When shopping for a mortgage loan, more options are available now than ever before. Now borrowers have the option of choosing a digital lender to save time and effort when applying for a home loan.
A digital mortgage is an electronic, paperless process with online applications, uploads, and digital signatures. Limited personal interaction is needed, so for people who are knowledgeable about the mortgage process, a digital mortgage may be ideal.
Things To Consider When Applying For A Digital Mortgage
Quicker Application and Processing Times
The application process is improved with digitized workflow, faster document collection, and a much simpler process for loan officers, resulting in faster completion. Instead of having to print all of the necessary financial documents and meet with the lender face-to-face, borrowers upload everything to the lender’s website, saving time and effort. When completed online, it’s possible to have an approval letter in hand quickly. Most people always have their smart phones with them, which allows access to their application status anytime, anywhere, making it much easier and more convenient to complete, review, sign and submit documents as needed.
Because there are so many rules, regulations, and face-to-face meetings to fill out paperwork and submit documents, the application time is slower and more tedious with traditional “in-person” banks and mortgage lenders. Digital lenders have a more streamlined approach but still follow the same process to identify the most qualified borrowers with the least amount of hassle.
Easier to Get Approved
Typically, online lenders are more willing and able to offer loans, even to those who do not have perfect credit scores, while individual lenders sometimes increase their requirements above and beyond loan requirements to make sure borrowers will be able to make the payments for the lifetime of the loan.
Convenience
One of the biggest advantages of using digital banking for a mortgage is the convenience of accessing the lending site from anywhere, at any time. This allows borrowers to complete the process at their convenience rather than having to work within the business hours of a brick-and-mortar bank. Digital mortgage lenders offer more of a self-guided experience with the option to reach out to a loan officer when needed. Bank typically are only open during standard business hours, which makes it hard for many working people to work through the traditional mortgage process.
Two-Way Access
Borrowers are no longer left in the dark about their loan status, as there is now two-way access throughout the entire process. This saves loan officers time that would be spent digging through manual records to provide updates, since everything is submitted electronically for easy reference. Requests from both the lender and the borrower can be submitted digitally for almost immediate responses, allowing the borrower more control throughout the entire process.
Lower Rates and Fees
Because digital online mortgage lenders mainly operate with low or no overhead costs, they may be able to pass their savings on to borrowers with lower interest rates, closing costs, and fees.
Digital Lending Can Save Time and Money
Digital lending typically offers lower rates and fees, faster process times and easier approval rates. They offer 24-hour online access for status updates, greener living by reducing the amount of physical paperwork involved in the process, and easy access to records. Digital lenders offer an alternative to the inconvenient hours, slower application process, and less flexibility with credit issues due to following more stringent rules and regulations placed upon traditional lenders. The goal is to save as much money as you can, in the least amount of time and with the least amount of effort and stress.
There’s No Fee to Apply
If the digital lending platform you choose is asking for a fee just to submit your information, cancel the process and find another company. You should not have to pay a fee just for a consultation or to get a prequalification or preapproval. Any fees should not be due until after your home loan is funded and typically are built into the loan amount so there’s no out-of-pocket costs over and above your monthly mortgage payment.
To get a free, no-obligation consultation with a digital lender in your preferred area, click here. Dwellics will send your contact information to a single qualified digital lender based on the ZIP code you enter and they will contact you directly. Don’t worry, you won’t start getting calls, texts or emails from several competing companies.
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