4 Mortgage tech tools you need in your life
Prospective buyers are in good company if they’re hoping to buy a home in 2021. Many are eager to take advantage of low rates, creating even more competition for that perfect dream home. As properties continue to sell quickly, real estate professionals face the challenge of how to guide clients through a more seamless and efficient homebuying experience.
In today’s fast-paced environment, speed and simplicity rule the day and can give your clients a considerable advantage. Additionally, as digital natives comprise an increasing number of first-time homebuyers, they’re looking for highly personalized resources, timely communication and streamlined technology. Know the right digital tools for your clients, from helping them understand how much they can afford to closing and beyond:
Get a head start
A recent report found that many are actively looking at real estate listings (49%) and researching financial advice (24%) online, as well as touring homes virtually (29%). Most people are spending more time online, so why not encourage clients to get a head start that way too? The Bank of America Real Estate Center® allows prospective homebuyers to search for properties that may be eligible for the bank’s proprietary down payment (3% of purchase price or $10,000, whichever is less) and closing cost (up to $7,500) grants. For those worried about the upfront costs of homeownership, finding a grant-eligible property in their desired neighborhood may be the push they need to move forward.
Preapproval is only a few clicks away
Help your clients make a competitive offer by getting a mortgage preapproval first. Interactive tools like the Digital Mortgage Experience allow buyers to secure preapproval online or via their mobile banking app. Digital preapproval applicants can even have homebuyer grant eligibility determined automatically, so they can house hunt already knowing how much assistance they’ll receive.
Loan status 24/7
In a competitive housing market, timing can be everything. Luckily, simple digital tools can guide your clients through the mortgage process from start to finish, in some cases pre-populating information, which can significantly reduce the time needed to complete an application. Once the application is submitted, your clients can easily check the status of their loan and submit required documentation electronically to help avoid delays. Some online tools even provide clients with a to-do list of outstanding tasks and current status and details of a loan application.
Mortgage account at the click of a button
Make sure your clients are in good hands after they’ve received the keys to their new home. With an online banking or mobile app, homeowners can manage their mortgage details, payment options and have access to important documents all in one place and right alongside their other financial accounts.
Put your clients in the driver’s seat when it comes to their home loan. Digital tools can put buyers well on their way to beating the competition and crossing the finish line of their homebuying journey!