There is nothing more frustrating than losing your dream home because of a delay in financing. Unfortunately this is a reality for many prospective home buyers. Luckily for the property service industry there is a new online tool that will not only eliminate these frustrations, but streamline the entire home loan application process.
“We realised the property industry needs a complete change in how they do business,” says Meyer de Waal, a practicing attorney and CEO of My Bond Fitness.“The reality is estate agents, mortgage originators and banks are losing millions of Rands in wasted time and administrative processes – simply put, they are doing business the wrong way round. And, at the end of the day, it is sellers who ultimately lose out when a property deal is closed only for the home loan to be declined.”
My Bond Fitness recently launched its own innovative software, now available to the public, banks, mortgage originators, estate agents and similar stakeholders in the property industry, to obtain a fast and accurate home loan estimates in almost no time at all.
“We studied the industry and found that currently all home loan pre-qualifications are done through a long, drawn out administrative process,”Meyer went on to explain. “Some lending institutions do have a web based application from, but the process behind the pre-qualification estimate is still a manual process to obtain supporting documents and a long and tedious affair. These delays are further impacted by the chance that the applicant provides incomplete or incorrect information, which could ultimately lead to the loan being declined or approval delayed.”
Working with Limitless, a leader in software and bank integration technology, My Bond Fitness developed an accurate and secure online process that enables an aspiring homebuyer to obtain an accurate home loan estimate in 5 minutes. Limitless has designed a functionality that is light years ahead of any pre-qualification home loan estimate as it makes use of real-time credit bureau data, obtained from Compuscan, to begin the credit check process.
Taking things a step further, the application extracts the last 90 days of transactional activity from selected bank accounts, identifies regular and fixed expenses like debt repayments and debit orders, and identifies and categorizes day to day expenses. All this is done through Limitless’ partnership with Yodlee, a secure integration system that talks directly to the customer’s bank with all the normal security protocols of a typical online banking interaction.
All this valuable data is then processed to determine an accurate estimate of the income, expenses and affordability of the customer, which in turn helps determine an estimate of the home loan one might qualify for. A certificate is issued to provide an estimate of the home loan, as well as a detailed account of the customer’s credit report as well a comprehensive budget summary.
The information obtained is then made available to the customer and, with consent, released to an estate agent or home loan consultant to submit for a final home loan approval, as a bank will only accommodate a home loan approval once a final deed of sale is submitted.
“With this accurate information in hand, the prospective home buyer and estate agent will now be able to speed up their property search as both will have a clear picture of the purchasing power available,” explained De Waal. “Home buyers do not want to go through a tedious and time consuming process to obtain copies of proof of income, credit reports, and bank statements before they go house hunting – now it can be done online, in a safe and secure environment, and available in less than 5 minutes.”
“On the other side of the table, the home loan consultants we work with are over the moon,” said De Waal.
“Not only do we save them money but we have done all their preparation work for them. They get handed a full and complete home loan application, with an accurate Compuscan credit report and all supporting documents, including banks statements”.
“The real-world applications don’t stop there – property developers can use the system to assist a home buyer obtain a home loan pre-qualification estimate when shopping for property off-plan. Not only would this speed up sales, but ensure they have pre-qualified buyers before going through the process of obtaining the home loan. Currently this service is already available to enquiring home buyers on almost 660 property developments working in association with Hello House”.