The average mortgage takes 45 days to close. Fintech can reduce this to less than 30 days

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From applying for a mortgage to closing one, the entire mortgage application process can be frustrating. You must jump through lots of hoops during a traditional mortgage application process. Lenders study your credit score and scan your credit reports meticulously. Not just that, you also need to provide many copies of documentation such as bank statements, tax returns, and pay stubs to verify your income. The fun doesn’t stop there; you also need to have quite a few chats with a mortgage loan officer either in person or over the phone. Sounds like a grueling process, right?

What if you could complete your mortgage application without all the hassle? What if there was a way to deal with the entire mortgage application process online from the comfort of your kitchen table?

Well you are in luck since that’s a thing that you can currently do-sort of. It’s complicated answer though. There are quite a few mortgage lenders that offer digital or online mortgages. The thing is, most of the people that apply for an online mortgage will have to speak with an online mortgage officer either over the phone or in person. In addition to that, the loan officer may need to receive copies of physical mortgage documents and sign them in person.

This process may not be available to you if your income is inconsistent or you have bad enough credit. In that case, you may need to talk with a mortgage loan officer to take your situation into consideration when figuring out whether you qualify.

Although there is still a need for some human element in the mortgage application process, it still is significantly faster than it was before. The online mortgage application process is making buying (or remortgaging) a house have a lot less headaches then before.

Efficiencies and You

It’s easy to say that doing an online mortgage application is efficient, but how is it efficient? Well for one, buyers these days can link their bank accounts, tax info, and retirement accounts through one easily accessible online portal. This way lenders can access all the information they need without asking for physical copies of a lot of documentation. Not to mention, online lenders also enable borrowers to fill out loan applications at their individual web sites. This eliminates any need to mail or drop off the completed forms to a physical location.

With all these advancements in fintech, the mortgage application is cut down from 45 days to only 7 days. This online process isn’t just saving you time; it’s also saving trees. It’s a win-win all around.

This article was written by Ian, an intern for Irish Mortgage Brokers and from the USA.