Fintech: Navigating Your Mortgage Journey

With all of the opinion pieces out there outlining the complexities of securing a good mortgage for the home you want, you’d apply be forgiven for thinking that applying for and obtaining a mortgage requires the knowledge of someone who’s made a career out of mortgage lending to facilitate the whole process. However, while having an expert to help guide you is always useful, you don’t need to have majored in accounting to be able to secure yourself a great mortgage rate so long as you follow some crucial steps in a successful mortgage journey. With the emergence of financial tech, or fintech companies, more and more borrowers are taking their mortgage journey into their own hands. However, independence doesn’t mean going it alone, which is why the LoanVerify team is here to outline the necessary steps to take in obtaining a mortgage and help you in making empowered mortgage decisions.

Step 1: Shop for Lenders

Fintech companies like LoanVerify have made the process of starting your mortgage journey more simple, efficient, and independent than ever. Majority of mortgage related fintechs will follow steps similar to these, however, the following is solely indicative of how LoanVerify’s mortgage journey looks and feels. First, download the app, answer 7 simple questions  to help your loan advisors get acquainted with you and what you’re looking for in a mortgage. Then  take pictures of necessary documents, or choose to allow LoanVerify to electronically validate your records all with the touch of a button! Next, order and review your credit report with a loan advisor, and you’ll be on your way to pre-approval, the first benchmark in the mortgage journey . By starting with and prioritizing pre-approval, you can look forward to real estate agents and the sellers of properties taking you seriously, allowing you to shop with confidence..

Step 2: Utilize the Mortgage Calculator

So you’ve submitted all the important documents and have secured your pre-approval. See how easy it was? Now you’re ready to start shopping for homes. Many sources point out  that finding the right mortgage is not about taking the route everyone else takes; it’s about identifying what type of loan fits your situation the absolute best. One great way of doing this is utilizing a mortgage calculator to put your possibilities into perspective. The LoanVerify app  has a simple, easy-to-use mortgage calculator right on the home screen.  Never question what the payment on your next home will be, know immediately what your numbers are.

Step 3: Compare Rates & Fees

Utilizing the technology at your disposal you’ll easily determine what lender  best fits your circumstances. Now it’s time to take that information and bring it to your search for the  best combination of rates, fees, and convenience. Comparing and contrasting different offers from a plethora of lenders can be a major headache. Luckily, LoanVerify is here with that sweet, sweet aspirin, as the the app allows you to plug the information in and compare each offer.  This helps homebuyers better weigh the pros and cons of each offer to make an empowered mortgage decision that fits your unique and individualized situation. Ensuring you properly compare each facet of mortgage offers is imperative, as a small oversight could result in unnecessarily spending thousands of extra dollars at closing and/ or over the life of the loan.   

Step 4: Move To Close Your Loan Agreement

So, you’ve calculated what options work best for you and found the right lender to help you obtain a mortgage for the home you desire. You have secured a pre-approval. Then you have found a home, had an offer accepted, received satisfactory inspection & appraisal results and selected a mortgage program that suits your goals.. Next, you’ll get any last minute documents needed by the lender and set a date to close the deal. Closing is the legal term for securing the mortgage in writing, and it is the final step of the financing process.. This is a time where features like LoanVerify’s live loan advisor comes especially handy Several days before closing they will review your closing disclosure to ensure that everything is understood.

Often times, financing a home can be presented to you as a complex process that is so confusing!  The team here at LoanVerify wants to put the power back in your hands with our free app. t You set the pace and tone of  the entire process.. The technology offers a mortgage calculator and the ability to compare side-by-side loan options. Still overwhelmed?  Still want advice from a qualified professional?, Use the app message a LoanVerify loan advisor for that extra assistance you desire. Download the app for free today to see how mortgages can work for you.