If you are at all familiar with the process of applying for a mortgage you know how tedious and time-consuming it can be. You have to obtain all of the necessary documents such as bank and credit card statements, proof of income, and forms of identification just to name a few. After searching for all of the essential documents, typically, you would go to a mortgage brokerage to discuss your financial situation and goals with a broker. The broker would then use their connections with different banks and their knowledge of the market to provide the client with a handful of loan options that they believe to fit your needs. The downside of going through a broker is that they may charge an hourly rate for their consultation in addition to a commission as part of closing the deal on a loan. Additionally, the whole process is extremely time-consuming, as you need to set time aside to meet with the broker in person to discuss your financial situation. This process leaves a lot of room for manual error regarding all of the necessary physical paperwork and can be made much more efficient if digitized.
So if brokers can provide you with loan options tailored to your needs, why use an online broker?
First-time homeowners are often overwhelmed and intimidated by all of the ins and outs of the mortgage process. In addition to needing all of the necessary documents to be tediously prepared, packaged, and sent to the bank, there are factors such as fixed or adjustable interest rates, duration of the loan, and the amount needed to borrow that all affect payments throughout the entirety of a mortgage. Knowing how to tailor these factors to fit your specific financial needs is essential to getting the most efficient and effective mortgage. This tailoring is exactly what online brokerages do. After entering the necessary information into the system, the online brokerage will assess your financial situation and search across the whole market to find different loans that suit your needs. These types of systems use data to evaluate different loans from different lenders in the market, providing the client with well-suited options. Online brokerages provide a variety of loans from lenders across the market that are personally tailored to the prospective homeowner. If the prospective homeowner has a better fitting loan available to them it will reduce default rates, making the process more effective and efficient for the lender, and borrower. By providing a hassle-free, easy-to-use system to find a mortgage, online brokerages give clients a more cost-efficient process than the typical broker.
Here at OnlineApplication, this is exactly what we do. The OnlineApplication loan origination system allows users to upload the necessary documents from any device, from any place, and digitally approves mortgage applications in 7 minutes or less. Our system uses AI and machine learning to review potential mortgage applicants, making sure everything is within compliance and government regulation. By partnering with a wide variety of lenders, OnlineApplication’s system helps match the client to the most efficient mortgages tailored to their financial situation and needs. This system allows prospective homeowners to compare the different interest rates and details of the loans, leading to a better fitting mortgage. Combining the recommendations of OnlineApplication’s system and the client’s selection based on their needs, prospective homeowners are able to find a better fitting loan than if they went through a typical broker.
Interested in learning more about how OnlineApplication can help improve your mortgage brokerage? Contact us for a free demo or consultation:
Interested in learning more about the benefits of online mortgage tools? Check out the links below: