Getting a mortgage is one of the most tedious financial activities out there. From the application process, to finding the best loan, to getting the myriad of paperwork required, and then answering all the follow up questions involved.
It takes time, effort, and used to involve a lot of phone tag.
But technology is changing that, with several companies working to make getting a mortgage or refinancing your home a lot easier.
Check out what the rise of online mortgage lending means for you.
Moving Mortgages To An Online Experience
For millennials like me, there’s nothing I hate more than having to call someone or speak to someone on the phone. Especially when it comes to things like data entry. So many mistakes are made with just typing my last name in over the phone, let alone the entire mortgage process.
Oh, and don’t get me started about phone tag – having to call a lender, then leave a message, then get a call back, only to miss it and start the process again.
That’s the power of an online mortgage experience – being able to do everything online, from data entry to uploading your documents, to understanding your loan choices. In some cases, even being able to sign certain documents online.
Some mortgage lenders are even moving to a mobile app experience, where you can apply for a mortgage from your phone!
Is It Everywhere Yet?
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There is a counter argument that this solution doesn’t fit everyone – and that’s true.
First, each state maintains different requirements and standards for lenders. As such, some online mortgage companies aren’t available in every state.
Second, online solutions aren’t available for every borrower yet. This is especially true if you have a complex income situation, such as being a business owner. In a case like that, you may benefit from working with a mortgage broker who can work your application to help get you approved.
Where Can I Find An Online Mortgage Lender
There are quite a few online mortgage lenders out there – you might have even seen a commercial or two on television (if you still watch television).
Some of the most interesting include:
- Credible Online Mortgage: Credible has made the online comparison marketplace for mortgages easy and completely online. From finding the best mortgage rate, to applying and uploading your information, they not only allow you to compare lenders, but do it completely online. They partner with some of the biggest lenders to have a completely online home loan and refinancing process. Check out this Credible Mortgage Review.
- Lenda: Lenda is a technology startup that has been focused on creating an online mortgage process. By being an online mortgage lender, they claim to save on costs, which they pass on to the borrower. As such, they claim to offer better rates and no lender fees. Learn more about Lenda here: Lenda Mortgage Review.
- Quicken Loans: Quicken Loans is probably the most well known online mortgage lender, and they also have their product – Rocket Mortgage – which they advertise on television. By being one of the original online mortgage lenders, they also have the most options for getting a loan online. However, we’ve found that while most of the process can be done online, they still do rely on mortgage brokers to call you and complete the process. Check out this Quicken Loans review.
Online mortgages are the way of the future. It’s faster, easier, more secure, has the potential to be frictionless.
Just as with any industry, there still will be use cases where having a mortgage broker can be useful, but for many borrowers, being able to do everything (or at least the vast majority of things) online is going to be a huge win.