Once a stress-inducing event, financing a house has become significantly less stressful. While still a significant purchase, financing a home has been made simpler by a host of online options. From online mortgage lenders to the ease that you can research rates, the dread-inducing mortgage application process is a thing of the past. Today, you are even able to apply for a loan from a smartphone app. While the mortgage industry was slow to embrace new technology, now they are fully engaged with the online experience.
A Streamlined Experience
The most significant impact online mortgage lenders have made on the application process is to streamline it and reduce the amount of time an applicant has to wait to find out if they were approved. The ease of which someone can apply for a mortgage online is a key driver in the fact that in 2017, technology-savvy mortgage lenders accounted for over half mortgages in the United States. More access to information, speed, and simplicity are the main thing that has drawn and continues to draw consumers to apply for mortgages online.
Letting Applicants Take Control
One of the reasons that online mortgage lenders have become so popular is that it gives the mortgage applicant more control over their journey. The design of online mortgage lender websites was constructed with this in mind. They took into account the difficulties in the traditional mortgage application process and made the requisite adjustments in order to simplify the experience. Applicants do not have to produce all needed documents and information at one time, but they can now proceed at their own pace.
If an applicant wants to apply late at night or very early in the morning, they are now able to make the process fit their schedule. Many online mortgage lenders let applicants import their financial data from nearly all financial institutions in the United States. Many of these online mortgage lenders also offer credit checks so that application experience is all-inclusive.
Melding Old with New
Online mortgage lenders are also giving mortgage applicants a chance to speak with a person over the phone. While the do it yourself style of online mortgage websites is prevalent, many applicants still want the option to talk to someone who can answer their questions; this also extends to emails and texting. A hybrid approach to online mortgage websites was inevitable because of the growing number of people applying for applications online. In many applicant’s eyes, the combination of a simplified application process and having a human to answer your questions is the optimum balance needed to satisfy their expectations.
What can you expect from online mortgage lenders in the future? It will likely be a continued focus on streamlining the mortgage application process by adding new features to make the experience even easier, if not enjoyable. Anticipate even more personalized tools that will help applicants better understand how things like larger down payments can benefit them in the long run.
If you are in the greater Tampa Bay Area and are thinking about applying for a mortgage, regardless if it’s online or through traditional methods and are seeking advice on what the benefits and potential drawbacks are, contact me at 813-915-6649 or email. I can give you solid advice on a mortgage application and the approval process. Don’t choose an online mortgage lender blindly, contact me today!
