- Released Feb. 10, Trulia Mortgage App for iOS is designed to attract tech-savvy millennials who crave the ability to shop for a home with just a few screen swipes.
- The app pulls in real-time property taxes and interest rates based on ZIP code, and it informs the buyer if mortgage insurance will be required.
- The program will calculate monthly payments for multiple properties, which can be named and saved for comparison later.
Released Feb. 10, Trulia Mortgage App for iOS is designed to make the homebuying process easier for potential buyers, especially tech-savvy millennials who crave the ability to shop for a home with just a few screen swipes.
“We think our app makes it super easy for users to understand the loan process and what they qualify for,” said Christine Sou, Trulia’s mortgage product manager. “It’s designed especially with first-time homebuyers in mind who may not know what they are getting into. We wanted to provide an easy, intuitive onboarding experience”
Home affordability was at the center of this app’s development, with Trulia estimating that 31 percent of consumers think qualifying for a mortgage is their biggest obstacle to buying a home.
“With mortgage rates being so low these days, we saw an opportunity for the industry to reach out to millennials or other generations who perhaps never thought they could purchase a home,” Sou said.
After launching the app, buyers are guided to calculate their personal home affordability by entering information such as annual income and credit score. The app, which supports fixed-rate, FHA and VA loans, tells users the maximum home price they can afford, then breaks down the potential monthly mortgage payments to help them understand the principal, interest, taxes and home insurance.
The app pulls in real-time property taxes and interest rates based on ZIP code, and informs the buyer if mortgage insurance will be required.
Once affordability and monthly payment estimations have been determined, users hit the “Get Preapproved Button,” and the app generates a form to gather more information and pair the buyer with a lender. The app pulls lenders in from Zillow Group Mortgages, which has a rigid confirmation process, validating that every lender is licensed within the state in which they conduct their promotions. Additionally, Zillow Group Mortgages has a quote-flagging feature that allows borrowers to flag any suspicious quotes they may receive, and a mystery shop program that checks for quality and accuracy.
Using the product with the assistance of a real estate agent “makes for a more seamless homebuying experience,” Sou said. “It’s really important for consumers to understand the mortgage process, and once they have a better understanding of their affordability, it will be easier to understand key terms that a real estate agent may use.”
The Trulia Mortgage app is available for download in the Apple App Store. The app for Android users is also available for download in Google Play, but Sou said some of the iOS version features won’t be available in the Android version until later this year.