Applying for A Mortgage Just Became Much Easier
Technology hasn’t just made shopping for a home easier; it has also made it a lot more convenient to apply for a loan. We all use the Internet for almost everything, but turning to your laptop to apply for a mortgage has probably not crossed your mind. If that wasn’t easy enough for you the COVID-19 pandemic made contactless shopping and applying for almost anything online the new norm.
1. The 21st Century Has Been Made Easier for us by the Internet. Take Advantage. Compare Lenders
This is probably the largest purchase you are going to make in your entire life, so it makes sense to do some comparison shopping. Not only do you need a good rate, but you also want exceptional customer service, according to the Local Records Office. Online tools allow you to pull up a list of several quotes from different providers so you can decide which ones to look a little closer at.
2. Handy Calculators
You are more than capable of taking a home’s price, subtracting the amount you have for a down payment, and then dividing that figure by the number of months you plan on financing it. However, this does not factor in tax, interest, etc. Online calculators allow you to get a more accurate idea of what you can afford.
3. No Handwriting
People today spend so much time on the computer that actually handwriting something (other than their signature for a credit card purchase) seems like a foreign concept says, Local Records Office. When you apply online you get to type everything, which probably feels a lot more natural to you!
4. Digital Signature
Not all that long ago, if you were applying for any type of loan or credit card, you had to print the form to sign and then fax, mail, or scan and email to the recipient. Thanks to e-signatures, you can “sign” right online.
5. Information at Your Fingertips
Many lenders offer an app that can be uploaded to your phone. This gives you current requests and progress from the lender.
6. Apply around Your Schedule
If you work all day, going to apply for a loan in person can be a hassle. Even if you can make it there during your lunch hour, you won’t get a chance to eat and you will probably get stuck in traffic heading back. Rushing just adds more stress to your day. When you apply online, you can do so at any time – even if it’s midnight after you get done working the second shift.
Since the invention of the internet life has been made easier for many of us, make sure you take advantage of what we have at our fingertips.