Unless you’re living under a rock, shopping for an online mortgage broker is a thing now. Remember when an online lending company plugged their minute-long commercial for their new mortgage app on the Super Bowl? Most of the viewers that day were skeptical about its promises of easy credit and borrowing. But their innovative process proved to make things easier and better for loaners.
One of the reasons why it worked is because most mortgage companies still follow a more traditional process. You still have to input your credit score and an exact amount of loan you require, wait for a loan officer to get in touch with you, and send them all the necessary documents and bank statements. With an online mortgage broker, however, you only have to hand over specific bank and security information into a reporting dashboard and all these will be sorted out for you.
How Does Online Mortgage Broking Work?
The mortgage industry is complex and each company offers a different service to consumers. This means that in order to find the perfect lending company, you have to sift through hundreds of companies and over 10,000 specific mortgage plans. In online mortgage broking, the app will do this and create an application for you. This process can save you valuable time, money, and the effort of choosing the best lender for your needs. Plus, these apps don’t favor just one lender and won’t deliberately advertise any in-house broker websites.
Benefits of Online Brokers
Before online mortgage brokers even emerged in the real estate industry, homebuyers didn’t have a lot of options when it comes to a hassle-free mortgage. If you want to get a mortgage, that means you have to queue up at the bank or talk to a loan officer. Both processes require a fee yet don’t guarantee a successful transaction. And even if you have passed the initial process, the long period of waiting can still be frustrating.
With shopping for an online mortgage broker, you only have to wait to be paired up with the most appropriate service that can cater to your needs. The process is based off a cloud management system run by cutting edge technology and the teamwork of loan officers that are ready to answer all your queries in the mortgage. This way, you know you are well taken care of and at the same time still have full control.
Tips on Shopping for Online Brokers
Most of the online mortgage shopping apps can give you mortgage broker website search results in as fast as 8 minutes. The app will also shorten your list of lenders to at most 5 companies. But remember that your goal is to get the best deal, not the fastest one. Make sure that you are choosing the one that really fits your mortgage needs. It also helps to do your own research about the lending company and the mortgage plan they are offering.
There will also be times that the mortgage app will pair you up with a lending company that is much too far from your location. Yes, all these companies have loan officers whom you can communicate. But keep in mind that choosing a local lender is more convenient and cost-effective.