Digital mortgages are becoming increasingly popular due to the increase in technology. People are more likely to want to take care of everything online. This change came in full swing when the COVID pandemic happened.
Companies and people alike had to go through the transition period of shifting everything remote. Once people discovered that things can be done this way, they did not want to go back.
OnlineApplication is a company that decided to make a software that would simplify this process for everyone involved in the process. Helping the brokers, lenders and the borrowers.
By providing a point to store all documents safely in one place, it eliminated the need for face to face meetings and stacks of paperwork. Beneficial to both sides.
Benefits to Digital Mortgages
Digital mortgages have many advantages opposed to applying for them on paper, in person.
One of the benefits to Digitally applying for a mortgage is a faster pre-approval. The system that OnlineApplication has will go through your data and pre-approve you without the need for a bank.
Another benefit of digital mortgages is the ability to have your application get sent to multiple lenders. This seamless process is a lot easier than the process of sending paper copies to all the lenders.
Benefits to consumers
There are multiple benefits for consumers to do their mortgage process online. One of the biggest advantages to consumers is getting rid of the need for face to face meetings. This will save the consumer lots of time and effort.
By being able to upload all of their information digitally, it keeps all of their information safe and secure in one place.
The digital mortgage application also allows all of the information to be in one spot, so that the consumer only needs to upload everything once and then seamlessly be able to find the best lender for them.
Benefits to Businesses
The benefits to business are similar to those of the consumers. It saves time, allowing the business to focus on what’s most important; customer service.
Digital Mortgages also allow for companies to store this information and be able to send it to the lenders with the click of a button.
How to Learn More
To learn more about the process of applying for a mortgage online contact us on our website below.
Jimmy LaSusa is an intern from the University of Missouri, who is majoring in Marketing. His interests include International Business, Marketing and Sales.