No Deposit? No Worries!

In an inflated economy, saving up for a deposit can seem like the most difficult part of buying a home especially when most of your net income is going into paying rent and your monthly bills. While having a large deposit gives you the best chance of getting a good mortgage deal with a low interest rate and a bigger house, there are options available for people with lower deposits and government help to get you on the housing ladder.

The average first-time buyer puts down a 10% deposit on their first home, which could mean finding a daunting €30,000 (on a €300,000 property) or more. However, there are also a few government schemes to help first time buyers get on the property ladder. These include the Help to Buy & First home Shared equity scheme.

Although the Help to buy scheme only applies to new build properties, with the purchase price of less than €500,000 and has a maximum amount of €30,000 that you can claim (please see more information about the scheme on the Citizens information website or …

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AI Revolution In Mortgage Brokering: Enhancing Performance, Not Replacing Jobs

Artificial intelligence (AI) is transforming various industries, and mortgage brokering is no exception. AI is reshaping the landscape of the mortgage industry, empowering brokers to improve their performance, streamline processes, and deliver enhanced customer experiences. Contrary to popular misconceptions, AI is not here to replace brokers’ jobs but rather to augment their capabilities. Let’s explore how AI is revolutionizing the jobs of mortgage brokers in Ireland and why embracing this technology can lead to increased success.

Streamlining Administrative Tasks

Mortgage brokers often face time-consuming administrative tasks, such as collecting and organizing client information, verifying documents, and performing calculations. AI-powered software and tools can automate these tasks, reducing the administrative burden on brokers. By leveraging AI, brokers can focus more on building relationships, providing personalized advice, and delivering exceptional customer service.

Improved Customer Experience

AI-powered chatbots and virtual assistants can significantly enhance the customer experience in mortgage brokering. These intelligent systems can engage with customers, answer common inquiries, provide basic information, and potentially guide clients through the mortgage application process. Brokers can leverage these tools to provide basic, round-the-clock support, improve …

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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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European mortgages explained: Switzerland

Mortgages in Switzerland have a basic, straightforward idea but are subject to rather strict lending rules. Banks are currently using a 4.5% theoretical interest rate as a reference. Some are even using a 5% sample rate. On top of that, they are accounting for 1% amortization per year. And depending on the bank, they will account for between 0.5% and 1% in maintenance costs. Furthermore, the cost of the chosen property can’t be higher than 33% of the income. So the 5% of the mortgage needs to be smaller than 33% of the income. In general, the mortgage will be 80% of the house value.

If you live in Switzerland with a residency permit B or permit C, you can apply for a mortgage and buy a property in Switzerland. If you don’t have residency, it’s slightly more complicated. Under the Lex Koller law – which limits purchases of Swiss property by foreigners – non-residents must apply for a license to buy from their cantonal authority.

There are a few additional costs when buying a Swiss home. These generally equate …

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Best Places to live in Ireland outside of Dublin

Many people dream of living in Ireland: with its gorgeous countryside views and culture-rich cities, there’s not much to dislike. The biggest and most famous city in the country is the capital city of Dublin, famous for its pubs, diverse community, and unique culture. However, Dublin is also by far the most expensive place to live in Ireland. If you’re looking to move to the Emerald Isle and would like to save some money while doing so, here are some great areas outside of the capital to consider.

Galway

Located on the River Corrib next to the Atlantic Ocean, anyone who visits Galway will fall in love with it. Considered the cultural center of Ireland, this coastal town has a lot to offer at a fraction of the price of living in Dublin. Rental prices are 50-80 percent cheaper than in Dublin, and Galway still has a lot to offer culturally, with festivals throughout the year and many culinary options. In fact, Galway is so culturally rich that it was named the European capital of culture in …

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