Buying a home for the first time is exciting, but many first-time homeowners fail to budget for the ancillary expenses. If you are thinking about buying a home, you need to be prepared for all the costs.
Back in the day, when you got ready to buy a house, there was a tried and true process to it. Call up a realtor, look at some houses, gauge what’s in your budget, and pick the home of your dreams. Often, it wasn’t until you sat down with a mortgage broker that you discovered maybe your dream home was more like a fantasy.
The mortgage lending process is complex. Specific budget requirements, down payments, interest rates, and a host of competing offers make it difficult to know exactly what your approval chances are, and what you should choose. Additionally, every person that is “advising” you on your new home loan has a financial stake in your decisions. Wouldn’t it be great if you could find truly neutral guidance through the overwhelming mortgage process?
Advances in artificial intelligence and machine learning have made it possible to do just that. AI-powered mortgage advisors take your financial information, compare it to current market standards, and provide you with a detailed roadmap to affordable home ownership. With no stake in your choices, an AI advisor will break down your approval odds based on your overall financial status and give you personalized advice on areas for improvement, potential best fit mortgages, and an estimated timeline to owning your dream home.
An AI-powered mortgage advisor also tracks market changes in real time to ensure that all the information available to you is fully up to date. An automated advisor can provide you with realistic estimates of your maximum loan amount, the expected down payment, potential closing costs, and other expenses. The advice you receive is totally private and requires you to speak to nobody, ensuring that there is no pressure for you to make anything other than the best decision for you and your family.
An AI advisor can also quietly (and privately) break the bad news to you that you aren’t ready to buy a home. Rather than showing you out of the office, an automated advisor can provide you feedback and personal recommendations on how to get ready from the comfort of your living room. Do you need to consolidate debt? What do you need to do to improve your credit? How can you save more money? With an algorithm that is continually learning, an AI advisor can point you in positive directions you might not have even known about and keep your dream of homeownership alive.
An AI-powered mortgage advisor has no stake in your future. It is designed to arm you with information and empower your decision making. Through artificial intelligence and machine learning, you can make the best possible choices for your future and ensure that the most expensive purchase you ever make is also the best one.