Getting a mortgage can be a daunting task. From the application to getting the paperwork done, the process of acquiring a mortgage is demoralizing. Thanks to technology, digital home lending provides effortless home acquisition. According to IBIS World, the online mortgage industry grew at an average of 26 percent between 2014 and 2019.
Especially if you are a first time home buyer, you are likely looking for a fast, easy and convenient option. Digital home lending does everything, from uploading your documents to providing loan choices at your convenience. Here are some benefits of digital home lending:
Lower Rates and Fees
Compared to brick-and-mortar lenders, those offering digital options operate with lower upfront costs and faster processes, saving time and money. And these savings are shifted to the customer, hence benefiting online applicants. If you are applying online, you are opening the high possibility of receiving lower fees or interest rates. Over the whole life of your loan, this might end up saving you thousands of dollars.
Digital Home Lending Saves Time
Going to the bank to apply for a mortgage can be a big hassle. You have to check-in, discuss with your banker, and spend hours filling out loan applications. By the time you agree on a quote, much of your time has been wasted!
With digital home lending, the story is different. You can fill out an application from wherever you are at the moment, and get a reasonable quote much faster. Furthermore, digital lenders have simplified loan application processes that you can complete in a few minutes.
Online mortgaging eliminates paperwork errors that can be detrimental to your application. You can rectify mistakes quickly and easily, increasing your chances of getting approved while still saving you time.
Higher Chances of Approval
When it comes to mortgage approval, your credit score matters a lot. Digital lending edges the traditional lenders in that it allows fast pre-approval. Online applications take shorter periods as automation eliminates manual pre-approval.
Comprehensive Loan Options
Digital lending has a broad scope, unlike traditional lending. Credit unions and banks limit the number of loan products available to customers. Besides, almost all banks will require a 5-10 percent down payment and the conventional 640 credit score.
On the other hand, first-time homebuyers can benefit from programs that local mortgage companies do not. Digital lenders can offer real-time options, unlike banks and credit organizations. Besides, digital platforms will allow you to adjust your specifics such as repayment period, borrowing amount, and the type of mortgage, enabling you to acquire the best mortgage that fits your requirements.
Digital home lending allows you to change payment terms in case your financial situation shifts. Unlike banks where you have to apply for restructuring, digital lenders allow for financial flexibility. All that you have to do is chat with an agent from your loan browser and discuss the new rates.
Digital lending shifts the power to your hands, unlike in banks where lenders play with the cards. You can request a change in structuring from the comfort of your phone.
Why Wyndham Capital Mortgage is the Ultimate Digital Lender
If you are looking for a digital home lending experience that goes above and beyond to get the best result every time, you should be looking at Wyndham Capital Mortgage. From application to closing, we provide excellent user experience, lower costs, zero hidden fees, and high financial flexibility. Apply today, and we’ll process your mortgage application within a few minutes.
Interested in learning more about how Wyndham Capital can help you achieve your home lending goals?