application process simpler and faster. They make home-buying a breeze.
Benefits of an Online Mortgage
For home buyers, the benefits of technology to the mortgage application process are easy to summarize.
- Lower fees
Online mortgage apps speed up mortgage lending in multiple ways. Technology reduces paperwork. It eliminates the need to send documents via the mail. It nullifies the need to meet in person to sign documents.
Online mortgage apps provide convenience to mortgage lending by allowing borrowers to complete their applications any time, from anywhere. Borrowers also have the ability to login and view the status of their loan application at any time. Online mortgage platforms like “Mortgage in a SNAP” allow users to apply for a mortgage without having to meet or call a loan officer.
Online mortgage apps improve the accuracy of mortgage lending. All of the financial data is calculated and transferred automatically by computers. There is no room for error.
For all of the reasons cited above, online applications lower the fees of mortgage lending. Mortgage lenders like Mortgage 1 use technology to reduce expenses by automating parts of the underwriting process. By offering faster closing and greater insight into the process, mortgage technology not only creates a more convenient experience, it also lower costs.
Benefits of Online Mortgages for First-Time Buyers
Technology provides many advantages to first-time home buyers, specifically. Many of today’s first-time home buyers are technologically savvy, having grown up using computers and smartphones their entire lives.
According to the National Association of Realtors, consumers who grew up using computers and smartphones make up 34 percent of home buyers. As these buyers enter the real estate market, they seek out mortgage lenders who provide convenience and technology solutions. Online mortgage applications do just that. And more.
This blog post was written by experts at Mortgage 1. Michigan Mortgage is a DBA of Mortgage 1.