More than 75 percent of adults in the U.S. already shop online, and the popularity of online shopping is expected to grow in the years to come. In fact, experts predict that there will be more than 300 million Americans shopping online by 2023. With numbers like that, it’s no surprise than many aspiring homeowners are interested in using their computers, tablets, or smartphones to shop for a loan. Both traditional lenders and online lenders are now offering would-be borrowers the chance to complete an online loan application. Is it the right choice for you? Why apply for a mortgage online?
Why Apply for a Mortgage Online?
When it comes to applying for a mortgage, you have multiple options. You could visit a brick-and-mortar location, contact the lender via the phone, or apply for a mortgage online. Why apply for a mortgage online? Let’s explore the pros and cons . . .
The Benefits of Applying for a Mortgage Online
As The Mortgage Reports makes clear, applying online with a reputable lender comes with several benefits. Is convenience important to you? With an online application, you have the freedom to complete the application in the comfort of your own home at your own pace. You can even wear pajamas if you’d like! Applying online is also efficient. You don’t have to take in physical copies of your documentation. You can simply provide digital copies, a task that can be accomplished in a matter of minutes. Plus, if you’re confused by any terms or requests, you can find clarifying information online or contact the lender by phone for help. Feel free to take your time with the process to ensure that you don’t feel rushed or confused.
The Downsides of Applying for a Mortgage Online
If applying online is so great, why doesn’t everyone do it? As Best Company reports, there are some downsides to online applications. For starters, you may miss the personal touch. While traditional lenders who offer online applications generally provide excellent customer service, lenders that conduct all of their business online often have limited customer service. Online-only lenders may also lack the local knowledge to point out homebuyer incentives available in your community and the expertise needed to handle complicated loans, which can limit your options. Finally, the risk of scams is very real whenever you do business online. If you opt to apply online, do your research and choose only reputable lenders.
How to Apply for a Mortgage Online
According to NerdWallet, most online mortgage applications are similar to the Universal Residential Loan Application. To apply online, start by gathering the necessary information about your finances, assets, debts, and employment. Have the facts on the property and the type of loan you desire on hand. Then, head to your chosen lender’s website, fill in the application, and upload any required documentation. What if you run into trouble or need clarification? Traditional lenders generally allow you to switch strategies and call for personal assistance from a loan officer. With an online-only lender, you may have to communicate via email.
Applying Online with PrimeLending
At PrimeLending, we think that buying a home should be a rewarding experience. That’s why we created an online mortgage application process that offers all the benefits of applying online without subjecting you to the drawbacks that you may encounter elsewhere. Why apply for a mortgage online with PrimeLending?
- Our user-friendly instructions make completing the loan application easy.
- Contact information is on every screen, so you can reach out if you have any questions.
- The dashboard tracks your progress.
- You can step away and pick up the process again later.
- We guide you through updating and sharing the requested documents.
- A convenient checklist lets you see at a glance which documents we’ve received and which ones we’re still waiting for.
- We’re committed to making the home loan process simple, timely, and transparent so that you can proceed with confidence.
Whether you’re searching for a conventional loan, jumbo loan, government-backed loan, construction loan, renovation loan, or even a refinancing program, PrimeLending Twin Cities has the information and resources to find the right loan product for your needs. You’ll enjoy personalized service as we guide you through the loan process. Let us show you why we’re the top-ranked lender in Minneapolis, St. Paul, and the surrounding suburbs. Contact us today.