The Internet has spoiled us. It has allowed us to get news, rent a movie for a night in, and even order and receive our groceries without ever having to change into pants that don’t have an elastic waistband or set foot into that harsh sunlight or piercing fresh air (the horror!). Now, according to Realtor.com, another aspect of our lives has been moved online: applying for a mortgage.
More and more mortgage lenders are beginning to offer ways for homebuyers to apply for a loan, submit documentation, and track the approval progress all from the comfort of their own home while wearing comfy pants.
It isn’t just Millennials who are driving the demand for these digital mortgage services, either. People from all generations are utilizing the convenience of these online services.
Services such as Wells Fargo’s yourLoanTracker allows borrowers to upload W2s, 1099s, bank statements, tax returns, and other income and asset documents. Additionally, borrowers can receive loan approval, track progress through all of the steps, and check off and set alerts for every step up to the closing.
Anyone considered a jumbo borrower (people looking for mortgages above $417,000 or up to$625,000 in some more expensive markets) would have to go through an extra step, however. All mortgages this size require manual underwriting with an actual human being inspecting the uploaded documentation. All mortgages, regardless of size, also still require a hard signature on all closing documents, meaning, as of right now, there is still no option for a fully digital mortgage process. So don’t throw out all of your nice pants just yet.
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