The last few years have forced the banking and real estate industry to make massive changes and pushed fintech to progress faster and offer solutions that will last far beyond the pandemic. So how can you use technology to improve your chances of securing a mortgage?
It’s now possible to apply and be approved for a mortgage from your phone. These streamlined processes, from application to evaluation to approval, have improved every aspect of the previously slow and arduous mortgage industry. The advancements in technology over the past year mean these processes now take half the time. Not just making it a lot faster, continuous innovation in technology means that the entire process is seamless with automated systems that have changed the way we will apply for our home loans forever.
Smart credit score evaluation
The first thing all mortgage providers will do is check your credit score. It is advisable to check your own credit score before submitting an application. With free online credit checkers Apps, it’s now really easy to access and review your credit score. Remember, it’s better to deal with any outstanding debts before proceeding with your mortgage application. It is a good idea to pay off credit cards and reduce any existing debt as much as possible.
With an online broker like Trussle, you can avail of their soft credit check which means you can assess which lender is most likely to approve a mortgage for you. The great advantage of a “soft” credit check means that it won’t affect your credit score or appear on a credit check.
Use technology for expert advice
It’s essential to do thorough research before considering whether you can apply for a mortgage. Ultimately, using an online technology-based application process will save you a lot of time and energy. Make your life a lot easier with the help of a broker who will give you the best mortgage advice. With a mortgage broker like Trussle, for example, their expert advisers can help you apply for the mortgages that are more likely to be accepted for and fit your circumstances.
Everything is processed online, with a recommendation available within five hours. These advisers are not paid commission, so you can trust their impartial advice to help get you the most suitable loan for your circumstances. Using technology doesn’t mean you need to lose the human touch, Trussle advisers support you at every step.
Possibly the most substantial purchase you can make has also become the hottest over the past year. Whatever the reason, whether to move closer to friends and family, more room, outside space or to fit your remote working needs, a lot of people are looking to buy a home or move. There are many crucial steps when preparing for your home purchase. For example, saving for a deposit, securing the ideal employment, and preparing your documentation. Learning how to use the latest online processes and tech can greatly improve your chances of securing the right mortgage.
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