LOS ANGELES, Feb. 15, 2013 /PRNewswire-iReach/ -- You probably order pizza online, look for a dog groomer online, and buy baseball tickets online. So, in today's world, it only makes sense that you would look for a mortgage online! More and more people are taking advantage of online mortgage opportunities. In fact, that's why real estate portals like Realtypin.com have created entire mortgage centers – so that people can compare rates, find lenders, and do all of their mortgage research, all with the click of a mouse!
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Best of all, homeowners-to-be can shop for a lender at non-traditional times. After all, if you were to try and find a mortgage the ol' fashioned way, you'd be stuck physically going from bank to bank during normal business hours – and having to take time off from work to do it! But by heading online, you can compare different lenders 24/7. You don't need to talk to anyone to get the information you need – meaning that you can do your mortgage homework anytime you want. In fact, it's estimated that a significant chunk of mortgage leads come in over the weekend.
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As an added benefit, experts say that the entire mortgage process can move along faster when it begins online. By being able to apply with the click of a mouse, hopeful borrowers can get the pre-qualification process started as soon as they find a lender that they like. That's good for the housing market as a whole because the sooner buyers can get pre-qualified, the sooner they can start pounding the pavement and looking at homes!
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But borrowers aren't the only ones benefitting from this surge in mortgage technology. The banks are seeing a boom, too. In fact, a recent study looked at more than 1,000 banks and credit unions and discovered that having so-called "smart" online lending technology made a major difference in their bottom lines. For example, a Kansas bank credited their internet mortgage technology for generating nearly half a billion dollars' in revenue between 2011 and 2012!
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The quick application process works to the banks' benefit, too. For example, if a buyer can get the process rolling simply by clicking his mouse, the banks don't have to worry about losing potential borrowers while they "think about it". Instead, they can benefit from buyers who find a rate they like and want to move forward with quick action.
After all, people have to come to expect instant results out on the world wide web. It might as well apply to the mortgage industry, too!
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