People Are Shifting to Digital Mortgages, Here’s Why

Digital mortgages are becoming increasingly popular due to the increase in technology. People are more likely to want to take care of everything online. This change came in full swing when the COVID pandemic happened. 

 

Companies and people alike had to go through the transition period of shifting everything remote. Once people discovered that things can be done this way, they did not want to go back.

 

OnlineApplication is a company that decided to make a software that would simplify this process for everyone involved in the process. Helping the brokers, lenders and the borrowers.

 

By providing a point to store all documents safely in one place, it eliminated the need for face to face meetings and stacks of paperwork. Beneficial to both sides. 

 

Benefits to Digital Mortgages

 

Digital mortgages have many advantages opposed to applying for them on paper, in person. 

 

One of the benefits to Digitally applying for a mortgage is a faster pre-approval. The system that OnlineApplication has will go through your data and pre-approve you without the need for a …

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Understanding Your Digital 1003 Form

Looking to get a mortgage? The first thing you need to know before starting the mortgage process is understanding your digital 1003 form. This is how you can apply for your mortgage online. Knowing what to expect before you start helps you know what to fill out and how to do it properly.

 

What is a 1003 form?

 

The 1003 Mortgage Application which can sometimes also be called The Uniform Residental Loan Application is the form that mortgage lenders will have you use to apply for a mortgage in the United States.

 

The application asks questions about the borrower’s employment, assets, debts as well as questions about the property in question. 

 

The reasoning behind having to fill out this information is for the lender to decide if the borrower is worth the financial risk.

 

What information does it need?

 

A 1003 form requires information about your current financial status.

 

This includes; Your last 2 years employment history, monthly income and your assets. 

 

If the borrower owns any other property they must disclose …

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Understanding the Irish Housing Crisis

A housing crisis can be detrimental to the economy of a country. A housing crisis occurs when the availability of affordable housing is rare and you need a higher income to be able to afford a place to live.

 

A housing crisis happens due to a change in supply and demand for real estate. If there are a lot of houses with few people looking, housing prices will drop. Likewise if there are lots of people looking for houses with few properties available prices will go up.

 

The problem with this system is the availability of housing does not have to do with salaries in the area, so when housing prices go up too much and the income does not change it creates a crisis.

 

Digital Mortgages can help people get out of the expensive rental market, allowing them to own property.

 

Why There’s a Crisis

 

Housing is a big part of a person’s monthly budget. For the typical person housing should account for about 35% of their monthly income.

 

When looking at the …

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The In’s and Out’s of Mortgage Technology in 2022

Mortgage technology has changed a lot in the past decade. Keeping up to date with the changes is important, to understand how to simplify the process for yourself while also saving the most money.

 

The future of mortgages is online with the increasing development of Fintech (Financial Technology). Learning how to take advantage of the new ways of doing business will help prepare through this transition from face to face business to online business.

 

Mortgage Tech in 2022

 

Mortgage Technology has improved significantly in recent years. This is due in large part to the COVID pandemic. Businesses and mortgage lenders specifically had to adapt quickly to the sudden shift to an all online business format.

 

This led to the implementation of the digital mortgage application process becoming standardized as no business was being done in person and on paper. Fintech markets are continuing to grow and with this the technology to make financial processes easier is now becoming available.

 

OnlineApplication is a company that makes software that assists lenders with digital mortgage applications which simplifies …

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Fintech is the Future, Here’s Everything You Need to Know

FinTech (Financial Technology) is the new modern technology designed to compete with the traditional financial methods of delivering services.

 

With the increase of importance of technology due to the COVID pandemic, Fintech has evolved and became significantly more important to banks and people alike.

 

With this transition occurring it is important for everyone to understand what these changes mean and how it will continue to evolve in the future. 

 

What’s new

 

With the generations of people who grew up with technology getting older, businesses have had to adapt to please these generations.

 

People have become more and more comfortable managing their money and businesses online. They are eager to use new technology because it offers these businesses and people flexibility that they did not have before.

 

Some of the results of this increase in Fintech is the addition of digital mortgages and digital lenders. This technology was very important for banks because when COVID happened it was the only way to do business.

 

Now people prefer the business to be online because it …

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How to Apply for a Digital Mortgage Online

Gone are the days of doing painstaking research to find the best bank to get a mortgage from. Buying a house or apartment is already difficult, why go through the hassle of loads of paperwork when you can fill out your information online and have it done for you.

