In today’s day-and-age, it seems as though people want information as quickly as possible, and with technology being as advanced as it is, borrowers have turned to getting mortgages online. However, this isn’t always the best-case scenario. Although it is indeed quick, it doesn’t mean that it’s the best fit for the borrower, and that they’re getting the best deal that they possibly can.
Here are four reasons why getting a mortgage online might not be right for you…
- Shop Around! See What Your Options Are…
Just because getting an online mortgage is quick and easy, doesn’t mean it’s the best option for you. The purchase of a home is one of the biggest financial decisions of your life, and it seems foolish not to do your full research and shop around for the best rates and fees. When you insert your information into an online site, you truly don’t know if you’re getting the right program, rate, and down payment for your specific needs. If you shop around and talk to different people, you can at least gain knowledge about different programs and what works best for your scenario. In the end, maybe you do go back online, but at least you’ll have peace of mind knowing you explored your options.
- If You’re a First-Time Home Buyer
If you’ve purchased a home before, you have a better understanding of what’s out there and what to expect within the mortgage process, but if you’re a first-time home buyer, it’s in your best interest to talk to a mortgage expert. If you take your time and speak with someone, you can learn about rates, points, closing costs, and more things that you might not have known about before. Even if you purchased before, it can still be a good idea to go directly to an expert if you find yourself in a circumstance that might be more difficult to borrow in.
- If You’re Self-Employed
When getting approved for a mortgage, salaried workers normally need to send their lender their W-2 tax forms in order to prove their income. However, for millions of Americans who are self-employed, lenders usually require more income-verification and documentation, such as your tax returns from the last few years. Online lenders view self-employed borrowers as a higher risk, and their documentation requirements are usually a lot stricter than what federal guidelines require. Therefore, if you’re self-employed, getting a mortgage online could be more of a headache than if you just went through a regular lender.
- If You Want Someone’s Help Every Step of the Way
Although getting a mortgage online seems like less of a hassle, in the long run, it can end up being the exact opposite. If you’re working with a lender one-on-one, they can essentially hold your hand throughout the entire process, and can definitely help prevent any last-minute problems or any other issues that may arise. If you’re getting the mortgage online, you don’t have that luxury, and it’s a much more impersonal process. Again, this is one of the biggest financial decisions of your life, and it makes more sense to have an expert on your side.