Advantages Of Online Mortgage Shopping

The Benefits And Convenience Of Online Mortgage Shopping Written By Bob Vogel NMLS 1445963 

Greatest Benefits Of Online Mortgage Shopping Is Time Management: Being More Efficient

We are used to getting what we want and getting it now.

  • The world is at our fingertips.
  • If we want information, we want it now. 
  • Anything we want to know……just ask Google, or Siri, or Cortana right?
  • Its true- the internet has changed us and online shopping is the new way consumers are now adapting to shopping, especially if you are shopping for a mortgage.
  • As a father of a small baseball team (slight exaggeration) I can say that I am the master of efficiency.
  • For me efficiency is not a desire but a necessity.  
  • I am constantly looking for ways to be more efficient, to save time especially in my career as a mortgage lender.

Smarter Borrowers

One of the biggest time savers for me as a consumer is online shopping.

  • I love shopping online.
  • It’s like Christmas everyday when a package arrives at my door.
  • The best part about it is that I know that by shopping online,
  • I can be a smarter shopper and I can compare prices without even leaving my house.
  • I don’t know about you, but I can honestly say that I love to do everything I can do from home.
  • It is a big time saver- no worrying about commuting to and from a store, no crowded stores or long lines and most of all, no waiting.
  • Many stores even offer same day delivery if you order by a certain cut off time.

Goodbye Brick And Mortar

Will the brick and mortar stores be the proverbial online showroom of the future especially with Online Mortgage Shopping?

  • I know I am guilty of window shopping at the mall and then going home to find a better deal online.
  • I am sure many of us can relate.
  • I recall a conversation I had with a salesperson at my local electronics outlet in my Hampshire, Illinois hometown.
  • I was shopping for a new television and I knew that I would want to see it in person before I committed, as most people like to do with big ticket items.
  • The salesperson told me that the store has been busy all day but they have not sold one television.
  • He even went as far as to tell me that he has overheard many customers tell him directly that they would just go home and see if they could find a better deal online.

Online Shopping has definitely changed the ways consumers shop and there are pros and cons with online shopping especially with mortgage online shopping. Convenience for consumers has brought worldwide competition among vendors, especially mortgage lenders from online mortgage shopping borrowers.

Comparing Pricing & Rates Through Online Shopping

Many of us savvy shoppers like to rate shop when we are looking for services especially with mortgage online shopping.

  • My recent auto insurance policy was coming up on expiration and I decided that I needed to renew.
  • I found that my insurance company was going to raise my rates by 15% so I decided to do some shopping around.
  • I am always amazed by the relative ease of online shopping.
  • You just input all of your information and then suddenly you get multiple quotes- all competing for your business.

How Online Shopping Changed The Mortgage Industry

Something that may seem new to some of you is getting a loan to buy your first home or refinancing an existing mortgage by shopping online. Not too long ago, mortgage loan officers used courier services like FedEx, UPS, USPS to overnight mortgage documents and mortgage disclosures to the following:

  • Borrowers
  • Inter Office Departments
  • Corporate Offices
  • Wholesale Mortgage Lenders
  • Centralized Mortgage Processing & Underwriting Centers
  • Regulatory Agencies
  • Title Companies
  • Other Mortgage & Real Estate Professionals involved with the mortgage loan process and real estate transaction
  • Closing Documents

Now everything is done electronically. Brick and Mortar Mortgage Offices are no longer necessary because everything from borrower disclosures to closing documents can be done via secured email with online mortgage shopping borrowers. More and more loan officers are looking for remote loan officer positions where they do not have to report to a local branch office not because they do not want to, but because they do not have to. All mortgage transactions from soliciting potential borrowers to closing can be accomplished online. There was a time where loan officers went to every loan closing because they had to. Now, most loan officers do not go to borrower closings because everything is done online.

