Image courtesy of pixabay.com, Mansion
BeSmartee enables lenders to offer home buyers tools to pre-qualify for a loan in 2 minutes, get an instant approval with an approval letter in 20 minutes and close a mortgage loan in about 2 weeks.
Real estate agents work extremely hard to accumulate clients through marketing themselves and referrals. Time is truly money and no time can be wasted when it comes to closing a deal and keeping their clients happy.
In this article, you will learn why the performance of a mortgage lender is critical to a real estate sale, why real estate agents should reconsider their existing mortgage lender relationships, what complaints about mortgage lenders real estate agents typically have and why the mortgage process is better when using the BeSmartee system.
In doing business, real estate agents must also deal with mortgage lenders who provide financing to their purchase clients. The performance of the mortgage lender is very important to the outcome of the real estate transaction. If the lender makes mistakes, works slowly or drops the ball, resulting in the borrower not being able to get financed, or gets financed too late, then the buyer misses out on buying their dream home and the agent misses out on their commission.
It’s for this reason that real estate agents become extremely loyal when they come across a mortgage lender they can begin to rely on. Only special circumstances will cause a real estate agent to stop referring clients to a mortgage lender they have formed a working relationship with.
The next generation of homebuyers have grown up or lived most of their lives using technology. They are savvy shoppers and conduct thorough research before committing to buying a product. The next generation of home buyers are very comfortable doing business online.
Rate shopping technology available to borrowers today essentially forces mortgage lenders to up their game and offer more than simply advertising low-interest rates. This next generation of buyers and their real estate agents need to have fast, easy, transparent and reliable ways to fulfill their mortgage borrowing needs.
Imagine a world where the agent doesn’t need to send the borrower off into the mortgage jungle with only a post-it referral containing a name and phone number of some lender the agent typically uses.
Imagine a world where the real estate agent gets automated updates about where their clients’ loan process is at all times without having to chase down the lender or wait for the lender to contact them with a status update.
What if this same buyer can pre-qualify and instantly approve themselves for a loan through BeSmartee while they wait for the real estate agent to prepare the contracts necessary to represent the buyer or make an offer for a sale?
These time and money saving opportunities have a tremendous benefit to borrowers and the real estate agents that represent them. This is why existing mortgage lender relationships need to be reconsidered. Quite simply, the old way is too time-consuming, complicated and expensive.
Over the last several months we have gone into the field, to over one hundred open houses in Los Angeles and Orange County California, and asked a simple question to each of the agents; what issues have you had with mortgage lenders you refer business to? The overwhelming majority have similar pain points when it comes to working with a mortgage lender. Here are some popular complaints:
BeSmartee is an online mortgage marketplace where mortgage borrowers can go to shop, compare, apply for and attain a mortgage loan entirely online from any mobile or desktop device. The system is smart, fast, easy and transparent. It’s the way getting a mortgage always should have been.
Here are the advantages real estate buyers have with BeSmartee:
Borrowers anonymously complete information about the desired loan amount, down payment, credit score, property type, property use, income and monthly expenses.
In under 2 minutes, dozens of loan options from different lenders will appear, complete with fully disclosed third party fees.
Borrowers can anonymously chat with the Loan Officer from the lenders office to ask questions pertaining to a loan before making a commitment to continue with an application.
When a borrower clicks to apply with a lender, the patent pending process gathers information to automatically complete the mortgage loan application in minutes. The borrower later reviews and verifies for accuracy before submitting to the lender.
After submitting the application, the system re-prices the loan based on more accurate and complete information to be sure the loan and rates originally quoted are accurate and the borrower still qualifies for the loan they have chosen. The borrower can choose a different loan with the click of a button, or move forward with their best match.
Borrowers then upload all required documents online without having to fuss with fax machines, courier fees and loss of valuable time. Everything uploaded goes straight to the Loan Officers desk instantly.
Because our application and approval process is so quick and thorough, what typically takes a lender 4-6 weeks to do will now take a lender 2-3 weeks using BeSmartee.
There is less back and forth, and the borrower is always informed about where they are in the process. Overall, their mortgage experience is much faster, less stressful, and less confusing.
The real estate agent’s benefit is quickly knowing what loan amount their clients qualify for. The system also sends automated updates on the status of their clients file without having to rely on the lender to inform the real estate agent. Agents are able to close escrow on the real estate transaction in less than the typical 30-45 days that it takes when working with a traditional lender.
We have developed BeSmartee for mortgage borrowers, but by default are also helping the real estate agents who represent these borrowers in a real estate transaction. If you’re a real estate agent, we would love to hear from you. You can email me at Arvin@BeSmartee.com
Real estate agents receive commissions from home buyers and sellers, collectively earning over $50 Billion per year. Learn how commission amounts are set, who pays them, and how they work in this article. Read more.
List of secured property tax rates for all counties of California fiscal year for 2014-2015. Read more.
If you live in California and are over the age of 55 you can effectively reduce your property taxes when buying a new home. Read more.
Houston Vs. Dallas? If you are considering moving to either of these major metropolitan areas, we've created a resource to help you make the decision process a little easier. Read more.
You've heard the term used before, but what does loan closing mean? Find out all you need to know about the process. Read more.
Whenever there is money to be made or money to be spent, some unscrupulous folks will take advantage, trying to game the system or commit all-out fraud. Read more.
Foreign real estate investment in the United States, both commercial and residential, is a huge phenomenon that is only expected to accelerate, maybe even to skyrocket, in 2016. Read more.
In this article, we explore how homeowners insurance works and what happens in the event of a house fire. Read more.
Your DTI is used by mortgage lenders to determine whether you qualify for a loan, and if so, for how much. Improve your DTI with these 16 tips. Read more.
A bankruptcy will make it very difficult to attain a home loan. These 5 tips will help you re-establish your credit quickly in order to qualify for a home loan. Read more.