Alexa, can I afford my mortgage?
Artificial Intelligence and machine learning are increasingly becoming part of our daily lives whether we know it or not – like when your phone knows where you’re going before you do.
And while we all know these AI skills will eventually creep their way into the mortgage process, it is still unclear what that will look like. Could we come to a day when humans are no longer needed at all? Or will AI give consumers just enough information at their fingertips that it will keep the housing industry competitive and on their toes.
It looks like one of those is about to happen.
Thanks to GO Mortgage, people with an Amazon Alexa device can now figure out their mortgage payment with just the sound of their voice.
The new Alexa skill, launched by GO Mortgage, will calculate monthly mortgage payment rates for borrowers. It can also see how much a homeowner would save by refinancing, allowing borrowers to make more informed decisions.
A 2018 survey by Bankrate showed that 30% of homeowners do not know their mortgage rates, and how it affects the cost and the length of the loan.
GO Mortgage’s machine learning calculator is poised to help customers better understand how mortgages work and the criteria that lenders use in their computations.
“Automating mortgage calculations for our consumers is part of our greater strategy to create transparency and help them find competitive loans,” GO Mortgage President Chad Jampedro said. “The mathematical procedures for mortgage calculations can be complex, but Alexa Skills breaks it down to the customer level, providing a reliable budgeting tool that gives consistent and accurate results.”
Over the past year, Amazon has pushed further and further into real estate with its smart home devices. And soon, all it will take for a person to pay their rent is to utter the phrase “Alexa, pay my rent,” and it will be done.
How close are we to being able to say, “Alexa, get me a mortgage,” and that being it? Maybe not as far off as you might think. Are you ready?