Real estate in a digital world
Though many of us would rather forget, the COVID-19 pandemic forced most of us to do everything from home — working from home, learning from makeshift school desks, socializing over the computer, working out in our living rooms… even buying and financing a home.
During those dark days, the real estate and mortgage industries quickly took advantage of existing technology and create new innovations to make it possible to safely and securely buy while maintaining social distance.
During those dark days, the real estate and mortgage industries quickly adapted existing technology to enable safe and secure homebuying and or refinancing while maintaining social distance. Fortunately, many of these practices were already in place, created for convenience and efficiency. Since then, we've continued to push our technology to make homebuying easier, faster, more secure and socially distant.
All of these of innovations mean that you can have the most seamless homebuying process, similar to buying almost anything else online. Here’s how you can do it.
View by way of virtual tour
Virtual showings have become extremely popular—providing video footage from inside a home and walking buyers through a virtual tour. This isn’t a video of still shots of a home that you may be used to seeing. The agent can actually walk you through the home while holding a camera or phone and provide real-time interaction. By implementing live video-chat home touring systems, you can virtually “walk” from room to room—testing out utilities and even pointing out flaws—to ensure you can see every inch and crevice of your potential home.
New technology also allows for 3D virtual tours, so you can go back on your own and zoom in on certain areas. And if you have a headset, VR technology has the capability to make you feel like you’re really moving inside a home, walking up the stairs, opening closet doors or stepping out into the backyard.
3D tours are proving to be extremely popular. A Zillow report has found that listings featuring a 3D tour were up about 200% and are 75% more likely to be “favorited” on the online platform than listings without the virtual tour.
The digital mortgage experience
Through our Digital Mortgage, you can check real-time rates, pull credit and receive a pre-approval in 15 minutes or less. Never underestimate the power of a pre-approval! As rates drop and competition heats up, a pre-approval makes you a more competitive buyer and also shows agents you’re serious about buying a home.
When it’s time to verify your information, this can all be done digitally. Through our secure document imaging system, you can upload all your documents and financial statements and ensure they’re collected in one safe, easy-to-access place. Our automation tools then allow for digital verification of data with automated bank statement, income and tax return gathering. No collecting pay stubs or digging up old files.
A contact-free close
Our FlashCloseSM platform enables both full e-closings and hybrid options. Originally developed to expedite the closing process, it’s now become an industry standard.
The FlashCloseSM hybrid option allows borrowers to review and e-sign the majority of documents ahead of time and then complete the notarization process in person. This can allow the closing to go much smoother — and faster.
Where applicable, our FlashCloseSM eClose allows borrowers to complete the entire closing process from the comfort of their own home. With use of a webcam, documents are e-signed and a licensed remote notary is able to complete the notarization.
The industry has finally turned a corner in the use and understanding of digital technology at the closing table. Title, notaries and lenders now are more open to the change and see the benefit it brings to their business in terms of productivity and operational efficiency.
A new virtual reality
The mortgage and real estate industries as a whole continue to adapt in an effort to help you make your dream of homeownership a smooth experience. With the use of innovative technology, buying a new home from the comfort of your current home is now not only a possibility, but a better way to do it.
*Sample rate provided for illustration purposes only and is not intended to provide mortgage or other financial advice specific to the circumstances of any individual and should not be relied upon in that regard. Rate cannot predict where rates will be in the future