With technology provided by OnlineApplication.io, beginning a mortgage application is easier than ever before. In only five simple steps, your customers will be able to start an application online, making the experience more efficient for all.
1. What Best Describes You?
The first question the program poses is ‘what best describes you?’ The customer will then select the option that most accurately describes their own position. The four choices will be first time buyer, remortgage or switching, mover (non-first time buyer), and investor/buy to let.
2. Do You Have an Idea of the Loan You Need?
Once one of the four options above is chosen, the customer will be met with a second question: ‘do you have an idea of the loan you need?’ This time, there will be two selections to choose from. The first is for customers that already know their home budget and loan amount needed. Customers that do not yet have a clear grasp on these figures will select the second option on the screen.
3. Enter Values
A customer that already has a good idea of their home budget will immediately be directed to input three numbers. They will be asked to submit the price/value of the property they are expecting to own, the amount they will need to borrow, and the duration of the loan which can span from only one year to forty years.
A customer that does not have these numbers at the ready will first be directed to a calculator that will estimate the proper valuations for them immediately. Here, the customer will enter their own annual salary, their partner’s annual salary (if applicable), their deposit amount (including a gift if applicable), and their regular monthly spending. Once these numbers are entered and submitted, the three main figures discussed in the paragraph above will instantly autofill.
4. Best Rates Available
Once the price of the property, borrowing amount, and loan duration are submitted, the customer will be provided with a list of rates with varying options of years that are fixed. The list is straightforward and the customer will be able to clearly compare the different rates and options.
5. Get Started on the Application
After reviewing the varying rates and choices, the customer will select the option they wish to. Once a rate is selected, they will be directed to login and can start the mortgage application process itself.
OnlineApplication.io is here to make the mortgage application process easier, better, and faster for the mortgage broker, the customer, and the bank. Check out our website for more information about our services and schedule a demo!