Technology is everywhere today. In many ways, technological advances have made the world of business run much more smoothly. For the lending and housing industry, considerable advancements over the past few years have had a huge impact on the entire industry. Here are a few ways technology has altered our industry (for the better).
- Virtual Reality – With the ability to show homes virtually, buyers can deep dive into a selection of homes from the comfort of their armchair. This saves time and helps narrow down possible options to what you truly want to see. This also limits frustrations because you’re not spending hours and hours going home to home just to feel discouraged that nothing is fitting your needs. This is an especially helpful tool for those moving from out of the state or country.
- Speedy Transactions – This digital age has allowed us to conduct business quickly. Many times, we can purchase something on Amazon and have it on our doorstop in under two days. Speed has become an expectation, and this is true in the mortgage business. Luckily, tech has allowed us to keep up. Of course, with such large purchases that come through mortgage lending, there are still some situations that will require patience. But the contract-to-close (and funding) timeframe has gotten much shorter if buyer and seller want it to be.
- Big Data – Big data is beneficial for the lending and housing industry because it gives insights into patterns and trends, prices and values, demographic data, associations, and more. It aids in the process of determining values of a property by providing real-time, regional research.
- Automated Communication – Most people like a human element to transactions, so automation has to be designed in a way that combines the two. However, with some specific automated communication, borrowers can get alerts and messages regarding certain important processes of the loan approval and buying process, such as application receival, processing, underwriting information, and closing status. These automated messages are accurate and immediate, allowing lenders to work on other critical components of the process. There’s a happy medium with technology use to ensure personal support remains a priority.
- Smart Home Technology – Many homes on the market today have technology built throughout. Smart products such as TVs, home appliances, lighting systems, and security cameras are becoming more and more common in US homes today. Homebuyers are often looking for these benefits while they’re shopping for homes, and with almost every home for sale being on the internet, real estate agents can easily see which homes have these options.
- Mobile-first Mentality – Because of mobile-ready webpages and services, you don’t have to wait for your lender or real estate agent to get back to their desk at their office to find out more information. They can search it up on their phone! Most digital usage is done on smartphones, and many lending processes can be handled on a mobile device.
For the most efficient yet personable experience in lending in Idaho, contact InterWest Mortgage’s experts.