Technology has evolved and with it, the digital mortgage process has too. Applying for a digital mortgage takes the stress out of your hands while simultaneously finding the best rates.

Getting Started

Starting the mortgage process can be an overwhelming situation when looking from the beginning. Companies such as OnlineApplication work to make this process fast and easy to use.

The pandemic has shifted much of work to online and gotten rid of the need for face to face interactions. With this new technology why would you do anything on paper?

What is OnlineApplication?

OnlineApplication is a company that works for brokers to find the best mortgage.

Our quick and simple process allows you to upload all your financial information to our safe and secure website. After that we …

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Negative interest rates are both gone and here at the same time.

Many commentators are talking about the end of negative interest rates in nominal terms and it’s true, interest rates are rising but in real terms they are still negative. Look at mortgage rates (for instance), you can borrow at 3% and below and meanwhile you have property price appreciation at 15% meaning that in real terms you are paying -12%.

If you can ever get something on a continuous basis at -12% that indicates ‘buy’, and that’s what people are doing, but notice that we mentioned ‘continuous’, the reality is that there is no arbitrage most of the time and this will be closed down by either rising costs, falling prices or some other outcome that we can’t forsee. Trees don’t grow to the sky, they never have and never will so the trajectory of house prices must rationalise but it’s hard to see how or where at present because the demand side seems so demonstrably strong.

I bumped into Kieran McQuinn on Pearse Street today and in our brief chat mentioned how the price changes are not sustainable, he …

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What is happening with interest rates, why, and what can you do?

What is happening with interest rates?

Interest rates rise and fall, we have been in a secular-ZIRP (zero interest rate policy) environment for quite some time and as people who subscribe to the monetarist school of thought, this would always lead to inflation which we are seeing now, albeit a fairly delayed response given how long this policy has been in place.

Why?

Not too long ago the yield curve was negative 20 years into the future such was the dismal outlook of markets for any level of inflation, but then you had a pandemic, the ‘great resignation’ and between labor and supply constraints along with monetary policy effects, there is inflation you haven’t seen in 40 years. Now the curve is negative only one year into the future and the price in the money markets has risen.

Just to clarify this, many mortgage providers get their money by buying it (you buy at X + interest rate and then ‘sell’ it to borrowers at X+margin [which is ideally above the price you bought it at]). In an oversimplified manner, …

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European property and mortgages: Frankfurt

Residential real estate is as popular as ever. Many people fulfill their dream of owning their own home with a one- or two-family house or a condominium. High demand is driving real estate prices to infinity. The problem of housing shortages is on the rise. Forecasting future prices is not that easy. Rents could rise even further due to excess demand. Many are therefore looking for alternatives. These include buying condominiums or single-family homes.

The average asking price for a condominium in Germany was €3,748 per square meter in the first half of 2021. This represents an increase of 15.1 percent compared with the first half of 2020. In previous years, the annual increase had still been around ten percent. One- and two-family houses and terraced houses were offered for an average of 350,000 euros, representing an increase of 12.9 percent.

However, this does not apply equally to all of Germany. There are significant regional differences. The best example here is eastern Germany, which is still considerably cheaper than western Germany. It doesn’t matter whether we’re talking about condominiums and …

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European mortgages explained: Czech Republic

About Czech Republic

The Czech Republic ia a state in Central Europe. It is a landlocked state of 78,870 km2. It is bordered by Germany, Austria, Poland and Slovakia. The capital city is Prague. The Czech Republic is a market economy country that belongs to the highly developed countries of the world, according to economic, social and political indicators. Economically it belongs to the world’s 31 riches nations with the highest financial incomes, according to the World Bank. The unemployment rate has been low for a long time and below the average for developed countries.

History of the Czech Republic

Czech Republic was first populated by Celts 4th century. In 863, the Byzantine missionaries Constantin and Methodius come to the part of the present-day Czech Republic and introduced Slavic liturgy there. The defeat of Austria-Hungary in World war 1 cleared the way for the foundation of an independent state of Czechoslovakia, which was founded on October 28, 1918. The first president of Czechoslovakia was Tomáš Garrigue Masaryk. On January 1, 1993, Czechoslovakia was divided into two independent states: Czech Republic …

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