Technology reigns supreme in just about every aspect of our lives. From the location of the nearest gas station to a listing of movies currently playing at the local theater, tons of information can be accessed with just the touch of your finger.
Even when it comes to mortgages potential buyers would benefit from an app on their phone, tablet or computer that would help them through the application process.
What would this app include? While each person and situation is different there are certain standard tasks, paperwork and requirements to making it through the application process for mortgages.
Any type of app that would be able to make this process smoother would be valuable to buyers everywhere.
How much home can you afford? Without any of your credit information it would be great to have an app that would be able to calculate the approximate cost of home mortgages and more specifically, the monthly payment.
You would be able to look at homes and plug in a variety of different numbers to see just what you think you can afford. While you would still need a lender to provide you with a legitimate pre-approval, this would at least give you a starting point.
Off the top of your head, do you know exactly what information your lender needs? No matter what lenders you choose to work with there are certain pieces of information necessary to gain an estimate of what you can afford as well as final credit approval.
A mortgage app that keeps track of your documents would be incredibly helpful. As you acquire the paperwork the app would be able to check that requirement off the list.
To make the app even more valuable it would keep a copy of the document. If there was a problem or another copy is needed, with just the touch of a button, the paperwork would be emailed out to the lender.
Mortgages also have deadlines. Some paperwork needs to be turned in right away to ensure that a person is pre-approved for a home loan. The ideal app would make you aware of the deadlines and create reminders when due dates are approaching.
Most of the time, right before the actual purchase of the home, a buyer needs to once again submit paperwork to show that they are able to afford the house.
Could you imagine an app that reminds you one week in advance about the paperwork that you need to provide the lender? Once you send it over, the reminder would turn itself off.
When you fill out paperwork for mortgages there is some information that is required over and over again. If you don't know these numbers off the top of your head it can send you back to a pile of paperwork over and over again.
An app that would organize your personal information would be beneficial throughout the mortgage process. This app would be able to keep the information secure and bring it up to the screen whenever you needed it.
As an added bonus, in order for this app to make mortgages for buyers easier, the current interest rates would always be on hand to examine.
You can always go and look them up yourself, but if an app is going to help you get through the mortgage process you want everything to be at your fingertips.
Article provided by MoneySupermarket where you can compare a range of mortgages whether you're a first time buyer or looking to remortgage your existing property.