Sean Keller

NMLS # 2188369

714-242-8261

skeller@glw247.com

Is Applying for Mortgage Online a Good Idea?

Is Applying for Mortgage Online a Good Idea?

You can do pretty much everything on the Internet today, including apply for mortgage financing. Just because something is digital, does that automatically mean it’s better? There are several factors to consider when deciding between applying online or in person. 

Because the Millennial generation is now at the prime age for homebuying, their preferences are influencing the mortgage industry. The National Association of Realtors reports that in 2018, millennials bought more homes in the U.S. than any other generation. This age group grew up with computers and the Internet and they love and expect the convenience of doing most things online. In response many mortgage lenders have created online applications for home loans and some companies even offer “digital mortgages" that process applications, documentation and underwriting completely online.  A report from the New York Federal Reserve found that online-only applications can reduce the mortgage processing period by 20% compared to traditional options. 

Being able to upload all the important documents from home is another benefit of digital mortgages. If you have online access to your bank statements, W-2s or tax returns, you can simply import them into your online mortgage application. No more searching through paper files to find what you need. 

With online applications, you are even allowed to digitally sign or “e-sign” your mortgage paperwork – all from the comfort of your own home!  

Applying online for a home loan may not be the best solution for borrowers with special financial conditions. For those with inconsistent income or low credit rates, dealing with a lender in person will allow borrowers to explain the details and provide additional paperwork, if needed. 

Whether you apply for a mortgage online or with a more traditional route, starting out online is a good idea.  This lets us obtain your information, review credit history and qualification requirements - and then we can get together and go over your options.  You can begin here on our website, or download the Kings Mortgage mobile app at the App Store.