Here's One Big Thing I Always Look for in Mortgage Lenders

I wouldn't get a mortgage from a lender that didn't offer this feature.

I have applied for mortgages numerous times over the course of my life. As part of the process of getting home loans, I've learned what features are most important to me when choosing a lender.

Obviously, I want to make sure I am being offered a competitive interest rate and that the fees I'm paying for originating my loan are affordable. But these are not the only things I look for. In fact, I have one key priority that's always my starting point when deciding what lenders to get loan quotes from.

This is a big priority for me when picking a mortgage lender

I always get several mortgage quotes before I apply for a home loan. But before I get a quote or decide to move forward with trying to borrow from any one particular lender, I want to make sure the lender makes borrowing easy. And, to me, that means I restrict my search for mortgages to lenders who allow you to complete the entire application process online.

Now, many lenders allow you to get quotes online -- but then you have to switch to working with a mortgage broker who you talk to via phone or even who you meet with in person. And some lenders allow you to submit a basic application but require you to provide printed copies of paperwork. These lenders do not meet my criteria.

I want to be able to communicate only via email or online chat, and be able to submit documents via email or via uploading throughout the entire 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 has been approved.

Why an online application process is so important to me

An online application process has become really important to me because I've worked with lenders that offer this feature and those that don't make online closing available. And the process of getting a loan from a lender with an all-digital process has always been way easier and way faster.

When lenders require you to meet in person, to connect via phone, or to fax over documents, it slows the entire process down. I don't want to spend time printing out reams of paperwork or faxing over dozens of pages of bank statements. And I don't want to have to talk to my lender during normal business hours when I'm trying to do work I get 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 paperwork at a time that's convenient for me.

The good news is, a growing number of lenders do provide an all-digital process. That means I have a broader choice of mortgage lenders to work with if I decide to refinance or buy another home in the future. To me, it's well worth the time to find a lender that has taken advantage of technology to simplify the borrowing process, and I think other people buying a home may feel the same way.