Not Your Grandfather’s Home Loan: What to Know About Today’s
Process
Special to The Truth
In today’s world where
moving fast is the norm, you may think that finding the time
to apply for a home loan is about as likely as finding the
time to remove your jam-packed storage room of all the
objects that don’t bring you joy.
The good news is the
process is probably a lot less time-consuming than you
think.
Back in the day, when
interest rates were 15-plus percent (before online banking
was even a thing), getting a mortgage loan required a trip
to the bank for a conversation with your lender and a long
slog to gather copies of paystubs, tax documents and bank
statements. The process may have even involved faxing.
All that documentation was
for good reason and is still needed – it shows you have the
ability to repay your loan and are assuming a financial
obligation you can afford. But mortgage companies have found
much easier ways to move you through the home lending
process.
“Consumers today expect
that most anything can be accomplished with a few taps on
their mobile devices,” says Perry Hilzendeger, head of Wells
Fargo’s Home Lending Retail division. “We’re aligning the
mortgage experience to that expectation.”
Imagine this: you’re
perusing real estate sites and find a property you like. You
call the real estate agent and get an appointment to see it
tomorrow, but it’s a competitive market so you want to be
ready with your loan so you can make an offer. You pull out
your phone and select a mortgage lender, such as Wells
Fargo. They have an online mortgage application, and because
you’re already an online banking customer, you can log in
and be presented with your profile and account information
to help you zip through the application. Your application is
submitted quickly, and you’re ready to house hunt! There
were no paper documents to track down and you never left the
couch.
As you pick a lender,
here’s how to ensure your homebuying experience can be
smooth and easy:
• Make sure your lender
has a robust online application that allows you to easily
apply and provide information.
• Just because you can do
it all online, doesn’t mean you want to. Shop around for a
full-service provider who can offer guidance throughout the
process.
• Be sure you can apply
for the loan when, where and how you want. Your mortgage
company should meet you where you are -- face-to-face or
online.
• Know that not all
homebuying situations are alike, and complicated financial
situations may require a little more legwork. Work with a
trusted lender who will take the time to guide you through
the process.
• Look for a lender who
has a breadth of products and services and can offer the
right options for your situation and the convenience of
digital tools.
“Mortgage lending has come
a long way from the days of fax machines and pushing paper,”
says Hilzendeger. “Take time to find a lender who is
accessible in the way you want, committed to simplifying the
experience and can guide you down the right home financing
path for you.”
Courtesy StatePoint
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