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How Fintech Has Changed the Face of Mortgage Applications

In order to meet the ever-changing needs of customers, the financial technology industry has altered the process of applying for loans and mortgages. Let’s take a look at how the loan application process has changed thanks to the use of FinTech.

Streamlined Application and Approval Processes

Remote working, schooling, and socialising have become the norm. We now appreciate that there are many benefits to certain aspects of “remote” living, with one such benefit being that all your banking and loan processes can now be completed online. There is no longer a need to be physically present for simple or even more complicated banking procedures; this is thanks to artificial intelligence and better utilization of data. FinTech has developed processes and apps in order to streamline customers’ loan applications.

There are many benefits to this change in banking procedures and the use of financial technology. In the past, a simple loan application would require multiple time-consuming visits to your bank, with a lot of often confusing paperwork to complete. FinTech applications mean you can apply and be approved for a loan from the comfort of your own home.

These technological advancements have also made loan procedures more transparent and simpler to understand. Financial institutions often use language and terms that can make the application process complicated. With online calculators and comparison tools, the application process is quick and easy to understand. For example, FinTech has revolutionised the mortgage application process. It is now possible to benefit from free expert advice to apply with an online mortgage broker and have approval within hours.


FinTech with a Human Face

The use of this technology does not need to mean an impersonal or generic service. Instead, the ideal model is when financial institutions or brokers incorporate FinTech with a personal service that includes human advice. Using a broker that offers the best financial technology services and the human element will give you real value and potentially save you money.

Unbiased mortgage search technology will first identify the most suitable deal for you. Usually, you can choose to then speak with an advisor to discuss your loan, alternative options and ask questions. This bespoke process ensures that you receive impartial advice, matching you with the right mortgage and financial institution for your circumstances.

Choose a mortgage broker that also offers expert advice and individual customer care. A mortgage adviser can consider your personal circumstances and match you with the bank most likely to approve your application. Once you have completed the automated part of your online application, a broker can then help you find a deal at a favourable rate and even negotiate on your behalf if necessary. A broker can help bridge the gap and match you with the right mortgage, treating each customer individually.

Mortgage brokers can now provide a streamlined and time-effective mortgage application process, thanks to the advances in FinTech. This makes the process more accessible and less daunting for those with less experience in this area, as well as those who have applied for mortgages before as the benefits are universal.