Apple is admired the world over for how it keeps users in its ecosystem. Amazon too keeps Prime customers firmly ensconced in its world.
What if a company did that for the mortgage application process?
Applying for a mortgage can be a painstaking process. The reams of paperwork necessary to qualify for a loan. The endless calls back and forth between you and the lender. The last-minute rush of trying to get that final document in before closing.
The frenzy is due, in part, to the number of parties that play a role during the process: real estate agent, seller, home inspector, title insurance firms, notaries, etc.
Thankfully, a new app called StreamLoan aims to simplify the process of getting a mortgage by creating an ecosystem for mortgage borrowers.
This service allows you to upload all the paperwork once and then have it available to shop around to multiple lenders at the tap of a button.
Inputting your data is easy. Just snap a photo of the relevant paperwork with your phone’s camera and upload it to StreamLoan. That’s it! The photo will be resized, converted to PDF and stored.
You can also download documents from your financial institution right to StreamLoan or fetch any paperwork that happens to be stored in the cloud to upload it.
All the data remains stored in the app once you’ve put it in there.
StreamLoan is free for borrowers to use. If there’s a catch, it’s this: An invite from a lender or a realtor is necessary to onboard you. This is not an app you can just download and start using yourself.
Fortunately some 15,000 financial institutions are already partnered up with the service, so getting an invite shouldn’t be too hard!
Another nice feature of StreamLoan is the chat built right into the app.
This functionality allows you to chat with your realtor and the lender (or whoever else needs to be involved) simultaneously to make sure everything goes smoothly. No more having to play phone tag!
Simple way to save thousands on your housing costs
Did you know that more than half of all people only shop one lender when they’re getting quotes for a mortgage or refi? Bad idea.
Let’s say you have a 759 credit score and you’re taking out a mortgage for $260,000. And let’s say you receive quotes ranging from 3.25% to 4.625% from a few different lenders.
By going with the lowest rate, you’ll save $214 a month, $2,568 a year and nearly $74,000 over the life of the loan, according to numbers run by the Los Angeles Times.
Shopping around and getting multiple quotes is an easy way to save hundreds of dollars each month and thousands of dollars over the lifetime of a loan.