Mortgage Shopping? 7 Reasons to Look Online
Online real estate sites have made it easy to search for houses for quite a while, but when it came to financing, you still had to endure lengthy phone calls or spend a significant amount of time in a bank. Today, you can enjoy a home buying experience that is simpler than ever before because financing can be taken care of online. Here are a few reasons why online mortgage shopping is quickly becoming the most popular option.
- Take Advantage of Reviews – Chances are good that you read reviews before purchasing an item, booking a hotel, or checking out a restaurant. Reading what others have to say about their experience with a product or service can be very helpful in making a decision. Comparison mortgage shopping online for lenders allows you to do just that.
- Faster Process – You should not expect answers immediately, especially if you apply late Saturday night or Sunday morning, but in general, online mortgage shopping approvals are typically much faster.
- No Hold Time – There is nothing pleasant about sitting on hold for an update only to be told no further progress has been made.
- Convenient Updates – When you apply for your mortgage online, you can get real time updates. Every time your loan moves onto the next step you will know. Most lenders even have an app, so you can get updates right on your phone.
- Compare Quotes – If you wanted to receive quotes for insurance, landscaping, seasonal snow removal, etc., you would probably put the request out there and wait for the quotes to roll in to compare. Doesn’t it make sense to do this with lenders, too? You have options; they should be competing for your business.
- Platforms Handle Everything – You might be thinking that you will have to apply online and then still physically deliver or mail necessary documents. All you need to actually do is scan what you need and email, fax, or upload right to the system.
- Access to Helpful Calculators – You will be really disappointed if you finally find a home you love only to discover that is way out of your price range once interest, tax, and other fees are added. Mortgage calculators can calculate additional fees right into the payment.
Do-it-yourself financing has become extremely popular with home buyers throughout the country. The process is streamlined, faster and more convenient. In some cases application fees are even waived. So when you are mortgage shopping be sure to consider all of your options, both online and off.