Out with the old. In with the new.

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Out with the old. In with the new.1.jpg

By nbkc bank
01/05/2022

Things are changing fast these days. Real fast. Technology has accelerated the rate we chat with coworkers, order food and even how we apply for a mortgage.

The mortgage process of old is starting to fade away (no matter how hard some try to keep it around) and more fully-online applications are popping up everywhere.

Why? How did we get there? Is it more helpful? Let’s take a look at the traditional process, how it’s getting better and where it can go in the future.

The traditional mortgage process

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Isn’t it crazy that it’s hard to imagine doing everything face-to-face nowadays? We’ve moved into a digital era thanks to the internet. But there once was a time where everything HAD to be in person — just like the mortgage application process.

Inefficient and a hassle

Gathering what felt like every financial document you’ve ever had, filling out endless paper applications and sitting face to face was just the way you had to do it back then. It was slow, inefficient and a hassle.

Limited access to lenders

Also, you couldn’t just shop around to find a lender like you can today. Thanks to the internet, you aren’t limited to where you physically are to find the best lending option for you. Finding a helpful lender is simply one click away.

Today’s mortgage application process: Neater. Easier. Faster.

Lenders are always looking to improve the customer experience. Technology makes it easier to give customers an efficient and effective experience in a matter of moments. That also applies to applying for a mortgage.

Applying in one place

Gone are the days when you had to send in documents back and forth from bank to bank. Online systems make the process organized and streamlined. Documents can be requested by lenders and added in by the buyer in one convenient location.

PDFs instead of hard copies, online proof of employment, eStatements can all run through these systems so you don’t have to gather them up and email them, mail them or bring them in person.

For example, at nbkc we use programs that verify your income AND assets by looking through your direct deposits. With one document you have proof of employment, income is automatically calculated for you and assets are verified. That’s a whole lot of paperwork that you don’t need to gather.

Not only is it convenient for you, it’s efficient for us. These systems are uniformly accepted by our underwriters with no questions asked. They get right to work so you can move faster with the home buying process.

Go at your pace

Online applications allow you to fill things out as you go. Start and stop whenever or when you have your online documents ready. Also, lenders can pull up your application in moments, review it quickly and then contact you when they need more information. They come to you so you don’t have to. It makes dropping in any information quick, easy and hassle-free.

More time for the important things. Like buying a home.

Technology has made all of the complicated aspects of a mortgage application easier for both sides. Lenders like us can take more time being accurate and offering support — and you get some much needed time back thanks to an efficient application process. The entire process is quicker, smoother and calmer so you can focus on the task at hand: purchasing a home.

The future of mortgage applications

Things are definitely better these days. But that doesn’t mean we shouldn’t settle for where we are at. We can and should continue to make the process even more effective and efficient. Let’s quickly look at some of the ways the process can continue to improve.

Everything you love. Even faster.

The future of mortgage applications will be even faster and even easier. More and more technology advancements will push banks to keep up and invest in software that improves efficiency.

Safer & more secure services

More competition in this space will push lenders to offer more convenient and organized applications while reducing risk for both the customer and banks. Online verification of documents will become more intuitive, faster and safer. Potential home buyers will feel more secure sending documents virtually, while removing any headaches surrounding speed and efficiency.

In short, it’s just going to keep on getting better.

Ready for a quick and easy application?

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Lucky for you nbkc already has an online mortgage application process — and we’re always looking to improve. Take a look through our streamlined process or contact a loan officer if you’re interested in learning more. We’re ready to make this process as easy as possible for you. Let’s get started and work towards your new home.