Applying for a mortgage appears to many as a daunting task that needs the assistance of an in-person mortgage broker but, it doesn’t have to! The pros of applying for a mortgage online have amounted so much that it would be irresponsible to not consider this option when thinking about applying. Here are some pros of applying for your mortgage online.
First, more and more people are applying online for a mortgage than ever before! According to a recent Deloitte banking survey, 33% of people already use online platforms to apply for loans and 26% of people prefer an online application for a mortgage or refinance. This number will only increase as quarantine has pushed many to become more familiar and comfortable with technology to complete complex tasks. Not to add that as Millennials grow older and look to buy houses, they will be looking for ease of use and cost savings when applying.
Furthermore, the online mortgage experience greatly lessens the processing times and gets you preapproved faster compared to your traditional mortgage encounter. A Federal Bank of New York report pointed out that fintech mortgage brokers, companies like OnlineApplication, reduce processing times by approximately 20%! Some brokers can have you approved in as little as seven minutes! In general, online mortgage brokers diminish refinance transactions by 14 days and purchases by about nine. This benefits you because its less time going through the process of getting a mortgage and more time planning your move into your dream home!
Moreover, online mortgage brokers save you stress and commute time. When applying for a traditional mortgage you need to meet with the broker, discuss which mortgage is right for you, sign all the paperwork, bring in all your required documents, and after all that stress you need to set up a signing date! All this and more are wiped away when you can accomplish all the same things from the solace of your home! No more missed-paperwork delays when you can securely upload your documents online. Some brokers even allow you to electronically sign almost all of the required documentation! Again, time saved so you can focus on the more important things when it comes with getting the house you’ve always wanted.
Finally, applying for a mortgage is a huge financial decision that needs lots of dedication from all parties involved. Let that not deter you from using the superior way of getting one. Mortgages take time and patience, but you are in better hands with online brokers like OnlineApplication. This broker is trusted by major institutions like the Bank of Ireland, Ulster Bank, and more! They save you time with fewer meetings, automated processing, and will package and send your application to banks in seconds! When applying for a mortgage look no further than OnlineApplication for all your mortgage and refinance needs!
Phillips, Larry. “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.