Technology has been integrated into our lives in many ways, including the home buying process. Almost all new homebuyers use the internet to scope out their new living options. Virtual tours have become so in-depth, that many people are buying their homes without ever physically seeing the property.
While it may have taken the banks time to catch up, the standard stacks of mortgage lending paperwork have been minimized as many forms are available online. The complicated process of purchasing a home has been made simpler thanks to technology. Take a look at a short summary of a few specific ways technology has changed the home buying process.
House Hunting
It has been less than 30 years since the reality of real estate included index cards, printed flyers, and hundreds of hopeful phone calls. Today, the internet provides future buyers with up-to-date listing information, interactive search options, and many more essential tools to complete the house hunting process.
House hunting has become more fun than tiring in recent years. Technology provides the ability to digitally walk through houses, choose search criterion, and receive listing notifications from the comfort of home. Many search platforms also offer valuable insight concerning surrounding communities, schools, and public transportation.
Rate Comparisons
Thanks to the Consumer Financial Protection Bureau, the Know Before You Owe mortgage disclosure rule was placed into action last year. Lenders are now required to disclose all the ins and outs of lending agreements before borrowers begin signing contracts.
The enactment of the Know Before You Owe rule has, as expected, created a fury of creation in the world of online comparison tools. Buyers are now able to compare several lending options and choose a lender with a full deck of cards.
Refinancing Options
Mortgage refinancing is no longer a faux pax in the world of homeowners. It is common for buyers to refinance their mortgage two or three times throughout ownership. There are many different reasons a person may choose to refinance their home mortgage, and technology has made it a much easier choice to make.
Self-guiding Processes
Due to the changes in the way we search for and acquire the proper funding for a home, the process of purchasing a home has become increasingly self-guided. Mortgage documentation, communication with lenders and brokers, and engaging comparison models have placed the power back into the hands of buyers. Technology has forced the real estate industry to operate in a more honorable fashion, and homebuyers are the beneficiaries.
Neighborhood Evaluations
Enhanced home searching tools have provided the option for future homebuyers to take a tour of the surrounding neighborhood of the property as well as the home itself. We all know that there is more to buying a home than just the home.