How to Optimize Mortgage Application with Tech

Advancements in financial technology have made our lives a little easier. We can now transfer money instantly, pay by tapping our phone, and get approved for loans online. There are many clear benefits to using the latest financial technology. It saves us precious time and a little money if when correctly. Keep reading to see how you can optimize your mortgage application with the use of fintech.

Use Online Calculators

You can find a calculator for every aspect of the home purchasing process, including stamp duty, re-mortgaging, and overpayments calculators. These simple tools have made advancements in the last few years, thanks to AI and machine learning. These intelligent tools will help you accurately understand how much you might borrow for a home loan within a few minutes. Using online calculators will optimize your mortgage application with shorter approval times and fewer instances of human error. What’s more, they can review large amounts of data efficiently.

Calculators are straightforward to navigate. You simply enter your financial information, including income and deposit amount and details about the property you will potentially purchase. It will quickly give you an idea if you can buy it or not. For example, with a mortgage adviser such as Trussle, you can use an online calculator to get a mortgage in principle, which includes a soft credit check. You can get advice and a decision within 24 hours. With the use of the latest technology, you can search up to 90 lenders and be matched with the most suitable one, something that would take a lot longer in the past when performed manually.


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Provide Accurate Information

Sometimes when applying for any type of loan or credit, people are tempted to provide less accurate information in the hopes of improving their chances of getting qualified for finance. It is important to provide 100% accurate and up-to-date information, especially when using fintech to submit a mortgage application.

From online calculators to chatbots, the key to optimizing these technologies and avoiding any unnecessary delays is providing valid information about your financial situation. When applying for a mortgage, being matched up with the right lender will make a massive difference in getting the best possible deal and rates for your individual circumstances.


Source: Pixabay

Reach Out to Experts

Some shy away from using online financial services, preferring face-to-face human interaction for their home purchase. However, the best way to make the most of the advancements in financial technology is with expert advice from a mortgage adviser. This way, you get the best of both worlds, the affordability and speed of an online application, and the reassurance of someone with years of knowledge and experience in the industry.

In the past, getting expert financial advice may have been costly. Nowadays, when you optimize the technology available, along with advice for an expert, the costs are much lower.

In conclusion, there are clear benefits to using fintech for your mortgage application process, including speed, accessibility, accuracy, and efficiency.

Nathaniel Villa
Nathaniel Villa