Getting a mortgage loan… how difficult!
John and Elsa are getting married and are looking for a perfect place to live.
A home.
They are starting to get acquainted with the mortgage world which is super exciting but on the other hand, quite challenging if you don’t know how the mortgage process works.
As a first step, they are going to the mortgage banker with their financial papers, such as their income, savings and investments, to get pre-qualified for a mortgage. The loan officer will review all this information and decide how much can be lent to them. Later on they will be able to get pre-approved for credit, which would give them an advantage for being chosen as the buyers of a property.
Not much after the excitement, they get overwhelmed by the amount of paperwork they have to complete. The whole process is taking forever! It will take them about 2 months from filling in the application form until closing.
So many people involved in the process! and such an unclear and non-transparent paperwork going on! The more people and paper, the more money John and Elsa are supposed to spend on getting their mortgage loan…
The traditional mortgage process is such a complex one…
“Well, John and Elsa: we have the perfect solution for you! Welcome to Homelend!”
Homelend is building a blockchain-based, peer-to-peer mortgage lending platform!
Here are 4 simple reasons why you should choose Homelend and forget the old-aged way of getting a mortgage loan!
1. From Manual & Lengthy, to Streamlined & Efficient:
By embedding pre-defined business logic into smart contracts, digitizing documentation and eliminating unnecessarily processes, Homelend will automatically execute an end-to-end origination process, cutting it down from 50 days to less than 20.
2. From Costly Intermediation to Cost-effective & Middleman free
DLT makes it possible to record all the transactions between borrower and lender without banks as middlemen. This will reduce costs for both partners and make minimize the distance between them
3. From Ambiguous & Clunky to Transparent & User Friendly
Homelend aims to create a lending process that is not only smart, but also simple and fair. Borrowers will be able to easily apply for a loan, track their application status at all times and interact directly with mortgage lenders
4. From Vulnerable & Unreliable to Trusted & Secure
Centralization and paper-based processes are the key factors behind the insecurity and vulnerability that characterize the traditional mortgage industry. The unique characteristics of DLT and smart contracts enable Homelend to provide a platform for people to transact large amounts of money in a trusted, transparent, and secure way.
For more information, visit our website: https://homelend.io/
