11 Easy Ways to Get an Online MortgageMortgages
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With mortgage rates changing daily, it can be tough to know the right time to apply for a mortgage. But in today’s digital age, applying for an online mortgage has never been easier.
In just a few clicks, you can research homes, review mortgage rates, and even get approval for a mortgage completely online.
With so many direct lenders doing business completely online, many consumers are turning to their computers to secure a mortgage rather than working with a banker locally.
Not only do all-online transactions save on time and shorten the closing period, but they can also lead to lower costs for both buyers and sellers.
With lower or completely eliminated application fees, origination fees, and more, getting a mortgage online is a great way to reduce your overall closing costs.
Whether you’re moving across town or across the country, an online mortgage can make the entire home buying process simple and straightforward.
Here are the top 11 ways that you can get a mortgage online today.
As one of the leading online mortgage lenders available today, New American Funding has helped countless buyers find the right mortgage options for their needs.
While the entire process can be done online, New American Funding does require a phone call with one of their representatives in order to start the mortgage process.
While some buyers looking for online mortgages may not enjoy getting a quote over the phone, New American Funding’s customer service is top-notch.
If you’re a first-time homeowner or someone who is not confident about their knowledge of the home buying process, the team at New American Funding is a fantastic resource to help you with all of your questions and concerns.
New American Funding has competitive rates and flexible mortgage options, meaning you can find exactly what you need based on your finances.
Famous for disrupting the online banking industry, Ally is back at it again with exceptional mortgage options.
Not only do you get dedicated support, competitive rates, and a wide range of mortgage products, but Ally will also match rates of other lenders if you find a lower rate.
As long as the mortgage matches what you requested on Ally, Ally will match that lower rate, which is something you won’t see at any other lending companies.
Ally partners with top lenders around the country, and while there are no physical Ally locations, most of the process can be completed online.
You can apply for conventional loans, mortgage refinancing, and even mortgages designed for first-time homebuyers.
Your dedicated support member will walk you through the entire mortgage process from start to finish, making Ally the perfect option for those that want to primarily complete the mortgage process online but may also want live support along the way.
With zero origination fees, a fully-online mortgage process, and competitive rates, Lenda is one of the top ways that you can get an online mortgage today.
Lenda was founded on the premise that a lot of fees are completely unnecessary.
That means that buyers can save significantly when it comes to closing costs, and the online process streamlines the entire mortgage application and approval.
Simple register for Lenda, enter your information, and you’ll be shown a list of personalized rates from a wide range of lenders.
Select the mortgage that you’re interested in, upload your documents, and work through the mortgage process in no time at all.
While Lenda is currently only available in 12 states, you’ll receive a dedicated loan officer to help you through your mortgage process, making it a top choice for anyone looking for a fast, affordable, and seamless mortgage experience.
LoanDepot offers a fully-online mortgage process, but also gives buyers the ability to have face to face meeting, making it a great choice for virtually any home buyer.
In fact, there are almost 200 locations nationwide where buyers can meet with a mortgage broker face to face to ask questions, submit documents, and review mortgage offers.
For a non-bank lender, LoanDepot offers an impressive number of mortgage products, including home equity lines of credit.
If you’re not comfortable with a fully-online process but don’t want to be bogged down by going through a bank lender, LoanDepot is an excellent option.
With a minimum credit score of 620 and down payments as low as 3.5%, LoanDepot has versatile mortgage options that virtually any buyer can take advantage of.
If you want the convenience of an online mortgage experience paired with industry-leading customer service, look no further than SunTrust.
SunTrust makes it easy to complete the entire mortgage process online as well as live support ready to help you with your questions and concerns.
You can contact a team of mortgage experts via phone, live chat, or email.
While there are not personalized rate estimates like you’d find on other sites, SunTrust does offer a host of mortgage options at competitive rates.
Take advantage of conventional and government mortgage programs, jumbo loans, refinancing, and home equity lines of credit.
With down payments as low as 3% and competitive interest rates, SunTrust makes the online mortgage process simple.
6. Rocket Mortgage
Most home buyers have probably heard of Rocket Mortgage, one of the largest online mortgage companies available today.
