How Technology is Changing the Way We Buy a House

In January 2021, there were over 4.6 billion active internet users around the world. With this many people using the internet every day, it’s no surprise that we depend on the internet when it comes to entertainment, education, simplifying administrative tasks like paying the bills, and even when buying our dream home. But in what specific ways has the mortgage industry adapted due to the accessibility of technology?

Credit score checker

Keeping an eye on your credit score is important, especially when it comes to mortgages. While different companies tend to have their own requirements and scores, banks will carry out a credit check before approving your application. Once upon a time, this process relied heavily on a paper trail, telephone correspondence, or face-to-face meetings in and around other commitments like employment. However, checking credit scores is now substantially easier due to the fact that it can be done digitally.

By adapting this process to the technological era, people can now save both time and money in finding out their credit score. In addition, according to the USA government, you’re entitled to a free credit report each year from the three main credit agencies. Clearly, getting your credit score online these days is both cost and time-efficient, which means it’s easier than ever to get out there and get it done ASAP.

Mortgage advice

With the growing popularity of online chats available, the days of waiting on hold to speak to someone are pretty much in the past. It’s as easy as typing your query into a tiny pop-up window and having somebody message back almost instantly with a response. Whether you’re wanting to find out how much you can borrow, or want more information about the different mortgages available, a free service like Trussle can help you through the mortgage process. From general inquiries to the submission of an application, generally, advisers from this comparison service will aim to respond to clients within a matter of days with a prognosis, which is exponentially faster than the seemingly indefinite wait of the pre-internet days.

With a whole host of information on their website, Trussle believes everything should be simple to understand and that the process should be as stress-free as possible. While they are a UK company helping UK residents, there are a range of mortgage advisers available should you need to speak to someone for general advice.

Mortgage application

Due to the accessibility of the internet, more people are expecting businesses to offer online services when it comes to their mortgages. In 2021, Forbes reported that almost all mortgage lenders believe that technology can improve the application process, showing it’s not just consumers that want a larger range of digital tools available. Online applications are not only easier to complete in terms of accessibility and layout, but the added bonus in that you can do them from the comfort of your own home makes the process even more convenient.

Mortgage engagement

With more than half of all homeowners accessing their mortgage account online, this shows that technology has the potential to allow banks to streamline the way they work. Due to the ability to upload documents online, this is not only making it easier to apply for a mortgage, but it also removes the need for paper statements, which will appeal to people wanting to become more environmentally friendly.

Technology is becoming beneficial in every part of our lives, with more businesses turning to the digital world. While there’s more that can be done for consumers looking to get a mortgage, as well as lenders finding the balance between online and in-person, there has definitely been a shift in the right direction.