How to Use an Online Mortgage Lender
The traditional method for applying for a mortgage is to walk into a broker or lender's office and fill out a mortgage application in person. But now, it's possible to start and complete the process over the Internet. Some mortgage lenders provide you with the forms and information you need online, which is often a quicker and more efficient way to get an approval and process the mortgage loan.
Other People Are Reading
Instructions
-
-
1
Visit the online mortgage lender's website. Some third-party lending websites offer you rate quotes from more than one mortgage lender so that you can make an educated choice. Gather your latest tax return and pay stubs.
-
2
Decide if you want to apply for a new mortgage loan or a refinancing of your current loan online. Make sure you choose the correct link before filling out and submitting the application because they ask different questions. Examine information about any application fees required to fill out and process the loan online before proceeding.
-
-
3
Fill out the online mortgage application. The application asks for information about your job and income, expenses, assets, current residence, collateral and credit history. If you're applying for a refinanced mortgage loan, you may have to provide data regarding your current home including the current loan balance and current mortgage provider. Submit your application to get a preliminary evaluation and rate quote from the lender.
-
4
Receive a call from the mortgage lender to begin processing the loan. You must also allow time for the mortgage company's underwriter to thoroughly evaluate the loan after applying online, even if you receive an approval immediately.
-
5
Receive your official loan paperwork in the mail. You must finish filling out the forms where required, sign them, and return them to the lender with requested documents to finish processing your online mortgage loan.
-
6
Schedule a time for an appraiser to come visit the home to determine its value. The mortgage lender contacts a title company to prepare your loan for closing and calls or emails you to schedule a closing date. If you're purchasing the home from another party, you must also coordinate with the seller when setting the closing date.
-
7
Visit the lender's location (or in some cases have the lender's representatives come to your home) to sign final closing paperwork.
-
1
