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How Technology is Transforming Home finance for Homeowners and Investors – Guide
Earlier this year, Protect Association Australia presented its first Protect Awards to recognize leaders in the field. Founder and president Kylie Davis says the awards showed how fast the industry is growing and how much innovation is needed to solve clearly identified problems. There is probably no better time for real estate investors to embrace technology to maximize investment opportunities, efficiencies and returns. From online auction platforms to mobile apps for trading real estate stocks, here are some of the tools you might want in your kit.
The added value of a virtual tour of the property has perhaps never been more evident than during the ongoing lockdowns of the pandemic crisis. With buyers unable to attend open house inspections, agents are relying on increasingly sophisticated technology to provide buyers with the information and tools they need to make purchasing decisions.
Prequalification calculators and tools bring more planning clarity to candidates
The introduction of prequalification tools has helped applicants be more informed about their mortgage applications. For example, mortgage applicants can now use sites like Trulia to get home loan options and their average quotes. Offers are also customized using your credit score, loan amount and other criteria. For example, veterans can now use a VA mortgage calculator to view their refinancing payment options and see if they can save money on a new mortgage. The advance in comparison home Financing options mean consumers can make better decisions and have a better chance of being approved.
Technology is also changing the game for real estate agents. Recently, Backlight LLC announced Loansifter PPE, their latest version of the platform with additional features features. The platform now offers real estate investors access to over 120 lenders and a modern interface that allows you to re-evaluate and save price scenarios.
Cloud-based mortgage application software speeds Up Process
One of the most common complaints about the traditional mortgage application process is how long it can take. Technologies like Blend want to change that. By allowing mortgage applicants to simultaneously link their supporting documentation, including pay slips and bank statements, cloud-based software has dominated the mortgage technology landscape since its inception.
Billed as a “mortgage origination software platform”, Blend counts mortgage giants such as Wells Fargo, US Bank and M&T Bank among its clients. The company also recently raised $75 million in Series F financing and began expanding its support to personal loans, refinancing and credit cards. By providing a streamlined space for consumers, lenders and real estate agents to all connect, Blend helps eliminate time-consuming tasks and speeds the application-to-decision process.
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