Most people don’t realize how many mortgage providers there are until they start browsing the Internet. Many even assume they need to go into their local bank or credit union to apply for a loan. The truth is, you don’t have to physically go anywhere to secure financing for your new home. Modern technology has completely changed the process of buying a home, and anyone with an Internet connection can take advantage of it.
Convenience – If you are like many others, you barely have time to sit down for a meal that doesn’t involved checking emails for work, feeding a baby, or helping with homework. Multitasking has become a way of life. People today work more hours than ever before, so squeezing in time to go to a bank and apply for a mortgage is easier said than done. Applying online allows you to do it around your schedule.
Monitor Progress – How many times have you ever wanted to call to check on the progress of something, but didn’t because you didn’t want to be a nuisance? Then, you probably obsessed nonstop until you were updated. Handling the process online allows you to log in and check the status as often as you want.
Accessibility on the Go – Most lenders have an app for your smartphone so you can get updated while you are on your break at work or court-side at your child’s basketball game.
Electronic Calculators – Trying to figure out how much home you can comfortably fit into your budget is not easy. You need to factor in interest rate, tax, and other fees. Online mortgage calculators make it effortless.
Request Quotes – You are the buyer, so you should have lenders trying to earn your business, not the other way around. When you take care of the process online, you can request quotes from multiple providers. Make sure you are comparing apples-to-apples with the loan terms.
Easy Application – Applying online make the process extremely convenient. You will usually be told exactly what documents you need to submit and you can upload them right from your own computer, if you have a scanner.
Simple Signing – When you close on your home, you will literally sign your name more times that you probably have in a year. No need to add to this prematurely! You can just sign your name electronically.
Applying for a mortgage online has never been easier. Technology has become so advanced that you can do everything from compare quotes to upload documents to sign your name, and some providers are now waiving the application fee.