How are online mortgages changing the mortgage industry?

How are online mortgages changing the mortgage industry? Not long ago, the idea of doing a mortgage online seemed almost impossible, yet here we are seeing mortgages being done online. They may not be for everyone but with so many things moving online, why not mortgages? With COVID 19, it seems to be the perfect time for this industry to grow.

You can simply link your bank account or upload your bank statements, tax information, proof of assets, and any other documents that are needed securely online. This saves the time of having to collect these documents and is much more efficient. Being able to apply online, takes away the manual work of entering data which can also help reduce the number of errors that can occur with traditional ways of applying. You are also able to sign online which keeps you from having to interact in person during these times.

For those of you who are not the best at keeping your paperwork organized, this may be the answer for you. It is much easier to organize and find your documents online instead of having piles of paperwork floating around.

Since documents can be accessed sooner, your application can be submitted quicker. This may reduce the time it takes the lender to process your application.

Along with saving you time, there is a chance of saving money as well, even a small change in the interest rate can save you thousands throughout the time of your mortgage loan.

Keep in mind that this is not guaranteed, and results vary from client to client. Unfortunately, if your credit is not the best, you do not have all the records of your income or are self-employed, you may want to speak to a mortgage broker to explain your situation. If you are a first-time homebuyer, you may also want to meet with a professional mortgage broker face to face so they can explain the steps and walk you through the process.

There is no right or wrong way of applying for your mortgage, whether you do it online or with a broker. You can even mix it up by starting the online process and speaking to a broker if the need arises. Also, remember to always do your research before jumping into this type of large decision and be sure to ask questions when needed.

This article was written by Nicole, an intern at Irish Mortgage Brokers and from the USA

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