The Effect of Technology on the Mortgage Industry

Mortgage FormTechnology is responsible for the incredible resources and discoveries today. You can get information about almost anything right at your fingertips.

The mortgage industry has been the same for decades, but not anymore, below are ways how technology affected the way of financing homes via a mortgage company in Utah such as City Creek Mortgage.

E-Signature

Mortgage transactions require a lot of paperwork that a prospective homeowner needs to sign. You can now sign all the paperwork digitally from your tablet computer or phone and send the documents via email.

Electronic Pre-qualification Tools

As a lender, you need to be sure of the creditworthiness of our borrower, and this requires you to look at the credit score. After you consider that a borrower is creditworthy, you contact them and wait for them to get back to you.

That is all gone; you only need to input information and get a calculated rate of the creditworthiness of the borrower.

Smartphone Applications

Smartphone applications enable borrowers and lenders track the progress of a loan through every stage. With the option of turning notifications on a borrower can know what the lender requires of them and when. These applications keep these two parties connected creating a good work relationship.

Online Comparison Websites and Applications

Some sites offer information about mortgage companies and their quotes. A buyer can browse through the options and choose a quote that suits him or her best. You can also send information by a single click and fasten the mortgage process.

Technology is here to stay, and human beings should be grateful for the transformations that technology is causing in their lives. If you are considering taking a mortgage loan, make sure you enjoy the convenience and ease that technology has brought in the mortgage industry.