How the Process of Working with an Online Mortgage Lender Works

Online Mortgage Lender Works

It seems like almost everything is done online these days. From making a call to shopping for clothes and groceries, the internet is the first stop when it’s time to shop. Well, shopping for the best mortgage lender near me is no different. 

You can go online to shop rates, put in an application, schedule a face-to-face interview, and even close your loan. Most people access the internet to find the best mortgage lender near them. They probably start by reading reviews and shopping mortgage rates. The whole process of working with an online mortgage lender is probably simpler than you think. 

Here’s what you need to know. 

Interview and Disclosure

First, you’ll meet with someone online to determine the best option for your mortgage. This person will be your Loan Originator, and they will help you lock in the lowest rate. You can submit the necessary documentation and determine the fees for the specific product you selected. 

Next, you’ll receive your Loan Application Package. You’ll look it over and ask any questions you may have. You’ll indicate whether you approve of the fees and intend to proceed. You’ll pay the necessary fees to continue your mortgage application if you approve. 

Processing and Underwriting

Once your application package is received, you’ll be contacted by your Loan Processor, who will now be your main contact. They will answer questions and relay information, carrying you until the loan closes. If any additional documentation is required, they will let you know. 

Once all the documentation is received, and any fees are paid, your application will go to underwriting. The underwriting team will look over the application and all supporting documentation to determine final approval. This step should only take a couple of days.

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Post Approval and Loan Closing

Once your loan is approved by underwriting, they will issue a Commitment Letter. This is your official intent to proceed from the bank. Once you’ve been issued this letter, you’ll partner with your Loan Processor to submit any additional documentation and take the necessary steps to move the loan to close. You’ll also set a hard closing date and exchange the necessary paperwork. Once your loan closes, you’ve bought a house using the best mortgage lender near me

Loan Servicing

Once your loan is funded, the Servicing Team will send you your first monthly statement allowing you plenty of notice to make the payment. Your monthly statement will also include the different payment options you can use to make the payment. You choose the option that works best for you. 

Best Mortgage Lender Near Me

The online mortgage lending process is designed to be a smooth, simple process for you. It’s probably even easier than the traditional way of in-person mortgages. When shopping for the best mortgage lender near me, you may want to choose one that offers the online mortgage process. As crazy as it sounds, you can buy a house in your pajamas and never put down your coffee. Partner with the best mortgage lender near me who offers online mortgage lending today and save yourself a ton of hassle. 

 

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