1 Feature I'll Look for in All Future Mortgage Lenders

by Christy Bieber | Updated July 19, 2021 - First published on March 2, 2021

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It made getting a home loan a whole lot easier!

It's always been a bit of a hassle to apply for a mortgage loan, whether it's a new home loan or a refinance. But the last time I applied to refinance my mortgage, the process was easier than it's ever been before -- by a huge margin. 

And there was a simple reason for that: My mortgage lender offered a feature I've decided will be a requirement for any future home loans I take on. 

Here's how my lender made applying for a loan easier

When I obtained my most recent mortgage, the fully digital loan process eliminated much of the hassle. That meant:

  • I was able to shop for and compare refinance rates online
  • I was able to submit my mortgage application online
  • I provided all my required financial documents electronically, from bank statements to past tax returns
  • I scheduled and paid for the appraisal online
  • I signed the mortgage paperwork online

Unlike with past loans, at no point did I have to meet with or speak to a loan officer or anyone else (except, of course, for the appraiser who came to my home). I didn't have to mail or fax in any paperwork or deliver anything to the bank. And I didn't have to go visit a title office to sign papers and close on my loan.

This saved a tremendous amount of time and paper compared with past mortgages where I had to print financial statements. It also meant that I was able to close on my loan more quickly. After all, there was no wasted time going back and forth about what documents were needed or when we could schedule meetings since everything was done digitally. 

In today's modern world, you'd think that most or all mortgage lenders would offer an all-digital loan as an option, but that's not the case. 

I found a number of refinance lenders that still require you to speak with a loan officer to get a quote, manually deliver documents, or close in person. And while some people may prefer that -- especially first-time buyers -- I feel all those things can slow down the process and make getting a loan more cumbersome. 

I'll always go digital in the future

As a result, I'll look for a lender that offers an entirely online experience from start to finish whenever I apply for a refinance or new mortgage loan in the future. In fact, it will be an essential requirement. On top of that, I might even be willing to pay a slightly higher origination fee just for the convenience of this type of application process. Having applied for a mortgage the traditional way and then used this modern approach, I'm confident it would be well worth it.  

Fortunately, a growing number of loan providers are moving in this direction, so I should have a wealth of choices in the future. And since this streamlines the process for lenders as well, I expect I should easily be able to find an affordable mortgage. Indeed, the lender I went with was also the least expensive. I'm confident I'll be able to do everything without ever having to leave the comfort of my laptop. 

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