Here is how online mortgage shopping changed the mortgage loan origination business:

  • The entire process can be done without even leaving your home.
  • All of the paperwork can be submitted electronically eliminating the need for multiple trips to the bank to drop off more documents or sign more paperwork.  
  • So as surprising as this may all seem, as I was perusing the internet today, I stumbled across a bulletin from the California Department of Business Oversight that says California online lending has increased by more than 930% over a five year period.
  • Days where you visit your local bank or mortgage lender with a box of paperwork is long gone.
  • Even if the mortgage lender you are dealing with has a local branch not too far from where you live, all paperwork and disclosures is done online and many times, it is mandatory to acknowledge disclosures online.
  • Online Shopping for mortgage loans has opened up more doors for consumers where they can choose any mortgage loan originator in any state and are not limited to a local lender close by where they live.
  • A consumer in California can hire a loan officer from New Jersey or Florida and vice versa.

Online Mortgage Shopping Safely

“Clearly, California has a lot at stake in this growing segment of our financial services market,” said DBO Commissioner Jan Lynn Owen. “It’s crucial that we better understand the industry. These companies are providing needed access to financing. But we want to make sure our regulatory structure adequately protects the interests of our consumers and small businesses, and works effectively for industry.”

The most sure way to do any online business is to check the business on the BBB website. You want to make sure that anyone you give your financial information to is worthy of receiving it. You should always exercise due diligence and only work with reputable companies before sharing your information.

About The Author Of Online Mortgage Shopping

Bob Vogel NMLS 1446953, the author of Passing The NMLS Examination, is a senior writer for Gustan Cho and Associates.

  • Bob Vogel has an MBA and holds a Master’s of Science Degree in Accountancy. 
  • Bob has over 20 years of experience with federal and state income tax returns and over ten years of experience in business taxation, including leading and conducting audits of global and national corporations. 
  • Bob Vogel is a licensed mortgage loan originator and is a licensed loan originator with The Gustan Cho Team at CrossCountry Mortgage.  
  • Bob’s passion of helping others realize the dream of home ownership become a reality has motivated her to get his federal NMLS mortgage loan originator license.
  • Many of Bob’s friends who are real estate agents has notice Bob Vogel’s many talents with his accounting, financial, and real estate expertise and his passion of caring for others that have told him that he would make an excellent mortgage loan originator.
  • Bob Vogel also realized the housing prices of Sacramento California County and the rest of the country is increasing where many of those hard working folks who are renting are doing themselves a disfavor by wasting their housing rental payments instead of buying a Sacramento Home  or any home in the continental United States where their monthly mortgage payments is equivalent to their rental payment but they are developing equity and wealth.

Like to thank our guest writer Bob Vogel for this BLOG on Online Mortgage Shopping and being our guest writer for The Gustan Cho Team at CrossCountry Mortgage Inc. NMLS 3029.

  • CrossCountry Mortgage NMLS 3029 is a FANNIE MAE, FREDDIE MAC, GINNIE MAE direct lender licensed in 50 states with no lender overlays on government and Conventional Loans.
  • CrossCountry Mortgage just go off automated findings of the Automated Underwriting System  findings where as long as the borrower meets the conditions of the AUS, that is your final approval.
  • Minimum credit scores to qualify for FHA Loans with a 3.5% down payment is 580 FICO and the maximum debt to income ratio cap is 56.9% DTI for borrowers with at least a 620 FICO credit scores at CrossCountry Mortgage.
  • Most mortgage lenders will require that you pay off outstanding collection accounts and charge off accounts to qualify for FHA Loans.
  • However, The Gustan Cho Team at CrossCountry Mortgage will not require you to pay off any outstanding collections or charge off accounts because FHA Guidelines On Collection Accounts  does not require you to pay off collections and charge off accounts.
  • Our goal and mission at The Gustan Cho Team at CrossCountry Mortgage is to have the dream of home ownership become a reality.

Bob Vogel and The staff at The Gustan Cho Team at CrossCountry Mortgage NMLS 3029 is available 7 days a week, evenings, weekends, and holidays to take your phone call and answer any questions you may have on any loan program. Contact Gustan Cho NMLS 873293 of The Gustan Cho Team at CrossCountry Mortgage NMLS 3029 at 262-878-1965 or text Gustan Cho on his cell at 262-716-8151.

The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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