Shopping for a Home Loan? There’s an App for That
Millennials place homeownership as one of their top priorities, something that SoFi, a new online lender based in San Francisco, can attest to.
The startup, which works with young professionals in the beginning stages of their careers to help them with student loan financing and mortgages, places a greater emphasis on connecting with customers through its mobile platforms instead of the traditional ways of in-person meetings and paper applications.
“Most consumers appreciate the ability to move their applications towards approval at any time of day or night. Instant feedback is a fundamental element in providing a positive experience,” says David Wind, vice president of mortgage at SoFi, which expects to issue $3 billion of mortgages in 2016.
The company does offer customers the opportunity to speak with a mortgage professional, says Wind. But SoFi’s customers are more attuned to the latest in technology—and the speed and convenience that it can afford them—which may provide all the information and interface its clients need to apply for a mortgage. SoFi boasts it can offer customers a mortgage rate quote in just two minutes.