How Technology is Improving the Borrower Mortgage Experience
Applying for a mortgage can be stressful, especially if you’re a first-time homebuyer. But, when you apply online from the comfort of your home, not only will you have convenience, you’ll also have digital mortgage tools at your fingertips like:
- Mortgage calculators – so you can see how much of a house payment you can afford.
- Credit score reporting – that shows you your score instantly.
- Mortgage loan programs – suggested for your particular circumstances.
- View current interest rates – and compare them to get the best deal when purchasing or refinancing.
- Comparison shopping – you’ll be able to compare programs, rates, and down payment requirements.
So, whether you’re buying a home or refinancing your current one, getting a conventional loan, FHA, VA, or USDA loan, it’s fast, easy, and secure to get an online mortgage pre-approval.
Borrower Experience BEFORE Online Mortgage Applications Were Available
Only a few years ago, before mortgage lending online was available, anyone applying for a home loan would go through the same steps:
- Make an appointment to meet face-to-face with a mortgage loan officer.
- You’d probably have to ask for time off of work because the appointment would take a few hours.
- Gather up every type of documentation possibly needed, including taxes, bank statements, divorce papers, child support documentation, and go make copies.
- At the copy store, disassemble all documents, pull out staples (what a hassle), make copies, re-staple.
- Finally, arrive at the mortgage office with papers in hand.
- Meet with your loan officer so they could fill out the mortgage application for you while you sat there, wondering how long this would take.
- If you have kids with you, it would take twice as long.
And that was just the beginning. All of your documents would be put into folders and passed along to the different employees at the lender including, the loan officer, loan processor, and underwriter.
If there were any questions from the underwriter, they’d need more documentation, and you’d repeat steps 1 to 7 above.
Borrower Experience WITH Online Mortgage Applications
- Grab your phone or laptop.
- Find a comfortable spot on the couch.
- Search for local digital mortgage lenders.
- Check out a few lenders.
- Take a break and grab a snack.
- Apply online and sign documents.
- Upload your taxes, bank statements, ID and anything else you need
- Get an online mortgage pre-approval instantly.
How easy was that? Plus, when you take advantage of mortgage lending online, there’s no need to take time off work. You can apply 24/7 at your convenience. With all of your documents uploaded (and extremely readable), your loan will speed through the lines of the loan officer, processor, and underwriter.
If the underwriter needs more information or documentation, it’s easy for you to email what’s required. With this digital environment, everything goes faster, and your loan is approved and closed much quicker than it would have been only a few years ago.
Online Mortgage Approval in 14 Days!
In the past, before online loan applications, typically, it could take over a month to get approval. Plus, all the wasted time running back and forth to the lender’s office. Now it’s frickin-easy to apply and buy a home quickly.
Rather than taking over a month–your loan can be approved in only 14 days.
From Your Couch
When it’s time for you to move, you will have to get off the couch, but that’s OK because you’re going to your new home!
And if you’re refinancing, you can sit on that couch as long as you want. It’s your house and your rules!
Can Anyone Refinance or Apply for a Loan Online?
Yes, of course, anyone can. BUT not everyone should.
At Homestead Financial Mortgage, about 50% of our customers apply online. Although we talk on the phone and communicate via email and text, we never meet them face-to-face. That’s fine with them because in most cases they are:
- Busy & tech-savvy
- But then there’s the other 50%
We’re the Best Online Lender Who’s Also Local
As an online mortgage lender, we still have half of our customers who want to come into our office and meet face to face. They all have their reasons. Here are some of the top ones:
- They want to sit down and check us out – see if they like us.
- They don’t feel comfortable sending documents over the internet.
- They have lots of questions about the mortgage process and need guidance.
- They’re past customers and want to visit – coming in for another mortgage is like “old home week.”
And then there’s the 50/50’s. These customers want to stop by the office when it’s convenient for them, but they’ll use technology such as the online application and uploading documents.
That’s the advantage of using a local lender. There are a lot of online mortgage companies. But, when you choose Homestead Financial Mortgage you can have the best of both worlds – technology and personal face-to-face customer service.
Choosing Your Mortgage Lender Wisely
Mortgages are more accessible than ever to obtain, directly, or indirectly, technology is having an impact on us all and even for those who do not directly use it. Underneath all the bells and whistles, you’re still dealing with a loan originator. Shop, talk, and make your choice based on what works for you. Take the time to get to know your online mortgage lender; this is a big step.
At Homestead Mortgage, we offer high-tech with high-touch customer service to give you the loan you want FAST. Contact us today!