Here’s a big thing I always look for in mortgage lenders

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I wouldn’t get a mortgage from a lender that doesn’t offer this feature.


Key points

  • I have obtained several mortgages over the past few years.
  • I always make sure to look for one key characteristic when choosing a lender.
  • I want to make sure my lender allows me to complete the entire application process online.

I have applied for mortgages many times in my life. As part of the process of getting home loans, I learned which characteristics are most important to me when choosing a lender.

Of course, I want to make sure that I am offered a competitive interest rate and that the fees I pay for the granting of my loan are affordable. But those aren’t the only things I’m looking for. In fact, I have one key priority that is always my starting point when deciding which lenders to get loan quotes from.

This is a high priority for me when choosing a mortgage lender

I always get several mortgage quotes before applying for a mortgage. But before I get a quote or decide to try borrowing from a particular lender, I want to make sure the lender makes it easy to borrow. And, for me, that means limiting my search for mortgages to lenders that allow you to complete the entire application process online.

Now many lenders allow you to get quotation online – but then you have to go to a mortgage broker that you talk to on the phone or even meet in person. And some lenders allow you to submit a basic application, but ask you to provide printed copies of the documents. These lenders do not meet my criteria.

I want to be able to communicate only by email or online chat, and be able to submit documents by email or upload throughout the application process. And, ideally, I want to make sure I can either sign the papers online, go to a notary, or have a closing agent come to my house to sign the papers once the mortgage is approved.

Why an online application process is so important to me

An online application process has become very important to me because I have worked with lenders who offer this feature. and those who do not make online closing available. And the process of getting a loan from a lender with a fully digital process has always been much easier and much faster.

When lenders ask you to meet in person, connect over the phone, or fax documents, it slows down the whole process. I don’t want to spend time printing tons of documents or faxing dozens of pages of bank statements. And I don’t want to have to talk to my lender during regular business hours when I’m trying to do a job I’m getting paid for or trying to spend time with my kids.

Instead, I want to make sure that I can send the documents via a convenient and easy method when I have free time, even if it’s late at night. And I want to be able to sign the closing papers at a time that’s convenient for me.

The good news is that a growing number of lenders are offering a completely digital process. This means I have a wider choice of mortgage lenders to work with if I decide to refinance or buy another home in the future. For me, it’s well worth the time to find a lender who has taken advantage of technology to simplify the borrowing process, and I think other homebuyers may feel the same way.

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