Online banking, online investing, online payments, and now online mortgage services are changing the way we view financial services. These services are so convenient and less time-consuming, compared to the traditional style of service. If you are considering building an online mortgage service, you could probably use some helpful tips and advice.
Why build an online mortgage service? You are giving the homeowner the power to be his or her own broker and find the lowest rates for each individual financial situation.
Three Reasons to Build an Online Mortgage Service
1. Faster than a bank
2. Cheaper than traditional institutions
3. Easier to understand than regular banks and other traditional services.
Helpful Tips for Your Online Mortgage Service
• Mortgage Calculator: Having a mortgage calculator available on your online service gives users estimates based on the data they entered and the internal calculations of the site.
• Mobile Accessibility: Have a mobile version. More people today are using their phones for banking and for searching for mortgages. Having a mobile version will also make your online service easily assessable to cover those large target numbers you are aiming for.
• Fraud Prevention: When building a mortgage site, it is important to have this feature. It will validate identification, verify customers through facial biometrics, and can check credit history.
• Make it Easy to Use: Develop the design on the online service to allow users to navigate through the services on websites or mobile apps. Make your service have an intuitive design.
• Build your Online Mortgage Service around Clients’ Needs: The features you use and promote, must revolve around the needs of the customers you want to attract and help.
• Use Technology: Open Banking Integrations will assist the mortgage calculator by getting easier access to tax information, loan information, customer financial data and other information taken from banks. Open Banking Integration makes more precise, faster decisions about loans.
Here are just a couple of ideas to help you be efficient when you build an online mortgage service.
➔ Most third-party services you will need have 9 am to 5 pm work hours. Banks, for example, usually can only be accessible from 9 am to 5 pm EST. You will need to learn how to plan meetings and activities around these times to reduce delays.
➔ National holidays will often fall on a regular workday. You will need to prepare your team to adjust for such changes in schedules and assistance availability.
➔ Time zones can be 8 hours different from your zone. If you have an international team, you will have to learn to schedule meetings, discussions, and activities with this in mind. Try to have a three-hour overlap of work hours.
➔ Take big steps and make them into smaller steps. Ask for only necessary information and filling out of forms. Most users will leave a site when they are asked to fill out forms. Find a way to make this easy, painless and quick.