With digital submissions, comes great responsibility.
Most companies – big and small – are moving towards the online and app-based mortgage application process. With most day-to-day activities and processes being digital, it would only make sense for the housing process to jump aboard.
The hope is for these online forms to help with the unease of mortgage applications – no longer are they stressful – they should be easy to fill out and quick to understand. The idea is that these online mortgage applications will create a faster process, which would also allow a quicker closing date.
Tendayi Kapfidze, chief economist at LendingTree, explains that “some lenders have an almost completely digital process, and some lenders have a partial digital process. But, ultimately, the industry as a whole, from application to underwriting and processing the application, is moving toward a digital structure.”
Creating a user-friendly experience and an app that provides guidance to an otherwise confusing process is another positive aspect to consider when applying through a digital platform.
But who are using these new online platforms?
A recent poll from Branded Research found that men are more likely than women to contact lenders online. However, new homebuyers younger than 45 are also more likely than older homeowners to start the process online as well.
Those that have completed their home process through the new online platform seem to be relatively happy with the new switch. Sammie Jones of Hampton, Georgia, is one of the first to comment, saying that he “would do digital every time. It was that profound a difference. It made the mortgage process kind of enjoyable.”
Whether or not you’ve yet to file through a digital mortgage application, it looks like there’s a pretty good shot you’ll use it for your next house.