How Technology Simplifies the Home Buying Process
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Home Buying Technology: The Future Is Here
Buying a new home is part of the American dream. Yet, as exciting as house hunting can be, there is still some stress and work that goes into the process. But technology continues to revolutionize every aspect of our lives, and that includes streamlining the home buying process.
These days, home buyers are taking matters into their own hands, almost exclusively searching for homes online before seeking out a real estate agent. And most, if not all, of the business of buying a house takes place online, too, from applying for a mortgage to signing the closing documents. Online apps and tools are simplifying each step of the home buying journey, from the first viewing to the final closing.
Scoping Out Potential Homes with the Click of a Button
Gone are the days when you had to drive past each individual house on your list and then wait for open house viewings, or set up separate appointments with a real estate agent for each home.
Nowadays, real estate agencies and marketplaces such as Trulia, Zillow, Realtor, and Redfin make house-hunting easier than ever by listing homes online. You can see every room of the home, and some listings even have dedicated video presentations or virtual tours with 360-degree views. This was especially helpful during the height of the COVID-19 pandemic, when it wasn’t safe to view homes in person. It’s also simplu a bonus for anyone with a busy schedule who wants to save time and money.
Exploring the Neighborhood from Home
The virtual tours don’t stop within the walls of your potential dream home. Thanks to Google Maps and similar sites, you can check out entire neighborhoods, with both satellite and street-level views, before you buy — all from the comfort of your couch. Whether it’s surveying local schools or family-friendly parks, or searching for walkable entertainment for nights out on the town, the internet makes neighborhood selection a breeze.
Applying for a Mortgage
If you find yourself dreading the mortgage application process, you’re not alone. Financing was traditionally one of the most laborious parts of the home buying process. But the good news is that technology for home buying has completely changed the game.
Today, you no longer need to make time for an appointment at a bank during normal business hours for your mortgage loan pre-approval. With mobile and online applications, you can apply for a mortgage online and submit the required documents to your lender electronically, at any time and from anywhere.
In addition to speeding up the application and underwriting processes, you can also easily research current rates, use a mortgage calculator to test out different mortgage scenarios, and get competing offers from multiple lenders.
Remote Real Estate Closing
The closing of your new home sale used to be known as a long and tedious process. It’s why so many sellers opted to skip out on attending home closings in person. Unfortunately, that wasn’t always an option for buyers, but remote closings are changing that.
These days, your agent will send you all the pages of the contract and addendums electronically. You’ll be able to complete most of your documentation review and sign online using an electronic-signature system such as SimpleNexus, which typically sends the signed forms back to the appropriate party. Some paperwork may still need physical signatures for legal reasons, but doing most of the signing during closure online will make the entire process easier.
Hero Loan Can Help You Get the Loan You Need
Need some help financing your family’s dream home? At Hero Loan, we’re dedicated to making the lending process quick and simple. Our expert team is dedicated to meeting the needs of current military service members and veterans in a quick, convenient fashion, making sure you have the right loan for your home.