Neat Capital, a fintech company, announced it launched an application that it says provides mortgage borrowers pre-approval letters in almost real-time.
Integrated with the company's one session lending platform, the digital application delivers an instant-pre approval letter straight to a borrower's phone in just three minutes, the company said in a press release.
“Often, filling out a pre-approval application and having to wait for a person to contact the applicant over a weekend, when most buyers are visiting homes, causes a delay that could lose them valuable time in submitting a winning bid. This technology allows buyers to gain a competitive edge by being the first to make an offer,” Neat Capital writes.
By only requiring a soft credit pull, the company says its app is designed to be especially valuable for buyers making multiple offers in highly competitive markets.
“This innovative application will be a major benefit to home buyers who need to act fast – or risk losing their dream home," Loan Officer Justin Carmichael said. "This solution allows me to provide 24-7 service to my clients, even when I'm not available. This will make a huge difference where timing is critical."