Applying for a mortgage is just one of the many things made easier with the Internet.
One of the biggest advantages of an online mortgage application is the obvious convenience; no more waiting in line at the bank and filling out seemingly endless paperwork. Of course, you will need to complete an online application form and supply basic personal and financial information, but the process is typically fast, easy and clear to understand. It’s also a lot easier to scan and upload any tax returns, bank statements, etc. than to make copies and take them into the bank. And it all means that you will know what you are approved for a lot faster than if you had used your bank.
As well as the online application process being easier and quicker, there are also several advantages to using a mortgage broker rather than your bank. A broker is licensed to work with many different banks and lenders, allowing them to come up with the loan that best fits your needs. Your bank on the other hand is only able to offer you their particular product, which can limit you in your search.
And a mortgage broker is required to make a point of keeping up with the latest mortgage trends, products and offers, ensuring that you always have the most current information available. Many brokers also have long established relationships with many of the larger banks and lenders, meaning that they often have access to a special offer, lower rate or other products that you wouldn’t otherwise have known about. An online mortgage broker generally doesn’t have high overheads, unlike a traditional bank, and those savings can often be passed on to the customer.
Another big advantage of an online mortgage application using a broker is that it can often be easier to get approved for a loan. Yes, your credit score will affect the interest rate offered to you, but a broker may be able to approve you for a loan when your bank wouldn’t. Often, a mortgage broker is able to approve you for a particular type of loan with a lower score than is usually needed. As a general rule, if you have a credit score of less than 700, using an online broker probably makes sense.
Applying for a mortgage and trying to make sense of the different products can be confusing. Using an online mortgage broker means that you will have access to a range of applicable products, all explained clearly so that you can make the best possible decision. If you want a process that’s easy and convenient and gives you as many options as possible, an online mortgage application is the answer.