Technology has improved our lives in ways which would have been unimaginable just a few generations ago. In so many critical areas – education, medicine, communication, and so forth – we’ve seen major improvements which have quite literally altered how we live our lives on a daily basis. Given all of this tech advancement, we shouldn’t be surprised that the field of real estate has been impacted as well. Technology has changed the way that the real estate sector is developed, recorded, and marketed. What’s more, technology has also changed – and continues to change – the process by which mortgage loans are accessed by aspiring home buyers, businesses, and real estate entrepreneurs alike. What used to take months now can take days, and what used to take hours can often take just minutes for loans to be requested and approved.
Technology has improved speed and efficiency in the mortgage loan process in many, many ways. In this post, we’d like to take a moment to identify and discuss a few of the specific ways in which technology can improve your mortgage loan process. These specific facts will give you a sense of how simple technology can make the mortgage loan process for you in your particular case.
Here are the 5 topics we'll address below:
1. Mortgage calculation apps and websites
2. Online real estate research for investing
3. Online mortgage mobile applications and websites
4. Online application status checks and alerts
5. Improved compliance with lender regulations
1. Mobile Apps And Websites Can Help You Calculate Mortgage Payments & Loans
Technology has progressed by leaps and bounds when it comes to our phones. Now, with our cell phones, we can tap into a seemingly endless supply of knowledge and download any number of useful applications. One mobile application (or “app”) which will certainly aid those seeking a mortgage loan is a mortgage calculator application. A mortgage calculator will help homebuyers get a sense of your monthly payment and how much your mortgage loan is likely to cost over the course of its life. Both of these projections are highly important. You’ll need to know your projected monthly payment so you can have an idea of how much home you can afford. And knowing how much your loan will cost you (in interest) will give you a sense of whether your interest rate is desirable. Based on the numbers, you may end up deciding that you need to postpone your purchase; or, you may decide to move forward. Either way, a mortgage calculator application can be very useful.
2. Technology Can Help You Conduct Research On Real Estate & Property Management
The mortgage loan process makes little sense if you don’t have an idea of what you’d like to purchase. Toward this end, technology has made things incredibly easier than before. Today, it is possible to conduct research on real estate online. You can do this using a variety of online research tools. You can check listings, schedule in-person visits, perform in-depth research on the history of a particular home, and so forth. This is a huge improvement over doing research the old way. Now, you don’t have to make tons of tedious phone calls or use physical research materials. Again, deciding what you want to buy is really the step first in the entire process. Before you really initiate the mortgage loan process, you need to know what the loan will go toward. And technology has come a long way in helping people decide what they want.
3. Technology Allows You To Jump Start The Real Estate Mortgage Loan Process Online
Technology has greatly improved the application procedure for mortgage loans. Now, instead of delivering everything in person, you can apply online and streamline the entire process. You can upload documents, communicate with your lender electronically, get quotes, compare rates, track mortgage rates, and even check to see if you are pre-approved for a loan. This is definitely one of the biggest and most important advances in the mortgage loan process. Processing everything by hand used to make the application procedure a long ordeal. Now, technology has simplified the mortgage loan procedure tremendously.
4. Technology Allows You to See the Status Of Your Mortgage Loans And Payments
Going back to phone apps, it’s not possible to download an app which will give you an update on the status of your mortgage loan at any point. As we know, a mortgage loan isn’t just approved or denied in one swift stroke, it passes through various stages. It is first formally received, then moves to underwriting, then receives conditional approval, and so forth. We now have apps which allow applicants to check to see the exact stage a given loan is located. This can go a long way toward easing some of the anxiety which is commonly associated with the mortgage loan process. You won’t need to make frequent calls to your broker or agent with the help of one of these apps.
5. Technology Allows For Better Compliance With Real Estate Mortgage Loan Regulations
The mortgage loan industry has undergone significant changes since the Housing Crisis on 2008/9. One change has been new regulations which help to ensure fair lending practices and prevent abuse. Technology has made the implementation and enforcement of these regulations much, much easier. Lenders can now worry less as technology now allows for certain disclosures to be automatically generated to applicants under certain conditions. Technology also allows data to be more easily collected, categorized and saved, and this further contributes to compliance with new rules and regulations. These improvements undoubtedly make your home mortgage loan process better. Perhaps the last thing you want is to encounter a lender who is not compliant with current regulations.
Master Your Mortgage
So there you have it. Technology has improved the mortgage loan process in myriad ways. These are just a few ways among many others. Now, with this improved situation, you will have an easier time navigating the mortgage loan process and an easier time buying the home you desire.
