There are few financial transactions that consumers will undertake during their lifetimes that is more stress inducing than attempting to get a mortgage to purchase a home. Imagine you’ve found the dream home you’ve always wanted and that you have everything saved that you need for a great down payment - basically, you’re good to go.
But then you have to wade through the myriad of various mortgage brokers to attempt to secure financing for your new home.
Not only are the options endless, but they are both confusing and intimidating. Ever cautious, you do your research, you look into every organization thoroughly, and you try your best to find the best deal for your financial situation. And, if you’re lucky enough to make it this far, just know that the average mortgage application is about 500 pages long.
What if we told you that this arduous task, like so many others before it, is about to be completely disrupted by the advent of the digital age. Meet your digital mortgage broker, who can assist you with completing your search for a online completely online.
See, until last year, mortgage applications could not be finished online but with recent changes as late as last year, this is changing - and quickly. What was once a relatively hybrid (and, according to some, broken) process will now be almost entirely digital.
Putting the mortgage application process entirely online means less pain and hassle for both brokers and borrowers. Rather than the mountains of paperwork so common in the past, everything is digitized and speedily delivered to its destination. The long wait for updates on the status of your application? Those days are long gone, and for good reason.
Not only are digital mortgage brokers disrupting the traditional industry in huge ways but also they are making the dream of home ownership available to more people than ever before.
Here are a few of the major differences between traditional mortgage brokers and digital mortgage brokers.
Traditional mortgage brokers
- Expensive fees
- Smaller selection of lending institutions
- Confined to normal business hours
- Slow recommendation and approval
Online mortgage brokers
- The service often is fee free
- Larger selection of lending institutions
- Online service means availability every day
- Speedy recommendation
There are also advantages to the digital mortgage broker for utilizing a completely digital process. These benefits include protecting and growing market share by offering a diverse array of ways to obtain a mortgage, savings on paperwork and time, more robust compliance with government regulations.
The digital revolution has been long coming to the mortgage industry and both consumers, lenders, and digital mortgage brokers stand to benefit from this massive shift from traditional, paper-based applications to the digital age. Outside of speed and efficiency there are also a lot of considerations that have to do with convenience and providing a more stress-free experience.
Towards those ends the promises for digital mortgage brokers not only include more efficient processing and distribution, but also improved mental health and wellbeing as the stress from the process is lessened by the advancement in lending processes.
Torsi is a professional blogger.