How Technology Improves Your Mortgage Experience
Technology has transformed the way we buy and sell real estate — and for the better.
Not only has it made things easier, faster, and more efficient on the whole, but there are other major benefits too (including financial ones)
Are you preparing to buy a home or apply for a refinance soon?
How can technology improve the mortgage process?
1. Easier application.
Tech makes applying for a mortgage significantly easier.
You can apply via your phone or laptop (no tedious paperwork), and a lot of the information can be automatically populated, like your name, address, or other data you already have stored on your device.
Submitting your documentation is easier too.
There’s no faxing or worrying about unsecured email attachments. Just upload your documents into a secure portal, and you’re done.
Your loan officer will let you know if anything else is needed.
2. More flexibility.
Technology also makes real estate transactions more flexible. You can apply for your loan, sign your documents, and even close on your mortgage from virtually anywhere in the world. This makes it much easier to buy or sell a home from afar.
Timewise, there’s flexibility too.
Want to start your application at 11 p.m. after the kids have gone to bed? Done. Need to save and pick back up later on? That’s possible, too.
3. Better pricing.
Thanks to technology, mortgage lenders can process and underwrite loans more efficiently, which cuts down on overhead costs and staffing needs.
Eventually, this trickles down to the consumer, resulting in better pricing and lower fees on loans.
4. Faster processing.
On the backend, technology can help lenders more easily process your application, verify your information, and underwrite your loan.
This speeds up your mortgage and allows you to close on your mortgage faster than most borrowers previously could have.
5. Easier loan management.
Once you’ve closed on your loan, technology also makes managing your mortgage easier.
You’ll typically have an online dashboard you can use to monitor your balance, make payments, communicate with your servicer, manage your escrow account, and more.
Use mortgage technology to your advantage
If you’re ready to begin your homebuying or refinancing journey, tech makes getting started easy.
You can also contact an Embrace Home Loan officer in your area for more guidance.