The days of waiting for a faxed counter offer from a listing agent or wasting hours of precious in-person time at an attorney’s office are over. Technology has given us the ability to work remotely, the freedom to spend more time with our families, and the flexibility to pursue the hobbies and interests that we care about most.

With the use of advanced technology gaining increased acceptance in the mortgage industry, the average transaction has become more efficient and hassle-free. Over the course of my 15 years as a mortgage broker I have watched the pen slowly give way to the electronic signature, and the copier slowly go the way of the dinosaur. 

The need for a phone call has been supplanted by the ease of sending a text message in many cases, resulting in a faster and smoother transaction process. The necessity of sending faxed copies of driver licenses, pay stubs and bank statements has been eliminated by the camera, scanner and email functions on the average smartphone. 

An e-card system that automatically sends out push notifications to listing agents, mortgage brokers and buyer’s agents at critical points in a transaction is currently available. There is even an iPhone application that allows for the sending of a borrower’s preapproval letter.

In short, the implementation of technology has caused a revolution in my industry – so much so that I typically meet less than 5 percent of my clients face to face these days. Everyone is busier than ever before, the workplace has become more demanding, and the expectations for the modern employee have continually increased. This has resulted in a surge of interest for the ways in which technology can facilitate a furlough from the confines of the office.

The preapproval process is a prime example. All of the necessary steps for a borrower to get preapproved can be completed electronically these days, so the need for in-person meetings can be drastically reduced. Having a letter of preapproval in hand before embarking on a home search is a critical strategy for success if you are interested in maximizing your time.

A preapproval letter is not to be confused with a note of prequalification, however, which is basically worthless since it really only amounts to a lot of meaningless talk. Instead a note of preapproval is worth its weight because all of the diligence that has to be performed has already been done. 

For many folks, the amount of money they will be able to borrow is the single most important factor in their decision making. Going into a search for a potential home with an accurate idea about pricing will allow the buyer (and real estate agent) to save a tremendous amount of time.  Keeping that in mind, the first thing that a person should do before starting the search for a home is contact a mortgage broker.

To summarize, technology has streamlined the financing process and delivered a much more positive experience for many consumers. It has enabled a large segment of the population to educate themselves about all of the particulars, so if there is ever a need to meet in person, the details are positioned in such a way that the transaction goes as smoothly as possible.

Technology has allowed the mortgage industry to greatly reduce its environmental impact by eliminating the need for a mountain of paperwork to correspond with every transaction. That is a change we can all get behind. It has also enabled me to save time and to work on a virtual basis with clients who are located abroad, in Raleigh, Wilmington and elsewhere in North Carolina, although I am always happy to meet with people in person and discuss a situation the old-fashioned way.

For a free assessment about your purchasing power or a note of preapproval, contact me through email, text message or over the phone. I enjoy helping people realize their goals in the most efficient and positive manner possible.

Patrick Stoy has 15 years of mortgage lending experience. Patrick is CEO of Wilmington-based Market Consulting Mortgage, which he started in 2005 with a mission to build lifelong customer relationships by providing real value. To learn more about Marketing Consulting Mortgage, visit www.macmtg.com. Patrick can be reached at [email protected] or 910-509-7105.