To a big number of people especially first time home buyers, mortgage application seems to be a difficult task that calls for the assistance of an in-person mortgage broker. However, it does not have to be! These advantages of online mortgage application are so much that you need to consider it as an option whenever you think about getting a mortgage.
- Many people are applying for mortgage online
In Ireland, an increasing number of people are using the internet to apply for mortgage now more than ever before. In a recent report, an Irish banking survey indicated that over 40 percent of people use various digital platforms to apply for mortgage because of the COVID-19 pandemic which has forced people to practice social distancing and adhere to lockdown restrictions. This number is expected to increase as the number has forced many individuals to be more comfortable and familiar with technology to complete various tasks. Additionally, as millennials get older and begin to look for property, they will definitely look to save costs and ease of use when applying for mortgage.
- Faster Pre-approval rate
Online mortgage experience highly reduced the processing period and you get pre-approval even faster as compared to the traditional method of applying for mortgage. With some fin-tech mortgage brokers, the processing times can be reduced by almost 20 percent for online applications. In Ireland, some brokers can approve you in less than 10 minutes! With this fast process, you are able to concentrate on planning on moving to your dream home and less time going through the lengthy traditional process.
- Reduced Stress and Commute Time
If you are using the traditional mortgage application process, you have to meet the broker, discuss the right mortgage, bring all the necessary documents, sign papers, and as if not enough, you need to agree on a signing date. With online application of mortgage, all of this are not required as you can do all of them from the comfort of your home. You are sure that you will not experience delays caused by missing paperwork since all documents can be securely uploaded online. Some brokers in Ireland even allow you to sign documents online! This saves you time and lets you focus on more important tasks.
All in all, mortgage application is one of the biggest decisions in life and therefore, it needs a high degree of dedication from both the buyer and the broker. Through the use of online application, you are sure that you will spend less energy to live in your dream home. Brokers who embrace digital technology and online application save you time since they automate various processes and prefer video calls than in-person meetings, and can compile and send your application to the financial institutions in seconds!