Technology Trends That Simplify the Homebuying Process

Many industries have seen big benefits from technology, and the mortgage industry is no different. Technology tools are everywhere, saving time and making processes easier than before. Here are six of the best tech trends used by real estate professionals and mortgage loan companies to make finding and purchasing a new home more seamless.

Automated Pre-Qualification

Jump-start the buying journey by using technology. The time and effort to get pre-approved has decreased with automation. Potential borrowers can even drive the experience by entering their personal information into a template and getting a generated response. This lets homebuyers budget for how much home they can realistically afford.

Virtual Tours

This trend has stopped homeowners from having to look at grainy, out-of-focus pictures and try to determine if they want to tour a property. With 3D virtual reality, people can shop for specific attributes, see complete home layouts, and look at 360-degree views of the interior and exterior of a property. Virtual tours save homebuyers the time of driving around to physically look at homes.

Drone Photography

Make easy work of exploring large properties or those with unique features with photos taken by aerial drones. Homebuyers can get an idea of the land’s layout. These photos are helpful for homeowners purchasing in a new or unfamiliar area, ocean or lakefront properties, or access to specific neighborhood amenities.

Virtual Staging

It’s a fact that it’s easier to get a feel of a home’s space if it’s furnished. Sometimes, however, it’s not possible to leave furniture and decor in a property. That’s where technology comes in. With Augmented Reality, buyers can “furnish” the space to see how furniture looks and flows. This tool helps avoid buyer’s remorse.

Mobile-Friendly Applications

Today’s buyers can manage their mortgage application experience straight from their smartphones and tablets. Fill out the application, agree to having credit pulled, and get text message reminders throughout the mortgage process.

Digital Signing Options

Instead of scheduling time to sign authorizations and other forms, this technology gives borrowers a way to accomplish many aspects of the mortgage journey. Make offers, approve counteroffers, and sign contracts without ever picking up a pen. Being able to sign and upload documents digitally can cut down on the time it takes to get to the closing table, putting buyers in the homes they want more quickly than ever.

There are many new technology tools that can help buyers get qualified for a mortgage loan, find and land the home they want, and use their mobile devices to move the process along faster than ever. These solutions take the headache out of searching for and buying a home, making the process quicker and more enjoyable.

Even with tech trends, the human touch never goes out of style. Reach out to MIG to learn about all your mortgage loan options.

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