Rocket Mortgage makes applying for a mortgage extremely fast and simple, and there’s actually no need to speak to someone unless you absolutely have to.
With easy-access tools and information online or on the mobile app, Rocket Mortgage is changing the way that home buyers secure mortgages.
Rather than manually uploading your documents, you can link your financial accounts to your Rocket Mortgage account, saving you the time and hassle it takes to gather your documents, scan them in, and upload them.
In fact, when you sign up and enter your information, you’ll be matched with personalized rates in just minutes.
If you’re someone who needs regular interaction with a mortgage broker throughout the process, Rocket Mortgage may not be right for you.
However, if you’re someone who wants to take as little time possible for the mortgage process, Rocket Mortgage makes it easy to get started and approved quickly and easily.
7. Quicken Loans
For those buyers that like regular guidance and assistance, Quicken Loans has a team of experts ready to help you with your mortgage questions.
Quicken Loans also specializes in custom conventional loans with competitive rates and terms, as well as government-insured loans such as FHA and VA loans.
You’ll get the same simple, straightforward document verification that you get with Rocket Mortgage.
You can get a mortgage in 30 days or less when you go through LendingTree.
LendingTree is a leading mortgage lender database that makes it easy to review personalized rates and apply for a mortgage online.
Simply fill out a five-minute form to get matched with personalized quotes, all for free and with no obligation.
LendingTree partners with top mortgage lenders around the country to match you with the best rates and terms available.
Banks and lenders pay LendingTree to be part of their network, meaning they are actually competing for your business.
When lenders compete for your business, you get competitive rates and terms, making LendingTree a great platform to shop around for rates.
When you’re ready to proceed with a mortgage application, the LendingTree platform lets you apply and submit your documentation all on one screen.
Better is another leading online mortgage provider, offering a dedicated mortgage loan officer for every customer that applies.
Even better, your mortgage loan officer is strictly for support, meaning they don’t receive sales commission and have no incentive to increase your loan amount.
Better offers a wide range of conventional mortgage products, but currently does not offer government-insured mortgages.
Using a simple, streamlined interface, you can take control of your mortgage process and get the help you need from your dedicated support member.
You can get a certified pre-approval letter in less than 24-hours, and the entire process can be completed in 30 days from start to finish, making Better a very efficient and easy to use mortgage provider.
10. Credit Karma
Credit Karma has evolved from just a credit monitoring platform to now include a database that connects you with top mortgage lenders around the country.
You can access the mortgage options on the site or the app, and based on your personal credit profile, you’ll be matched with lenders where you can see specific rate estimates for each lender.
When you find a lender that you want to go with, you can start the application right from the Credit Karma page.
In addition to personalized mortgage matches, you can take advantage of Credit Karma’s lineup of free tools and resources, including informative articles and mortgage calculators.
You can calculate how much you can afford, calculate your payments, and play with various factors to see how your credit, income, and down payment all impact your home buying power.
Get a pre-approval in as little as 24-hours and start the entire mortgage process right through the Credit Karma app.
11. Bank of America
Finally, there are traditional lenders that are shifting toward processing mortgages entirely online, including Bank of America.
Check your rates, calculate payments, and even calculate estimated closing costs for your loan before you even apply.
When you’re ready to start the application, you can complete everything right from the Bank of America website.
The simple, step-by-step form will ask you questions about your goals, your finances, and your employment information.
You’ll be able to contact Bank of America loan officers at any time throughout your process, giving you the convenience and reliability of a big bank with the personalization and care of smaller lenders.
Why an Online Mortgage May Be Right for You
As you can see, there are tons of options out there for those that don’t want to drag out the mortgage process.
With fast pre-approvals and streamlined mortgage applications, many lenders can close a mortgage in 30 days or less.
On top of simple, easy to use platforms, many of these lenders offer extremely low interest rates, meaning you can save thousands of dollars over the life of your mortgage.
Click here for our useful tips on how to get the lowest rate on your mortgage refinance!
Have any lenders that we should add to our list? Do you have experience getting mortgage entirely online? Let us know in the comments!
Logan is a practicing CPA, Certified Student Loan Professional, and founder of Money Done Right, which he launched in July 2017. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.