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The Top 3 Things You Should Know About Applying For a Digital Mortgage Loan

Milcah Lukhanyu by Milcah Lukhanyu
2 years ago
in Tech
7 min read
0

 

Nowadays it’s possible to secure a mortgage loan without having to go to any office. This is because mortgages have taken a digital turn. As a matter of fact, brick and mortar mortgage offices are being faced out completely, specifically because they have become an unnecessary expense. These digital mortgages have saved the masses from the trouble of having to commute for long hours while looking for a lender.

In fact, every mortgage lender that has embraced the digital technology has had to develop a website platform that enables aspiring homeowners to apply for loans. Although technology has changed the way people apply for mortgage, the elements of these loans have remained the same. For instance, the lender must still look into the credit history of the borrower. In addition to that, the borrower has to find the most favorable terms that include low interest rate and loan repayment period. If you have never applied for a digital mortgage loan before, the tips below will help you understand how to go about it.

  1. Convenient Process

Gone are the days when one needed to schedule a meeting with a mortgage lender. Nowadays you can apply for the same loan from the comfort of your home or even when you are on the go. All you need is a smartphone or any mobile device that can connect to the internet and you will be good to go. Once you access the internet, you will have to comb through mortgage loan adverts until you find the one that you feel is right for you such as Altrua Financial. You will then fill the form that’s on the website of the broker and submit your documents at the click of a button. After a short while, the lender will give you a call for the sake of clarifying all the details. With digital mortgage even the signatures are appended electronically.

  1. Fast Turnaround
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With digital mortgage loans are processed at lightning speeds. In fact, your loan request can be approved in less than 24 hours. All this is made possible by the availability of fast internet connection. Even if a form has more than 200 hundred fields, you can finish entering all the information that is needed in a matter of minutes thanks to the autofill feature that uses your browsing history to enter common personal details. And that’s not all. As the borrower, you can monitor the progress of your loan by using loan management tools that are available on the website of the mortgage lender.

  1. Transparent Process

Unlike in traditional mortgage loans where there can be hidden charges, digital mortgage loans are very transparent. This is because all the details of the loan are included on the lender’s online portal for all to see. Some of the details that you should expect to see on such a website include the repayment duration, interest rate and whether the interest is variable or fixed. The borrower has an opportunity to check online reviews to see what other people are saying concerning the lender that he wants to partner with. The lender can also screen borrowers by digging into their credit score with the aim of flagging applicants that are not likely to clear the debt. At the end of it all, digital mortgage loans create a win-win situation for both the lender and the loan applicant.

 

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Milcah Lukhanyu

Milcah Lukhanyu

Milcah Lukhanyu covers daily news briefs at TechMoran. She is the person who will probably read your press release and get the story out of it or totally trash it. Send tips to [email protected]

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