Applying for a mortgage can be done entirely online these days….but is it a good idea?
Most mortgages are obtained online, at your local bank or with a mortgage broker. In all, it is a tedious process with pulling up and sharing documents. Online mortgage companies are wooing customers with the promise of ease, speed and transparency and claim to approve you in as little as 8 minutes.
Does it make sense to do this with one of the most complicated and substantial financial transactions you will ever make?
Maybe for those with a typical 9-5 job and good credit. If you have a salaried job, five year work history, are putting 20% down and have an 800 FICO score.
But that likely isn’t you if you are relocating to Sun Valley, Idaho, so its best to shop around. This is a time consuming process but in the end could save you real money. Talk about, and gain an understanding of the basic terms in a loan including rates, points, and closing costs.
Mortgage brokers have access to many different types of loans and can often be very creative in tailoring your mortgage to your unique financial situation. Combine this with a “loosening” of regulations on mortgages and many home buyers can now qualify for a loan when they couldn’t a few years ago.
Let’s talk and find your Sun Valley home!
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