The one app homebuyers are using to beat ‘mortgage dread’

It’s not yet possible to get a mortgage at the touch of a “magic button,” but borrowers have found that streamlining the mortgage process, once complicated by months of delays and piles of paperwork, can make buying a house faster and easier. Snafus and setbacks that were once the industry standard can be addressed, in most cases, when borrowers are able to control their home loans using an app.

The better way to mortgage

In the past 10 years, technology has skyrocketed. Some mortgage lenders have seen our recently enhanced connectivity as potential for their borrowers to fly through the mortgage process quickly and easily. One mortgage lender, based out of Houston with loan offices in 40 states, designed a home loan app that addresses the most prevalent problems seen in the mortgage industry today.

Buying a house takes too long. It’s impersonal, and it’s complicated. These are the complaints mortgage lenders hear often from homebuyers who are sick of the waiting game — or worse, taking one step forward and two steps back.The free LoanFly app, created by Cornerstone Home Lending, Inc., a lender serving borrowers for almost 30 years, makes mortgage fast, mobile, and friendly. The app — with one of its many features enabling a borrower to stay in touch with their loan officer on-the-go — makes the process as personal, or not, as the borrower wants it to be.

Borrowers across the U.S. have been using LoanFly to:

  • Prequalify in as few as 15 minutes.
  • Receive your credit score in your inbox as soon as you submit your prequalification form.
  • Search for homes through a nationwide database with up-to-date, active MLS listings in 98 percent of U.S. housing markets, with search filter and favorite capabilities.
  • Request a competitive and secure mortgage rate estimate.
  • Calculate an estimated monthly mortgage payment that can be used to compare home loan estimates provided by other lenders.
  • Submit and receive secure mortgage loan documents remotely and virtually track the loan process through to closing day.
  • Stay in touch with a loan officer at the click of a button — or set up a time using the app to meet face-to-face.

3 big mortgage problems that have an easy fix

Consider some of the most common mortgage problems that have an app-driven solution:

  • It’s confusing. When NerdWallet conducted its first Home Buyer Reality Report in 2017, 32 percent of borrowers said they found the mortgage experience to be “complicated.” 42 percent of borrowers found it “stressful.” Many people don’t even know the first step to take to get a mortgage – hence, the stress and confusion. Do you find the home you like and then initiate the process? Or do you find out how much you’re eligible for and then start searching for a home within that price range?

Plug your information into the LoanFly app, and your loan officer will take care of the rest for you. Using LoanFly, a loan officer will review your credit score, salary, and debts. You’ll only need to enter this data once into the app to find out the loan amount you qualify for. When you prequalify, the LoanFly process enables your dedicated loan officer to give you guidance on actions you can take to increase the amount you’re eligible for, like building up your credit score or improving your debt-to-income ratio. If you can’t afford a down payment, your loan officer can show you other alternatives that may help you.

  • It’s slow.The process of browsing through real estate listings, finding a home that’s perfect, and then proceeding to get a loan that meets your criteria can be tedious and downright painful. Previously, one of the problems was that even with the internet there to help you, you were constantly jumping between different real estate sites, keeping an eye on mortgage rates, and combing through loan providers, desperately hoping you weren’t going to regret your choice later.

Using a free app like LoanFly puts the entire process at your fingertips – from home browsing to prequalifying to ultimately securing a loan, which can happen in as little as 10 days.*

  • It’s impersonal. Homebuyers who feel like you’ve been treated like a number, there’s an app for that too. Some lenders recognize that borrowers are looking for mortgage made fast and easy — while overlooking one critical part of the equation. Borrowers who want mortgage made simple aren’t willing to sacrifice the personal connection. Within the Consumer Financial Protection Bureau’s 2015 report on the consumer mortgage shopping experience, including data from the National Survey of Mortgage Borrowers, the CFPB discovered that a large portion of borrowers weighs a lender’s reputation and location to be “very important” in their decision-making process. In translation, borrowers not only want a competitive mortgage rate so that they can get into a house they can afford, but they also want a local mortgage lender they can trust.

Along with speed and ease, the success of LoanFly hinges on its personal connection. A borrower can stay in touch with their loan officer without ever leaving the couch. Borrowers looking for little information and little help while buying can choose to fly solo and use the app to stay in touch. Borrowers who want a stronger connection can get their mortgage questions answered face-to-face, over the phone, or via email. LoanFly can be used to contact a loan officer at any time, and from anywhere, until and beyond closing day.

Melissa Thompson

Melissa Thompson writes about a wide range of topics, revealing interesting things we didn’t know before. She is a freelance USA Today producer, and a Technorati contributor.