There may be a few people reading this who remember the days when phones could only be used to make or receive telephone calls. This was the extent of their usefulness, yet they were extremely useful as they were the only way people could communicate over a distance. That, and letter writing, which is yesteryear’s equivalent of emailing, apparently.
To apply for a mortgage, aside from physically visiting several lenders to make an appointment, a telephone could be used to do the same thing, which would obviously save time. At these appointments, a mortgage application would be completed and that was how mortgages were usually applied for.
So what’s changed?
Two things. The first is mortgage brokers, who have made the whole application process a lot easier. Rather than having to contact individual lenders, brokers will check your eligibility amongst a group of lenders. This will save you a lot of time when it comes to applying to several mortgage lenders in the hope of getting the best deal. Places like Trussle will do a soft credit check, which will provide a picture of how much you can borrow without affecting your credit score.
The second thing that’s changed is our cell phone capabilities and their technological advancements, which has seen them been labelled as smartphones. Our smartphones have allowed us to apply for mortgages anywhere in the world, whether it’s on a beach, up a mountain, or in our backyard. What’s more, they’ve enabled us to send supporting documents at a touch of a button.
What role do Smartphones Play in Mortgage Applications?
Smartphones are easy to carry on us, and often are when we’re out and about, simply because of their portability. This has ended up with them being a popular device to use when looking for a mortgage. As 58% of people have said online accessibility would affect who they’d choose as a mortgage lender, being smartphone compatible is becoming increasingly more important to the mortgage industry.
Lenders, and brokers who may work with them, use virtual technology to approve mortgage loans. All documentation is uploaded, emailed, and sent into the virtual word for lenders. Algorithms and software are used to assess whether a loan can be approved. Also, they keep a careful eye on disclosure and the closing of sale.
With more people preferring to apply online, the rise of the e-signature, and how documents are given to brokers and lenders, this shows no sign of changing. In fact, it shows the opposite.
Are Humans still Involved?
Of course, we are! People have to verify your information and various documents. Sometimes you have questions that go beyond the frequently asked questions that are often on sites to help those with initial queries.
Other times you may need advice before you make a final decision due to your specific circumstances, so it’s handy being able to speak to a mortgage adviser when you do.
What’s more, instantaneous mortgage processes from approval to closure need people to be involved. So, there is no virtual mortgage totally human-free, and available by cell phone, as yet.
But a lot of it is done in the virtual reality sphere. When it comes to your document uploads becoming PDF files on the mortgage broker’s website and sent to your mortgage lender, virtual reality plays an important part. Additionally, it’s something that’s commonly done today.
Smartphones have made everything easier, even when it’s come to getting a mortgage. You can find out about the different types of mortgages available to you, even including remortgaging if that’s what you’re after. You can also contact mortgage brokers with any queries you may have.
Once you’re satisfied, you can apply for an online mortgage, and are sometimes able to get a deal with a 5 hour turn-around. This has made getting your forever home easier than ever before, so you’re able to start a new chapter in your life.
