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You can now Apply for Home Loan Prequalification Online

By Property24

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You can now Apply for Home Loan Prequalification Online

By Property24

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3 min read

The real estate industry has been operating in the shadow of technology, compared to other industries. However, as consumers become more aware of the apps and platforms available to them online, they will become more comfortable with beginning and concluding their real estate purchases online, over time.

“Although the digital revolution has disrupted the traditional ‘path to purchase’, with the rise of ecommerce, we’ve found that it hasn’t necessarily changed the manner in which consumers process and evaluate the purchase of assets like a house for example,” says Meyer de Waal, the creator of the My Bond Fitness (MBF) online platform.

“The purchase of a house is a big deal, and highly emotional, especially for first-time buyers. The decision to do so should not be taken lightly, because one is committing themselves to a long-term financial agreement.”

To guard themselves against scams, De Waal says some consumers choose to do their financial assessments and home loan applications manually and by going into a bank, which prolongs the purchase process.

“We understand the need for consumers to protect their personal information and guard against financial fraud, this is why we’ve incorporated security features like those used by banks, in the development of our online affordability assessment tool.”

With this tool, De Waal says consumers can quickly and easily establish their affordability and initiate a credit check, so they can begin their property search, knowing how much they could qualify for in a home loan.

Jacqui Setoaba, a Real Estate Marketing Specialist with Keller Williams Realty, South Africa, is a MBF partner and attests to the benefits of using the tool, and their services.

“Because the affordability reports are based on real-time credit bureau data, I’m able to match buyers to properties I know they can afford to buy, and can work more proficiently with sellers as well, in getting their properties sold. If we encounter any problems along the way, I’m able to access a network of experts assisting with debt and affordability improvement through the MBF offering, which gives my clients extra peace of mind,” says Setoaba.

“We are taking it a few steps further,” says De Waal, “as we also integrated the My Bond Fitness with free online education for home buyers, assistance for buyers who have affordability and debt repair issues to be resolved, developed a mobile budgeting app, assistance to obtain access to government subsidies for first-time home buyers, Flisp, and also Rent2buy finance solutions for those who are almost ready to buy – but not yet there.”

Rent2buy Finance is an alternative way to purchase a home, if your bond application to a bank has been declined.

De Waal says a joint venture agreement was recently signed with a leading mortgage origination company who extensively tested the product and service for more than 12 months. The user experience and application were also applied for the Rent2buy Finance module, and in the space of 14 months more than 26 800 users subscribed to this service on the various unique platforms to test out their home loan affordability and credit scores.

“For the longest time the process of vetting a buyer in order to prove affordability has been a challenging process, and while bond origination companies have been highly instrumental in the way that this process is now managed, there are still hefty time delays and a real need for improvement,” says Jarette Petzer, managing partner of Aura Property Group.

“Through Meyer de Waal’s persistence, ingenuity and leveraging of technological resource, we as Aura Property Group believe that the new online bond indicator offered by My Bond Fitness has taken giant leaps forward in addressing these issues by way of automation and systems integration.

“It is our view that we are about to witness the next evolution in how our industry does pre-approvals and risk assessment, thus dramatically increasing approval ratings and reducing lead times. Our business understands and supports Meyer De Waals vision which happens to be in line with our own objectives. That is why Aura Property Group has partnered with this amazing company and included this service to our bouquet.”

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