How to Apply for a Mortgage Online

Applying for a Mortgage Online doesn't have to be difficult and uncertain!

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By Shelly B.

Applying for a mortgage today is easier than ever. You don’t even have to talk to anyone. If you apply online, you complete the application and send your paperwork via email. Most borrowers talk to a loan officer on the phone or via email, but applying and figuring out which option works best for you is a simple process online.

Steps to Apply for a Mortgage Online

1. Gather your paperwork

Before you apply, gather your necessary paperwork. Lenders need your last months’ worth of paystubs, W-2s for the last 2 years, tax returns (if you’re self-employed), and bank statements for the last 2 months.

2. Find a lender

Complete applications with at least 3 lenders. Comparing offers from different lenders helps you choose the best deal.

3. Choose a loan program

If you don’t know the loan programs, now is a great time to talk to a loan officer. FHA loans are flexible government-backed loans with low credit score and down payment requirements. Conventional loans have tougher restrictions, but more favorable terms. Certain borrowers have other government loan options too. A loan officer will match you with the right program and help you choose the term, such as a 15 or 30-year loan with a fixed or adjustable rate.

4. Complete the loan application

Once you know what you want, complete the lender’s loan application. They all have a similar format and ask for the same information including: Income, Assets, Liabilities

5. Receive an underwriting answer

Most online lenders provide an instant answer. If your application is ‘tricky’ they may respond with a phone call or letter in the mail. If they approve you, each lender must send you a Loan Estimate within 3 business days. This details your interest rate, payment, and closing costs so you can compare offers.

Is it Safe to Apply for a Mortgage Online?

Applying for a mortgage online is just as safe as banking online. Make sure you’re working with a legit lender. Read the reviews and make sure the link is valid (https versus http) and looking for the little padlock in the address bar.

What to Know Before Applying for a Mortgage

Before you apply for a mortgage in person or online, do your homework:

What’s your budget?

What payment can you AFFORD, not what the lender says you can borrow.

Did you maximize your credit score?

Check your history to make sure you don’t have any negative credit information.

Do you have a down payment saved?

You’ll need at least 3 – 5% down.

Explore all loan options, looking at the bottom line (total loan cost).

Applying for a Loan Online is Fast and Efficient

Applying for a mortgage online often provides faster results and sometimes faster closings. Gather the necessary paperwork, respond to underwriting requests quickly, and you could close your loan faster than you thought possible.

Make sure you shop around for the right lender. Not all lenders are created equal and each one has different programs and requirements.

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Shelly B.

Shelly is a personal finance writer with experience in writing about savings, investing, and money-management!

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