Technology and your Mortgage Application: What are the benefits?

The last few years have changed the way we use technology to manage our money. Even for the most significant and important purchases. What is a more important investment than your first home? But is it really beneficial to use technology to complete your mortgage application?

What has changed?

The last year has meant that both lenders and borrowers have had to adapt to working remotely and embracing the new way of life that includes social distancing rules while trying to conduct “normal” business. This has meant that more and more mortgage providers have had to shift permanently to online systems and make the most of emerging technology.

With many people trying to take advantage of the historically low interest rates available, a large percentage of home buyers now use financial technology and online brokers to complete their mortgage process. Financial technology is continuously improving and adapting to the ever-increasing demand for online tech solutions in order to make online money management more accessible for everyone.

Simple Straightforward Technology

A more significant percentage of home buyers now look for simple online application options over the traditional bank process when purchasing their first home or remortgaging. Thanks to new technologies, it is more straightforward and much more time-efficient, with the person-to-person application process becoming less convenient and possibly less critical. It has become clear over the past year that a simple, straightforward technology-based process is essential.

Simple to use online mortgage broker solutions like Trussle provide a technology-based solution without completely removing the human element. Trussle provides a personal service with support from dedicated mortgage advisers, case managers, and online support. Within 15 minutes, you can easily find the suitable mortgage solution you need.

Convenient and Cost-effective

Traditional mortgage applications are infamously time-consuming with vast amounts of paperwork. Using an online broker is extremely convenient. Although, of course, you still need to complete the necessary documentation and verification process, an automated digital process has streamlined this process while at the same time providing an extremely reliable and safe procedure. For example, with an online broker like Trussle, you simply set up an online profile and upload application documentation. Your case manager follows up on your online application. Making it highly convenient, everything from finding the right mortgage provider to completing your home purchase is all done online.

Using the online application process will also save you money with free online mortgage advisor options that will find you the right deal for free and with no extra hidden charges. An automated technology-based process also makes it easier to find the right lender to meet your individual needs, whether you have bad credit, you are a first-time buyer, or you have a low income. Whereas using a traditional process can be very time-consuming and arduous. Your online broker will also help you switch to a better deal when the time is right.

The benefits of using technology for your mortgage application are clear, less stress, less paperwork, convenient and easy. The ever-advancing technology has made the mortgage application process transparent and fair.

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