Tech trends
Technology has revolutionized the way buyers secure financing, and now, shortcuts are available for the closing process. (Photo: Unsplash).
Michaela Phillips, Guaranteed Rate, Inc.
Michaela Phillips, Guaranteed Rate, Inc.

Closing on a home is always exciting, but it used to involve a tedious process that prolonged the homebuying experience. Technology has revolutionized the way buyers secure financing, and now, shortcuts are available for the closing process. If you’re thinking about buying a home, here’s what you need to know about the newest technology trends in homebuying:

Digital financing

In our fast-paced world, most of us lack the time it takes to drive to the bank and meet with a lender. If you’re short on time or would prefer to skip in-person meetings, it’s simple to secure financing online. Our intuitive loan finder makes it easy to find the perfect fit, and you’ll only need to answer a few straightforward questions to be matched with your loan. This process only takes a few minutes, and in some cases, as little as 60 seconds. After finding the best loan fit for your needs, you can get real approval online and let the shopping begin.

Automated asset verification

Asset verification is often one of the most stressful and time-consuming steps of the homebuying process. In the past, this step required borrowers to locate and scan bank statements to share with the lender. These days are long gone – on average, buyers can close six days sooner when they opt for automated asset verification.

File sharing

File sharing has simplified daily life for numerous individuals, and this technology is especially helpful for the world of real estate. Instead of sitting by the copier or waiting for a sluggish fax machine to transfer the documents, you can use our TransferSafe technology to instantly communicate with your mortgage team.

FlashClose

There’s no doubt that you’re looking forward to the most exciting part of finding your dream home: closing and moving in! Sitting at a desk and signing a thick stack of paperwork is no one’s idea of a good time, but luckily, our partners at DocMagic have made it possible to speed up the process on closing day. While you’ll still need to sign a few documents with a notary present, the vast majority of paperwork can be signed online ahead of time. By signing electronically, you’ll save about an hour on closing day and can navigate the process at your own speed. If you need to take a break, the platform will automatically save your progress.

Technological advances have simplified countless aspects of our lives and buying a home is no exception.

By Michaela Phillips, Guaranteed Rate Inc. Michaela is the Vice President of Mortgage Lending at Guaranteed Rate, Inc. Contact Michaela at 303.579.5517, e-mail michaela@michaelaphillips.com or visit michaelaphillips.com. NMLS: 312874.