RBC introduces its new True House Affordability tool to help consumers in reaching that milestone of purchasing a new home. The first step in doing so is to get a mortgage prequalification and RBC's new tool provides an estimate of how much one can afford to get a price range that is realistic to their financial standing. It is not set to be a mortgage approval or a pre-approval, but it provides an understanding that gives customers a good idea of what they can afford in an efficient way.
The complicated process is broken down in a few easy steps based on one's income, credit rating, and down payment. The results are immediately ready and notably, the use of the app does not affect one's credit score in any way. Each user is also assigned a dedicated mortgage specialist for any questions and concerns.
Online Mortgage Prequalifications
RBC's True House Affordability Tool Calculates Mortgage Support
Trend Themes
1. Online Mortgage Prequalifications - RBC's True House Affordability tool streamlines the process of getting a mortgage prequalification, making it more convenient for consumers.
2. Financial Technology in Home Buying - RBC's True House Affordability tool demonstrates the potential for fintech to revolutionize and simplify the mortgage application process.
3. Personalized Mortgage Services - The dedicated mortgage specialist assigned to each user of RBC's True House Affordability tool showcases the rising trend of personalized services in the mortgage industry.
Industry Implications
1. Banking - RBC's True House Affordability tool is an innovation within the banking industry, specifically targeting mortgage applications.
2. Real Estate - The True House Affordability tool by RBC is set to disrupt the real estate industry by providing consumers with a simplified and convenient way to determine their affordability.
3. Financial Technology - RBC's True House Affordability tool represents an opportunity for disruptive innovation within the financial technology sector, particularly in the mortgage application process.