DIY Mortgage Loans
A lot of people ask us why they should bother with using a real estate broker as opposed to using an app like Redfin Mortgage that launched last fall. They see that there seems to be a discount for using a simple DIY app, and they aren’t wrong — but there are a few things missing from that equation.
Redfin Mortgage and apps like it shovel a good amount of the actual work of getting a property onto your shoulders. While this may be fine for tech-savvy people with real estate and financial backgrounds, this method could leave you flapping in the wind with zero guidance if there is the slightest bit of complexity involved in your circumstance.
“Don’t worry, the AI will take care of everything!”
But Redfin Mortgage does do many exciting things and can act as a Real Estate Google of sorts for those who like to do a lot of research independently. You can even look at a lot of properties on your own without too much trouble. So as far as getting a good snapshot as to what properties are available at the moment in a given area, we have no difficulty saying Redfin works for researching properties on some level.
However, what about what happened a year ago? What might be happening in a year or so from now in the area? In ten years? Only a licensed professional with their finger on the pulse of a particular neighborhood can have the authority and insight to see the big picture. Not to mention the fact that through MLS (the Multiple Listing Service) RE Agents have more listings and data than a publicly searchable app has and can find you properties that you most certainly will miss on your solo adventures!
The Thing Is, Money.
Cost cutting. Cost cutting is vital these days. Everywhere you look people are trying to save money. Even going to the grocery store, you see these new lanes with those self-service scanner things. Well, these scanner things are great, for the store, for their bottom line. The store saves money!
If you’ve read my walkthrough on About Mortage Loans, you’ve heard what we say about the hazards of loan shopping on