Last year was characterized by a housing market unlike any we have seen in recent memory; it was a seller’s dream and a buyer’s nightmare. The national median home price hit an all-time high in June at $362,800, and, according to Redfin, the typical home sold in just 15 days. Many were snatched up the same day they hit the market.
As experts predict that this year’s housing market will be similarly frenetic, the ability to act fast is key to a buyer’s success. Homes are selling quickly, buyers need fast answers and interest rates are on the rise. Speed can be the determining factor as to whether you get the house you want.
Increase Efficiencies with Digital Processes
That’s why, when you are applying for a home mortgage, speed of processing is of the essence. Fortunately, some lenders understand that and have embraced digital technology and automation to make the borrower’s user experience as fast and frictionless as possible.
At Valley, for example, we’ve developed the My Mortgage App which makes it easy to apply for a mortgage, consult with a local mortgage expert and instantly upload documents or sign forms – anywhere or anytime. It also sends you automated status updates throughout the process, letting you know immediately if something requires action on your part.
Gain a Competitive Advantage
Being pre-qualified for a mortgage gives buyers an upper hand over those who are not. With today’s more efficient processes, you can get pre-qualified within hours or minutes of finding a home, so you can make a credible offer that demonstrates you have verified purchasing power right away. This can also give you an opportunity to be the first in line to buy a home, possibly circumventing bidding wars that may come later.
Historically, getting a mortgage was a slow and cumbersome process, and inefficiencies and processing errors could delay your closing date, cause logistical problems for both buyers and sellers and – at worst – even jeopardize the sale. With today’s more forward-thinking lenders, technical innovations have been introduced at every stage of the home-buying process to ensure you get those keys in hand faster than ever before.
Benefit from Technology + the Human Touch
“While cutting-edge technologies are revolutionizing the mortgage process, the human connection remains invaluable,” says Scott Honey, Valley’s Head of Mortgage Production Support. “Valley’s local home lending experts can help you navigate the complexities of buying a home and provide you with trusted advice to make the journey as seamless (and stress-free) as possible. You’ll feel better knowing you have a professional in your neighborhood who can provide the valuable insights that nationally advertised companies can’t offer.”
If you’re interested in buying a home and have a need for speed, Valley can help. Apply for your mortgage faster and easier than ever before with Valley’s My Mortgage App, or reach out to one of our Home Loan Consultants today.