BEACON HILL CONDO MORTGAGES IN A DIGITAL AGE

Every facet of our daily lives seems to have been enhanced by technology – phones with facial recognition security, cars that self-drive and home assistant devices that can do just about anything they are asked. But how is the Boston condo mortgage process being streamlined with advances in technology? Let’s take a look at a couple ways technology is making the loan process easier by comparing them with traditional methods.

VERIFYING ASSETS – THE OLD WAY

A Beacon Hill condo buyer will need to submit bank statements from all accounts being used for the cash to close (down payment + closing costs). In addition, they need to submit statements for any account used for reserves or any account that funds have been transferred from. Transaction histories are also required to show the trail of funds transferred. For buyers with multiple accounts, transfers, deposits or gift funds, this can be a large amount of paperwork and even more time.

VERIFYING ASSETS – THE NEW WAY

No documentation needed! Using AccountChek Verification of Assets, Beacon Hill condo buyers do not have to submit any bank statements or transaction histories. The loan officer simply sends an invitation to the buyer, and the buyer gives the loan officer access to view the key features of their accounts for an amount of time they specify. Then, when the underwriter requests any asset related conditions, the loan officer can generates an updated statement on behalf of the buyer.

VERIFYING INCOME – THE OLD WAY

The buyer will need to submit pay stubs, tax returns and W2’s. For buyers with hourly, part time, commission or bonus based earnings, an employment verification will be needed to calculate accurate monthly income, which takes time to obtain from each employer.

VERIFYING INCOME – THE NEW WAY

No documentation needed! Using Day 1 Certainty and automated employment verifications, the loan officer can get income details instantly and verify them with automated underwriting systems, DU or LP. The loan officer simply gets the employer contact from the buyer to do so. Once DU/LP sees the auto verification, income is validated and no documents are needed to calculate or verify. Auto verifications are not available for all employers – which means we’ll have to verify the old way – but we’re seeing more and more jumping on board every day.

New technology is also letting Boston Beacon Hill condo buyers waive appraisals on some purchases – but you’ll want to consult with your Realtor to find out if that is a good idea. As of now, this technology is only available on Conventional loans, but it’s only a matter of time before this is the new normal.

Note: This technology may not work for all buyers, so consult your loan officer to find out if you can benefit

Contact a Boston Beacon Hill condo broker

Consider me your #1 resource for all things regarding Boston condos for sale! Household changing? Getting married (or divorced)? Time for a change of scenery or job relocation? Want to invest? Just send me an email  at realtyford@yahoo.com or call 617-595-3712 – I can help.

Conclusion

I hoped you enjoyed my advance Boston mortgage process in the digital age.

Now I hope to hear from you:

Which technique from this post are you most informed from?

Let me know my leaving a comment or sending me an email at realtyuford@yahoo.com or call 617-595-3712.

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Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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