How Artificial Intelligence Can Help You Save Money on Your Mortgage

When you hear about AI, or artificial intelligence, you might think of Rosie, the saucy, sarcastic robot maid from “The Jetsons”; the love-seeking David from the movie, “A.I.”; or the superior, sentient machines from movies like “I, Robot”, “The Matrix”, and “2001: A Space Odyssey”, that seek to subdue humanity for its own good, to use people as batteries, or to eliminate them completely. Sorry, Dave.

There are many different ideas about what AI could be in the not-so-distant future, but what do you know about the current state of artificial intelligence? Do you know that many of us already rely on AI in our daily lives, or that businesses use it to streamline operations and provide consumers with more efficient and affordable services?

Do you frequently use services like Siri or Ok Google to find information? In both of these instances, you’re using AI. Businesses use different forms of AI, and for different purposes. You might be surprised to learn that it is frequently used in finance, not to mention by companies like Monster Lead Group to improve the mortgage industry.

If you’re interested in the ways in which AI could positively impact your experience when it comes to securing a mortgage, saving you time and money along the way, here are a few things you should know about how artificial intelligence is transforming the mortgage industry.

Greater Efficiency and Productivity

Traditionally, securing a mortgage has been a long and drawn-out process. Prospective home buyers must apply, provide scads of paperwork, submit to a credit check, and discuss terms just to get pre-approved for a loan, after which there is processing, approvals, pre-closing, closing, loan servicing, and more. The process takes a lot of time, requires input from several professionals, and ends up costing consumers quite a bit of money.

This is all changing with the growth of AI in the mortgage industry, and particularly the implementation of algorithms that drive machine learning. Of course, people are still an important part of the process – AI simply supplements and streamlines the work of professionals in the mortgage lending industry.

However, when skilled professionals can hand off mundane tasks to machines, overall efficiency and productivity increase. Why should mortgage lenders spend time tracking down an applicant’s credit history when a computer can deliver the data in the blink of an eye?

By tasking AI with tracking pertinent data for thousands of prospective customers, mortgage professionals can spend more time catering to clients and providing the best possible deals. This, in turn, saves companies money, and these savings can be passed along to consumers.

Ease of Use

Do you know anyone who has ever gone into the process of seeking a mortgage thinking that it’s going to be a piece of cake? Getting a mortgage is a complex and often time-consuming undertaking that literally nobody would describe as simple and efficient.

And yet, AI is changing the landscape of the mortgage lending industry on every front, increasing efficiency and productivity of operations on the business side and adding convenience for consumers looking to buy a home. Online portals help customers to check their credit scores, calculate suitable mortgages and monthly payments, and even secure a mortgage without ever entering a bank.

Automation is improving all the time, but even now, home buyers looking for mortgages can enjoy the convenience of finding the information they need via computers or mobile devices and securing the funds that they need. This not only increases the ease of use, but also decreases costs by greatly reducing the need for a slew of paid professionals to handle the same tasks.

The Uber Paradigm

Why is it that Uber has taken off? Uber offers the same basic service as any cab company, so why are they surpassing traditional taxis as the preferred means of on-demand transportation? The fact is that Uber offers a more convenient, efficient, and desirable means of getting from point A to point B, and it’s all thanks to their AI, including predictive algorithms that calculate factors like distance and traffic when choosing the closest car for a customer.

Uber also keeps users informed with an ETA and a map to track a driver’s trajectory, they offer safety through accountability (drivers and passengers receive info to ensure every passenger gets in the right Uber ride), and they provide convenience with auto pay options that mean a passenger never has to reach for money. Plus, the company has a rating system, which helps to guarantee that only well-behaved drivers and passengers are permitted to continue using the service.

In short, Uber has revolutionized the on-demand transportation industry, and they’ve done it with artificial intelligence. Other companies across a variety of different industries are finding ways to take a page from the Uber playbook, as Monster Lead Group has done with mortgage lending. As a result, consumers receive major benefits, including saving money on their mortgage.

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