Washington, DC (PRWEB) April 16, 2007
There is a new mortgage tool, called Loan Tracker offered by GetLoans.com, that allows users to track the status of home loans, as well as learn about each phase of the loan process. Mortgage brokers usually do not provide a way for the consumer to track the status of the loan application. There is a fun, graphic, web enabled way to track the loan application, as well as learn about important things like the appraisal process, homeowners insurance, title insurance and more.
Loan Tracker looks like an online game board. When a homebuyer starts the loan application process for a mortgage they get assigned a game piece. A homebuyer might get the thimble, the shoe, the cannon, the top hat, or the dolphin. A homebuyer can then track their loan transaction from loan application to appraisal to loan submission to loan approval to settlement, and many other steps in between.
This tool offers a method to track the status of the mortgage transaction, so a homebuyer can forecast if a problem might arise while the transaction is ongoing. With a live status of the transaction, a homebuyer has a chance to ask questions, avoid problems, and better prepare for settlement. An example of this tool can be found on GetLoans.com by clicking on the "Loan Tracking" button.
By clicking on the square that the game piece has landed on, text will pop up describing that step of the loan process. The process offers information on how to shop for homeowners insurance, movers, contractors; as well as learning about title insurance, appraisals and much more.
Realtors are using this tool as well, to help better manage the transaction. This tool offers them a way to see what is going on in the mortgage process without having to track a loan officer down on the phone or via email. Realtors and buyers can check the loan status late at night or early in the morning; as it is always available online and it is always up to date. The mortgage applicant and any Realtors participating in the transaction all get an email each time the game piece moves, so they know the loan status has changed.
The creator of this new mortgage tool decided to do this when he moved cross-country, and both the auto transporter shipping his car and the moving company shipping his household belongings gave him a way to track the movement of his belongings via the internet. He said he always knew where his belongings were, when he might receive them, and hence he could better prepare for their arrival. It gave him peace of mind, and made the shippers accountable, and made the transactions transparent. There have been many positive responses to this new mortgage tool, just a few recent ones are:
"GREAT loan tracking tool, glad to have it, no one else is doing this!" Daniel Odio, real estate broker, Virginia/Washington, DC area.
"I want to hurry up and get you the documents you need for my application, because I want to see my game piece go around the game board faster than anyone else's!" Jeff Ruskin, Washington, DC client of GetLoans.com.