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Mortgage technology is changing the homebuying process daily. The days of paper applications in your bank’s lobby are over. In a lot of ways, the advancement in mortgage technology has allowed the consumer to shop around and find a broker, lender, or bank that best suits their needs.
Once the right partner is selected, a borrower can zoom through the pre-approval process with the right technology suite at their disposal. Finding a lender is an arduous process for the consumers.
When trying to find a mortgage provider, borrowers use to sift through phone books, ask family members, or default to their current bank. This leaves the consumer with little power and gives the big banks an immense amount of leverage.
Thankfully, mortgage marketing technology has transformed the industry and leveled the playing field. Instead of looking for a mortgage provider, brokers, loan officers, and lenders – they will find you. With the emergence of machine learning and AI technology, Loan Officers can run ads that cater to your exact needs. Furthermore, you can go on the internet and search for lenders that fit your criteria. This opens up a world of opportunity and vastly improves the consumer’s buying power.
Once a lender has been selected, you will fill out an application. Thankfully, the application process has been transformed by technology in the past few years as well. Companies like Arcus Lending have made a convenient app that can load on your phone, auto-save information, and utilize API integrations. API integrations allow the application to pull your banking info, investment accounts, and IRA portfolios directly into the software with a simple verification process. These tech-driven solutions vastly improve the application process for prospective buyers.
Once the application is submitted, your lender will issue a pre-approval within a few days. For some mortgage lenders and brokers, you can receive a pre-approval the day you submit an app. This process used to take weeks and in some cases months. With the emergence of machine learning, AI, and API integrations, the consumer has more say in this process than ever before.
While technology has transformed the lender selection process, it will not improve your chances of getting pre-approved. Before you find a financing partner, you must practice sound financial discipline before you purchase a home. Once your finances are in order, you can leverage technology to find the right lender and sprint to the finish line of home ownership. If you want to learn more about mortgage technology and the future of the industry, www.mortgagecolumn.com is a great resource.