Tech vs. Humans – Borrowers Benefit from the Best of Both Worlds

mobile app loan application

For some time now, advances in technology have been driving the way in which we purchase in just about every sector. Among these, it seems that the mortgage industry is experiencing some of the most advanced updates, especially when it comes to loans. New tools like online platforms make it easier for jumbo wholesale lenders and normal lenders to guide you through the entire process.

But that doesn’t mean we should disregard human interaction just yet. After all, real estates agents may have invested in things like real estate back office software in order to make interactions as good an experience as possible, plus they will have specialist knowledge that simply can’t be found online. In fact, as it turns out, borrowers can benefit from the best of both worlds.

Face-to-Face Conversations Still Count

In fact, recent reports show that human contact is actually still preferred by most mortgage borrowers, even in a world where everything is online and, thanks to plans from providers like spectrum internet, right at our fingertips.

Think about it. Would you truly trust an app to give you mortgage advice that’s really in your best interest? If not, you’re certainly not alone. Sure, “robot-advice” may be faster and convenient, but you cannot beat face-to-face human advice.

In fact, many lenders still prefer to talk to an advisor when it comes to complex financial products like mortgages. That’s because it’s the perfect opportunity to ask questions and receive customized service.

Certainly, the rapid growth in digital technology carries both pros and cons. With a bustling economy and a housing market in short supply, you just can’t beat embracing the best of both worlds.

This is particularly important if you are going through this process for the first time. For example, if you are a first-time buyer, or are thinking about renting or moving into a student house, that you may have found from somewhere like for your college years, then combining any research that you have done via technology, as well as the professional knowledge of an expert is bound to make the whole process easier to navigate.

The Benefits of One-on-One Advisor Time

Advice aside, there’s a lot to be gained from personal conversations. After all, buying a house is a big deal. When you sit down with an advisor, you can enjoy getting the bigger picture of your finances. Sometimes what looks great on paper isn’t really so great for your pocket.

What’s more, an advisor will help you thoroughly understand your budget and how best to use it. You’ll get an idea of all the different loan programs and the opportunity to discuss ways to repair your credit history, if necessary.

An advisor, during one-on-one time, can also go over all the things that could prevent the approval of your loan.

Can an app do all that? No. But there are still plenty of benefits to throwing a mortgage application app into the mix.

There Is a Place for Apps

There’s no denying the sheer convenience of mobile apps. In fact, it’s hard to beat the ease of having everything right in the palm of your hand. Having a mobile loan app gives you a direct point of contact with your mortgage consultant and your realtor. It gives you the opportunity to apply anytime, anywhere and you can even stop and resume as needed.

Mortgage calculators also make life easier. It’s a way of figuring out your budget quickly. And, once you’re ready, all you have to do is take photos of your documents with your phone or tablet and upload them to the app. What’s more, with an app, you can get real-time status updates on your application no matter where you are.

For Borrowers and Lenders, It’s the Best of Both Worlds

While many of us, especially millennials, are most likely to use technology to apply for a mortgage, we’re still seeking interaction with mortgage consultants.

A survey titled Borrower Insights Survey released by Ellie Mae last year reveals that 37% of millennials say that more face-to-face interaction and communication with lenders would likely have improved their application experience.

The report shows us that homebuyers aren’t just seeking high-tech solutions, but they also want the human touch when it comes to applying for a big purchase loan.

It really is the best of both worlds these days. You can meet with an advisor in person to learn about the bigger picture in terms of your mortgage. Then, you can log in to the app to apply, upload your documents, and keep track of the entire process whenever you want to, no matter where you are.

For the mortgage lending sector, at least, technology and human interaction remain the perfect match.

Centennial Lending Group is a small company that focuses on personal service with all the technology of larger groups. Get in touch today to discuss your mortgage application.