Mortgage Trends
Tech Trends Transforming Homebuying
Technology is turning the mortgage process into an efficient, well-oiled machine. Less than a decade ago, the typical home financing experience required trips to the copier, sluggish fax machines and prolonged turn times. Not anymore.
Digital innovations to each step of the process have added convenience and saved heaps of time. Check out the tech trends that paved the way for today’s fast and easy homebuying experience.
Digital Home Financing
Navigate the mortgage process on your coffee break—new capabilities simplify the journey from approval to closing. No more being put on hold for hours or visiting the bank. Rate takes the ease of the online application experience to the next level with:
World’s First Digital Mortgage
Speedy technology helps applicants get real approval* in just minutes. With an approval letter in hand, borrowers can make a strong offer on the spot when they find their ideal home.
Intuitive Loan Finder
Explore local loan options with a few clicks. The technology’s robust decision logic asks intelligent questions and generates personalized results in as little as 60 seconds.
File Sharing
Starting with electronic bulletin board systems and evolving into today’s cloud, sharing files has come a long way. Digital file sharing enables instant collaboration between borrowers and their mortgage teams. The Rate process is simplified with:
TransferSafe Technology
The cloud-based, paperless service provides a single point of access for uploading documents, expedited processing and a custom to-do list to determine what actions are needed during the process.
Automated Asset Verification
Forget downloading, printing or scanning. Automated bank statement gathering reduces stress—and could save six days** on time to close.
Mobile Apps
Today’s digital landscape is a far cry from the Snake Game and other early apps. Real estate apps have changed the way buyers peruse property listings, narrow down choices and estimate market values. Getting real-time rates on the go is easier with:
Rate Mobile App
If you’re purchasing a home or looking to refinance, this app provides mortgage calculators, customized loan options and loan officer referral features to help borrowers get their perfect mortgage—wherever they are.
Virtual Reality
Can’t make it to the open house? Take a virtual tour. Agents use VR for a truly immersive home viewing experience, while home improvement centers use it to give customers hands-on tutorials. 3D renderings even make it possible to visualize houses that don’t exist yet.
eSignatures
The closing table is the last step before picking up the keys to a new home. Signing hundreds of mortgage documents by hand was the definition of tedious. Rate’s quick-as-a-click tech keeps the notary appointment short and sweet:
FlashClose
Powered by partner DocMagic, FlashClose adds speed, convenience and accuracy to the mortgage process. Borrowers can electronically sign most of their closing docs, which could shave an hour or more off the closing appointment!