Loan Tracking : Hotfoot

 Do you want to stop worrying about your misplaced or lost documents? Losing hardcopies or important files give you headaches? Especially if the document is related to the loan you have taken.

If yes, then you are not the only one. Here is the best solution for this, loan tracker app. A loan tracking application status reduces the problem of tracking loans manually. 

The application assures the retrieval and storage of customer data both safe and assembled properly. Also, you don't have to waste time on customer service or on IVR to get the information about your payment transactions, late fees, interest rates, or due payment due dates. 

Loan tracker assists you to ensure recommended collateral documents, financial reports, and loan documents subsist and are kept up to the minute. loan tracking system is the management all your issued loans. It keeps track of your payments received and all the settlements made.

Benefits of Loan Tracking Application

Expedite the complete loan formation process

Improvisation of staff efficiency by reducing distribution, retrieval, and search of documents

Helps in ensuring compliance by reducing errors and errors documents.

Fast track home loans

If you are prequalified, the chance of getting loan is easy. Prequalification means that you are capable of handling payments and settling up your bills on time. 

You are in a position to close the transaction rapidly. For many purchasers, a fast track is a correct choice. The following information assists you to decide if it is going to work for you.

Manual vs Fast Track

The borrower needs to submit the required documentation. The backend team often asks for a few more details after reviewing the documents which were sent earlier. 

The borrower's credit scores are closely inspected. The verification of all the current loan status along with the income sources and bank accounts is mandated. 

Fast track home loans put an end to many of these complications. The borrower’s credit score is high then he doesn’t have to show their income. 

They are considered as premium borrowers, free from credit risks. If a person is responsible enough to handle its finances properly then offering a loan to them is safe. 

If high credit rating buyers, borrows an amount then they make sure that the payment is made on time. They follow the same pattern and pay back their loan as per policy.

Fast Track Home Loans: Advantages for Buyers

The application and approval are faster as verification of documents is not required. Buyers get approval quickly if they have a high credit score. Sometimes, buyers get the advantage of unlocking low-interest rates. It also provides benefits to close the loan as early as possible.

Fast Track Home Loans: Advantages for Lenders

Fast track Mortgage carry out to be superior and have a lower risk rate as compared to traditional mortgages. Fast track home loans are cost-effective to the lender as they do not need to pay someone to investigate and verify the applicant's income. 

Income verified mortgages is a lengthy process. You may find variations in interest rates that needs to be recomputed. A fast track mortgage is a less burdensome process.