Only 10 years ago, every mortgage file required meetings – sometimes several in-person meetings to complete the process. This took hours of time, driving and running around, and often delayed the process. On the back end, fax machines were used to transmit information over phone lines – that is when the faxes were successful.

But fast forward 10 years and all that’s changed. Although the bricks and mortar Bank branches and mortgage broker offices may resemble a time of the past, the mortgage industry is now a completely different landscape as a result of the technology that has become available. From start to finish, mortgages can be approved in hours – not days – all from a smartphone.

Let’s take a look at how different aspects of the mortgage approval process are enhanced by technology, using the smartphone. With this said, pretty much anything that can be accomplished on a smartphone can also be accomplished on a good old desktop or notebook computer.

The Initial Mortgage Conversation

Maybe you’re shopping for a mortgage and you stumble upon a great mortgage broker online. You review the site, the rates, read a couple of sentences and decide to fill out a form. From here, the mortgage broker will likely give you a call to discuss what you are looking for specifically, and discuss any questions that you might have. The broker sounds reasonable and some trust is formed. Once this is complete, a slightly more detailed online application is completed and you and your broker are now totally on the same page. Some mortgage options are offered to you, and a firm pre-approval is completed. You’re now off to buy your house or proceed with your renewal.

The Mortgage Documentation

Once that perfect house is found, or in the case of a renewal, you decide to move forward with the lower rate offer, your application is submitted by the mortgage broker to the chosen lender. A few hours later, the mortgage approval is sent back to the broker, who then sends it right on over to you for instant review. The approval document looks great as expected – but how do we sign? Enter the latest in digital mortgage signing technology. Within a few minutes, and with a few taps of the finger the mortgage document is signed. No emailing back to the broker. No printing. No pens, pencils or Crayola crayons needed. But what about the rest of the supporting documents? The pay stub? The identification proof? The proof of down payment? Whatever cant be received in a digital download or an email, can be photographed right from your smartphone. Then one on your phone or computer can be sent right on over to your mortgage broker. Sounds pretty easy, right? It is!

The Mortgage Finalization

The mortgage specialist that you’re working with ensures that the lender has everything they need to complete the transaction. Then you’re good to go with your new home, or mortgage renewal that you’ve just saved thousands of dollars on.

But what about security?

All of this technology is state of the art, and uses the same high-level encryption security as Banks and the Canada Revenue Agency. So in all likelihood, there is probably more risk in having printed documents out in public than there is in making secure transfers.

The end result is a mortgage process that can happen quickly and easily with less stress. But not all Brokers are the same and may use the latest in technology to varying degrees. Allow your mortgage broker to discuss what technology they use, and to explain their security protocol specifically to ensure that your process is not only easy but also safe. At Altrua, were always looking for the most effective and stress-free ways for you to get from mortgage start to finish. What will your next mortgage transaction look like?