Have you ever heard of a digital mortgage? Most people have not but a mortgage that is digital is really not that unusual. When you go to the bank to get a traditional mortgage it will entail meeting a loans officer at the financial institution of your choice. You will sit down with the loan officer and discuss all of your financial information.This type of meeting has been going on for as long as banks have been in existence.
Following that, you will complete a mortgage application and provide the loans officer with a variety of documents such as tax returns, bank statements, credit card statements, previous loan information, and pay stubs. Before the deal is finalized you can expect to be back to visit the loan officer a few times. This type of traditional mortgage is often very stressful for any individual that is trying to secure a sum of money to purchase a home or cottage.
A mortgage that is digital however may require that you still meet with a loan officer but you will not do it in person. You will meet with the loan officer by email or over the phone. With this type of mortgage it still will be necessary to provide all of the same type of documents as you do with a traditional mortgage. The difference however is that you can provide all of your documents and personal information by using your tablet, smart phone, or laptop.
You can even do this in the comfort of your own home while sipping on a couple of deliciously brewed coffee. A digital mortgage is a paperless transaction that allows you to send all of your information and documents without actually physically handing them in. It is even possible to eliminate the step of gathering all of your personal and financial information by yourself. If you give the lender complete access to your financial information then he can do it. This will make the entire process easier and faster for everyone involved.
There are advantages of a mortgage that is digital for the lender as well as the consumer. The lender’s list of advantages include providing him with a competitive edge, accuracy, gives a loan officer more free time, easier to manage digital documents, and better efficiency with a digital document.
The advantages for the consumer are that the mortgage process is quick, the entire transaction is simple and easy to do, it provides greater transparency, allows the consumer more choices, and helps the consumer to save money. Therefore, it appears that a mortgage that is digital is a win-win situation for everyone involved. In fact, you may see more of these type of mortgages spring up in the future.
Besides, why would anyone want to go through the ordeal of visiting a loans officer in a dreary financial institution once or twice when they can grab a cup of coffee, a piece of toast, and do it all from home? It would appear that getting an online mortgage is here to stay.