The Home Buying Process Becomes Fun and Easy with PreApproveMe App
- Commercial Real Estate
- CREtech Blog
Transparency in lending is now increased with the release of an app that brings lenders and realtors together to make the pre-approval process in home buying more transparent for everyone involved. Featured on Inman News and included on Housingwire’s Tech100 list PreApproveMe, features a robust array of features that make it easier for lenders to provide pre-approvals.
Among those features is a built-in custom DTI calculator that gives agents and buyers the ability to shop for a home with increased confidence. Following the initial consultation with a buyer, lenders and real estate agents are able to check the buyer’s profile and then choose the various loan programs for which the buyer qualifies.
Making PreApprovals Faster and Easier
When shopping for a home, a pre-approval letter can make a significant difference for buyers in terms of negotiating power. PreApproveMe makes it easier for lenders to provide this vital information. In the past, the process of obtaining a pre-approval letter from loan officers often meant that the buyer or real estate agent would need to rely on a phone call or email. This problem is now nicely resolved with PreApproveMe. All it takes is the touch of a button on a smartphone and the pre-approval letter is emailed instantly. In extremely competitive home buying markets, time can be of the essence. PreApproveMe provides increased clarity and faster-than-ever pre-approval letters, which could mean the difference between a buyer getting the home of their dreams or missing out. Lenders are able to benefit from a custom approval letter than can be branded with their signature and logo.
Tracking Progress in the Loan Process
To ensure that buyers are kept updated throughout the loan process, PreApproveMe provides a series of milestones. With the Own Your Home Thermometer, a push notification and email status report can be transmitted to buyers and their agents when each milestone is attained in the loan process. This ensures that everyone is on the same page while helping to eliminate confusion.
Recognizing that one of the primary reasons that mortgage loans often close late is failing to turn in loan conditions on time, PreApproveMe also offers a conditions tab. With this feature, it becomes easier and less time-consuming to gather the necessary documents necessary to close a loan. A built-in snap scanner is included, which allows buyers to use the camera on the smartphone to take photos of outstanding conditions that may be needed for the loan. The PreApproveMe app when then crop, enhance, and clean-up the image before transmitting a PDF to the relevant loan officer. Once the document is received, the loan officer has the option of either accepting or rejecting the condition and can even make notes to explain why a particular document was rejected. Since all documents are time-stamped, everyone involved in the loan process can benefit from improved tracking.
Offering a variety of features to make the home buying process easier for lenders, buyers, and real estate agents, PreApproveMe is revolutionizing the way homes are bought.