Innovations in the tech world have Australians in a tizzy as a $1 billion deal could spell the beginnings of what is considered the Uber for mortgages. Once implemented, it won’t take long for the app to branch out to other parts of the world, including the United States. Back home, however, banks are working hard to remain relevant as changes in the technology sphere prompt innovations to ensure a start-to-finish electronic mortgage process.
Find The Property And Pay The Deposit
One of the safest ways to ensure that potential buyers aren’t walking into a trap when purchasing a property is to ensure that no money gets paid over until all conditions of the purchase have been met. An escrow account is an ideal solution, as it will pay to whichever party fulfills the requirements according to the condition of the contract. If there is a breach or cancellation, the rules of the contract will determine who gets the money. Setting up an escrow account can be done entirely online.
Getting The Finance Sorted
Most banks and property finance companies have online facilities to help customers do the majority of the legwork online. The basic steps are:
- Apply for the pre-qualification
- Submit required documents
- Await the underwriting process
- Sign closing documents
Thereafter, the information will be given through in terms of servicing the monthly installments. During all of this, the only time property owners have to set foot out of their house is when they want to physically view the property.
Those who don’t want to apply for a new mortgage and have equity in their existing property can apply for refinancing online too. If applying for the refinancing with the existing finance house, it will most likely require far less documentation.
Find The Best Mortgage Rates Online
Instead of being left in the dark when it comes to rates, the internet is the best place to start comparing. There are a few things that affect the interest rate on a mortgage, such as credit score, the risk of the property, and more. But rates can be applied for in bulk and customers still have an option based on these findings. There are a number of financial institutions offering mortgages, and many of them aren’t even banks. A comparison is, therefore, critical, in order to get the best deal.
The online mortgage process takes the hassle out of financing the ideal property. With technology geared to make this process even better, the future is looking bright for real estate financing.