Mortgage Application Innovations
As time goes on, the real estate market is bound to change. Many buyers were scared to purchase houses because they were not sure if they felt safe going out to different places. We are now slowly returning to normal. Real estate professionals and mortgage professionals have adopted new technologies to make your experience enjoyable. The team at Peoples Choice Mortgage is here to let you know how the mortgage industry continues to transform and dynamic mortgage brokers are leading the charge.
Mortgage and Real Estate Industries are Innovating
Being in a pandemic has forced us to grapple with technology and push it to its limits. Due to lockdowns, real estate professionals had to find different ways to communicate and help buyers, as well as home sellers. Experts agree that technology in the workplace is something that will be changed forever. Bob Goldberg, the CEO of the National Association of Realtors (NAR) also confirmed this.
He said, “The pandemic has confirmed to all of us in the industry that technology will continue to transform real estate.”
These sentiments follow new marketplace innovations that are being used to further the market. People are always going to want a new home. This is true even with a pandemic. The real estate market had to adapt to the quick transition so people could still buy the house of their dreams.
Technology Helps Home Buyers
Technology has become a best friend in our quest for homeownership. Reality has changed for all of us. We are now more dependent on technology than ever. There are many elements that make it possible for real estate agencies and mortgage brokers to safely resume operations.
Virtual Consultations
The ability to meet your mortgage broker on your phone or computer to discuss your needs has changed the market. Virtual consultations are when the real estate agent or mortgage broker talks to the buyer about what they want in a house. Virtual consultations have added a new level of accessibility for potential buyers. It also ensures that the buyer is comfortable in their own home. Although not in person, virtual consultations are a great replacement for getting the work done in person. This meets the needs of homebuyers while ensuring safety.
Home Searches & Virtual Showings
Virtual showings are the future for home buyers. They help streamline the process so that people can quickly decide if they like a home. During the virtual showing, you will be able to walk through the house on your computer. This is very ideal as you get to stay safe and comfortable while choosing your dream home. Sellers could give virtual open houses while having the house always available for walkthrough online.
Document Signing
Signing documents often takes a lot of paper and time. This task often varies by state, but new technology has changed the way people go about signing documents. Most companies are now conducting online signatures as opposed to paper. Mortgage brokers can upload all of your documents online so that you can sign them while at home. This has sped up home buying processes, making it more efficient for home buyers and home sellers.
Sending Money
Money is a large part of the process, but it can be hard to obtain a written check or a large sum of cash. The process has become more virtual for many agencies. Most realtors now accept credit cards. You can also get a wire from your bank or an automatic deduction. Some states have mobile escrows who can deliver checks, other states take checks. The process for sending money has opened up to more options. This is great for the new homeowners that want to pay something with their credit card.
Closing
Depending on your area, you may be able to get a mobile notary to give you the documents that you need. Some states also allow for drive-thru closings. Closings are working to have more distance because of the virus.
New Technology is Impacting Home Buying and Home Selling
Real estate is largely improving and changing because of the reliance on new technologies. In a 2021 Realtor Technological Surve, participants submitted data on what process of technology they use for their real estate transactions. It was determined that the most valuable technologies in real estate were eSignatures, Local MLS technology, social media, lockboxes, and video conferencing. The eSignatures had the highest percentage of 78% adoption while video conferencing had the lowest with 39%.
The main benefit of these new forms of technology is that they limit the distance and exposure to others. That is the best way to keep everyone in the transaction safe. Especially during a pandemic, where interactions between each other can spread a virus.
Data is also a significant new development that has a role in real estate. Tech start-ups have been offering technology that can count crowds, track foot traffic, and follow local shopping habits. These new forms of technology are being used to help real estate companies predict behavior and help their clients understand the market.
Final Thoughts
The COVID-19 pandemic has changed the world we live in. With work being more remote, choosing a home becomes an even more important task for families to take on. However, you want to stay safe when buying your home. This is why technological advancements in the mortgage industry are doing us all a favor. By reducing the amount of interaction we have, we keep everyone safe. If you are considering a new home or have any questions about the process, contact us! The team at Peoples Choice Mortgage is here to help you through every step of the way. We will help you get your dream home that allows you to live your best life long after the pandemic.
