What is Approval AI
Approval AI is a technology platform that uses artificial intelligence to simplify the home loan and mortgage process. It enables users to independently explore, organize, and manage their mortgage journey. Approval AI is not a mortgage lender or broker.
How to use Approval AI
The process involves three simple steps:
- Step 1: Fill One Form: Gather your information and fill just one form. Let AI handle the rest.
- Step 2: AI Helps Shop & Negotiate: AI helps you shop and negotiate with lenders so you don't have to lift a finger.
- Step 3: Pick The Best Deal: Review personalized offers and choose the one that fits you best.
Features of Approval AI
- Your AI Deal Maker: Use AI to call, email, text, and negotiate with lenders to get the best deal.
- One Form. All Lenders: Fill out just one form and use the platform to shop it around to banks, credit unions, and other lenders. Your data stays private until a lender earns the right to see it.
- Smart Help, Human Touch: Ask your AI assistant for instant answers, 24/7. A real human expert is available for more complex issues.
- Zero Spam. Promise: Your information is not sold, helping you avoid cold calls, spammy emails, and texts from lenders.
Use Cases of Approval AI
Approval AI can be used by borrowers in all states across the US for various purposes, including:
- Simplifying the mortgage journey.
- Shopping and comparing rates from multiple lenders (major banks, local banks, credit unions, online lenders).
- Negotiating loan terms.
- Organizing and tracking multiple loan offers.
- Exploring additional options even if you already have an offer from a lender.
Pricing
Approval AI is completely free. There are no hidden fees, paywalls, or pressure. The platform currently does not generate revenue but plans to operate on a model where lenders pay when a user chooses their loan offer, keeping the service free for homebuyers.
FAQ
- Why was Approval AI founded? Approval AI was founded by first-time homebuyers to make the mortgage process simpler, enable one application for multiple lenders, provide smarter shopping for better deals, and eliminate chaos.
- What states does Approval AI operate in? Approval AI is available to borrowers in all states across the US.
- What types of lenders does Approval AI support? The platform supports all types of lenders, including major banks, local banks, credit unions, and online lenders. Users can also bring their own preferred lender.
- What if I already have an offer from the lender? You can use the platform to explore additional options, research and compare rates, evaluate loan terms, and organize multiple offers.
- How is Approval AI different from a mortgage broker or a lender? It is a technology platform, not a lender or broker. Users maintain direct control, access educational tools, and manage their journey independently.
- How is Approval AI different from BankRate or LendingTree? Approval AI provides end-to-end service, does not sell your data to multiple lenders, stays with you throughout the process, and helps get the best deal without hassle.
- Who does Approval AI share my data with? Data is shared securely only with your chosen lender. You maintain control over data sharing.
- Will lenders really talk to my AI assistant? Lenders actively engage with the AI assistant, responding to rate checks and quote requests.
- What if the AI assistant messes up? Multiple safeguards are in place, including monitoring by real humans and human experts ready to step in.
- Why should I take a loan from a lender I've never heard of? The platform provides tools to help vet lenders for reliability and funding capability, explains that most loans are sold to the secondary market, and enables discovery of smaller lenders that may offer better rates.
- How much does Approval AI cost? Approval AI is completely free.
- How does Approval AI make money? Currently, it does not generate revenue. Once licensed, lenders will pay when a user chooses their loan offer.
- Is my personal information safe with Approval AI? Yes, data is encrypted, shared securely, and never sold. It is only used to explore home loans.
- How is my data protected from AI? Sensitive data is never exposed directly to the AI. A secure layer ensures the AI only sees necessary information for comparisons, not the full personal profile. Documents are encrypted, access is restricted, and nothing is used to train models.
- Who are Approval AI's investors? Approval AI is backed by Y Combinator.
