Why Should I Apply For a Mortgage Online?

June 23, 2021
Sarah Gormley

When making big financial decisions such as purchasing a loan or a mortgage, everyone wants the process to be convenient. Most people think that applying for a mortgage is a long, exhausting task that needs the assistance of an in-person mortgage broker, but that is not the case. Taking part in digital home lending will save you time, stress, and money. 

According to a Deloitte banking survey, 33% of people already use online platforms to apply for loans and 26% of people prefer an online application for mortgage or refinancing. Here are some reasons why you should try digital home lending:

 

Saves Time

Applying for a mortgage in person means driving to the bank, checking in, speaking with a banker about your options, and spending hours filling out paper applications. You then have to wait for the mortgage to be approved, all while you could save time through online mortgaging. With digital mortgaging, you fill out the application virtually from the comfort of your own home and receive a reasonable quote much faster. Lenders have also simplified the process to consist only of the crucial information needed to help save time, allowing you to complete the application in minutes. 

Lower Rates

While each lender has different rates, digital lending options typically have lower upfront costs than in-person lenders meaning they may be your cheapest option.

Higher Chance of Approval

When applying for a loan, you must input all of your information — forgetting pieces of information will lead to a lower chance of approval. If the bank declines your application, it is rather difficult to re-apply at the same bank. To give some perspective, it is common for an applicant that is denied a loan to wait 6-12 months before the bank will even consider a new application. Online platforms make sure that you have all of your information entered before you are allowed to submit your application, saving you from worrying about this.

Online Mortgage Brokers To Help You

A mortgage broker serves as an intermediary between you and the bank that will loan you the money needed. When going to a traditional broker in person, you have to meet with the broker, discuss and consider all of your options, choose an option, and then proceed with the application. Using an online mortgage broker will save you even more time and money in addition to what you will already save by applying for a mortgage online.

 

We recommend you apply for a mortgage online with the help from onlineapplication.io to get you the best deal on your mortgage. At Online Application we take pride in making mortgages and insurance easier, faster, and more efficient for everyone! Head to the home page for some more in-depth information on how we can help you!

 

References:

Meckler, Eric. “The 5 Benefits of Digital Home Lending.” Wyndham Capital Mortgage, 25 June 2020, wyndhamcapital.com/blog/the-5-benefits-of-digital-home-lending/.

“Should You Apply for a Mortgage Online? Pros and Cons of Digital Mortgages.” Mortgage Rates, Mortgage News and Strategy : The Mortgage Reports, 7 Feb. 2020, themortgagereports.com/58202/should-you-apply-for-a-mortgage-online-pros-and-cons-of-digital-mortgages.

Leave a comment