4 Reasons To Be Smart And Apply For A Mortgage Online
Online Mortgage lenders are changing home buying, here’s why.
If you’re looking for a mortgage or a home equity loan, you now have one less reason to walk into a bank.
Alternative online mortgage lenders have revolutionized the mortgage industry. Long gone are the days of getting a mortgage directly from your bank.
Now, you have the ability to compare multiple mortgage lenders online with full transparency and complete the entire application process securely online from your computer or phone.
And as with any other kind of comparison shopping, comparing multiple mortgages online almost always guarantees you a lower interest rate and better terms than applying directly with a big bank.
Here’s an in-depth break down of the top 4 reasons to be smart and go with an alternative online mortgage lender.
#1 Online lenders streamline the process
Alternative online mortgage lenders have become such a major force in the industry because they streamline your search and application process, making it more transparent.
LendingTree is the leading online lending marketplace that strips away the layers of behind-the-scenes delays built into the traditional mortgage lending system of big banks. By using automated loan-decision algorithms, electronic document gathering and secure online communications, LendingTree not only compares the best home loans for you, it allows you to apply and get approved in real-time.
This not only saves you time but it involves you at every level of the process, giving you the most transparency.
#2 Online lenders do the work for you
Online mortgage mortgage lenders, like LendingTree, do the work for you by acting as a virtual middleman.
Their mortgage rate algorithms take the information you’ve provided in your application and present you a list of potential trusted lenders. This saves you the time from comparing multiple offers from different banks.
#3 Fair or poor credit doesn’t mean you don’t have options
Since the financial collapse in 2008, big banks and traditional lenders are especially reluctant to offer mortgages and other home loans to borrowers with poor credit histories.
Online lenders, like QuickenLoans, actually cater to borrowers with poor to fair credit.
Quicken Loans offers affordable options specifically geared toward first-time buyers with fair credit to choose from. Their expertise, the diversity of home loan types and the accelerated approval process all make Quicken the highest ranked mortgage service in the nation for client satisfaction.
#4 You have more options online than ever
In a digital age of online comparison shopping, we all expect a lot of options - and to know them all before we make a decision.
Getting a mortgage shouldn’t be any different. Regardless of your credit score or financial background, you have options and online lending platforms make sure that you have them at your fingertips.
Rocket Mortgage is another example of how fast and easy finding all of your mortgage options can be. Fully designed for digital natives with an advanced and smooth platform that keeps the entire process online, Rocket Mortgage allows you to explore all of your mortgage options from anywhere, anytime.
For more online mortgage services check out our ranking of the best mortgage loan rates of 2019.