The world is getting digitized and you can get access to any kind of information with a click of a mouse. DC Fawcett Virtual Wholesaling Years ago,when you need money to buy a home you need to walk all the way to the bank to apply for a loan or approach a mortgage lender.
With the evolution of technology, new innovations are helping out the investors to do quick real estate marketing. The need for manual mortgage process has reduced as the process has been automated.
The mortgage loan files usually run for nearly 500 pages and take several weeks to get the loan approved. To avoid all these, digital signatures have been introduced.
Drawbacks of Digital Mortgage
- The need for digitization, drawbacks of digital mortgage and the online scam are explained briefly.
- Digital mortgage doesn’t involve any paper work and the entire mortgage process is done digitally without the help of an agent.
- The process is fast and qualified borrowers are sanctioned with necessary loan amount, although human intervention is required at certain points of the process. It is a cost effective method and investors prefer it for the efficiency and security factors.
- This method was started to eliminate manual processes and save time. The investors can apply loans by filling out the forms online and upload documents for proof.
- There are so many collaborations by finance companies with data aggregators that ensure information of the customer is kept confidential and not exposed deliberately.
Documents can be e-signed through digital signatures. For e.g. the lender and the borrower stay far away from each other. Investors can adapt to digital mortgage scheme to avoid traveling every time. Block chain technology helps to store abundant information online, transfer mortgages quick and at affordable price.
Advantages of using digital mortgage
- Interest rate and closing cost is low
- Time saving
- Even investors with low credit score can apply , decent loan amount can be sanctioned
The virtual real estate investing club will provide information on how to avail mortgage and what are the types available. The investors who are availing for the first time can read the blogs written by DC Fawcett to get some information.
Every day we read and come across about online scam taking place in various forms in different sectors like banking, finance, real estate.
On the other hand, the face-to–face conversations should be maintained while discussing important issues, e.g. financial information should be kept confidential. Also, manual process should be retained, which is preferred by the investors who are not interested to use online at all. Thus, the choice is kept open; it is the investors wish to opt for any option. The process is safe as long as loan officer is skilled and know how to use digital mortgage.
DC Fawcett complaints about the banking system, hacking has become so common that fraudsters steal the information of the investors easily. Encryption is helpful, but if it is weak, it turns out favorable for scammers. The investors should not pass any transparent information online. Automation is fine only for verification and validation purpose.