5 Benefits of Applying for a Mortgage Online

Joe Gardiner0

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The Web-based Home Loan

Not very long ago, the thought of managing one's finances online would have seemed unrealistic to many people. However, advances in mobile banking have made it easier than ever before to manage your money online. l and many people find themselves rarely stepping inside of a bank. Activities like, credit card application, credit score check, checking your financial situation, checking out mortgage rates, and using mortgage calculators can now be done with just a few clicks on your smartphone.

Yet, when it comes time to buy a house, many people believe that their only option is to apply for a mortgage in person at a bank or with a mortgage broker. The reality is, however, that online mortgage lenders make it possible for potential homebuyers to shop around, get quotes, and apply for a mortgage all from the comfort of their home, making the home buying process easier than ever before. Yes! Mortgage lenders have pursued digitalization. If you are considering purchasing a home in the near future and have not considered using an online lender, here is a look at just a few of the benefits of applying for a mortgage online.     

1. Get Multiple Quotes Easily

Before you apply for a mortgage, it is important that you shop around and get a few quotes. This way you get a different perspective of the interest rates that comes with the purchase. In fact, it is usually recommended that prospective homebuyers get at least 3 quotes, as this can allow them to compare interest rates and find the best option to meet their needs. However, with a traditional mortgage, this would mean borrowers visiting multiple banks, credit unions, or brokers and waiting to talk to someone to get a quote. Alternatively, by using an online lender, you can easily do all of your research, and fill out quote applications, from the comfort of your home. In some cases, you may even be able to complete a single online application and receive quotes from multiple lenders. This can make the process of researching mortgage options much simpler, and quicker, than if you had to apply in person. Borrowers will be able to quickly get as many quotes as you want, giving you the best chances of finding an affordable rate.    Your new home loan experience is something to look forward to.

2. Shop on Your Own Schedule

As we previously mentioned, shopping for a home loan can be a hassle, as you may have to visit multiple lenders for quotes if you opt to apply in person. This can make it difficult to actually apply for a mortgage for many people, as work, taking care of the family, and other commitments can make it difficult to find the time to visit a bank or mortgage broker in person. This can be discouraging especially to first-home seekers. Don't let a busy schedule come between your home loan application and homeownership. When applying for a mortgage online, you no longer have to worry about taking time out of your busy schedule to talk to a mortgage specialist during regular business hours, as you can now apply for a mortgage at a time that's convenient to you. Whether that's at midnight after the kids have gone to sleep, or on your lunch break, you can apply for a quote in minutes online on your schedule. 

3. Save Time

One of the biggest benefits of applying for a mortgage online is that doing so can save a lot of time. Not only will applying online speed up the process of comparing lenders, researching mortgage options, and obtaining quotes, but online lenders are also likely to pre-approve you for a loan much quicker than traditional lenders. Being pre-approved quickly can be a great advantage in today's competitive housing market. You will find this beneficial if you are going to apply to refinance your home. The fact is that speed is everything in a competitive housing market, and you may have very little time to waste in getting pre-approved if you find a house that you are in love with. The ability to move quickly with your loan application and with this stage of the process could make the difference between you ending up with your dream home, or someone else making an offer before you even receive an approval decision. Applying for a mortgage online can then help you to save time and stay competitive as you attempt to buy your new home or if you are applying for refinancing your current home.

4. It's Way Simpler

Another advantage of applying for a mortgage online is that the application process becomes much simpler, as all important documents can be uploaded securely online from your home. In fact, some online lenders make this process extremely simple by allowing employers and banks to upload documents directly to the lender for you. This can help you to save a lot of time, as you will not have to run around tracking down paper copies of your bank statements, tax documents, and employment verification, and you will not have to take these documents down to the bank in person. With an online application, these documents can easily be uploaded securely online, removing a lot of hassle. You may even be able to digitally sign documents online rather than having to do this step in person. Considering unsigned documents are one of the most common reasons mortgage applications are delayed, the ability to sign and submit documents online reduces the chances that a missed signature will delay your mortgage approval process.  Credit checks and credit reports will no longer be complicated. You can sit back and relax and wait for your loan approval which will be delivered to your email. Most lenders nowadays accept online payments. No more lining up at physical branches. Down payments and mortgage repayments can all be done online.

5. Get Assistance if You Need It

For many people, one of the most attractive things about applying for a mortgage online is being able to apply at their own pace without having to wait for the help of a customer service representative or loan officer. For those who prefer to do things on their own, online applications make things simpler than having to apply in person. However, this does not mean that you can't get assistance when applying for a mortgage online if you need it. Should you find yourself lost or in need of help when filling out your application, help is just a click away. Most online mortgage lenders have a support number and a live chat option, allowing you to quickly get the support you need to get your application submitted in a timely manner. 

While applying for a mortgage once meant gathering documents and visiting multiple lenders in person to compare rates, online lenders now make it easier for every Australian to apply for a home loan.

Looking for a short loan term and lower interest rate?

If you are looking to buy a home in the near future and you are in Australia, feel free to contact us to find out how YouBroker can make it simple for you to compare rates and find the right mortgage to meet your needs.  

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