September 10th, 2012 11:51 AM by Gregg Mower
This is really interesting to me as I design our web site and keep it up on a daily basis. However, few people will actually use the apply on line feature on the site. Most folks who do fill out an application on line are directed to do so by their loan officer they are working with. Sites like ours are very secure and have to be by law, I think it is just the perceived complexity of the process that intimidates folks from going ahead with filling out a form on line and giving out your personal information. I understand as I am the guy that still makes all his deposits at the teller and not the ATM. I guess I just want to make sure it gets done when I know full well that the ATM is connected directly to the bank’s internal servers and are insured up to $250,000 (joint account). So why do I and others hesitate? It might be our age, our insecurity with the internet, it might be a variety of things that stop us from going ahead with what we already know to be a safe environment. So how do you apply for a home loan online?
When applying for a home loan on line you are going to be asked questions that you may need documents to answer such as your pay-statement, your bank statements, your 401k, and your tax returns. So knowing this you should have those documents handy to start the process. If you apply in person your loan officer would ask you to bring those items, and when you apply on line you may need those documents to pull information from. It will also be handy to have out, as we will ask for those documents to be emailed or faxed to us as well. Ok , now you have your documents out and are ready to start the process, on our site Click on Loan Application and you are taken to a page where you are asked to set up an account. Here is where you create your own username and password to be able to move in and out of your personal information at any time day or night. You are then prompted to enter your financial information and the system walks you through page by page in easy to read language. At any time you can leave and take a break and come back and log in later and finish. Once you submit the application we are electronically notified that there is a new client in our system. If no Loan officer has been selected in the beginning of the application one will be assigned to you so you will always have a person to talk to, and the Loan Officer or Mortgage Loan Originator (MLO) is fully licensed by both the California Department of Real Estate and the National Mortgage Licensing System (NMLS). By having a MLO working on your file you will be protected by all the new laws that have gone into effect since the Mortgage Crisis started back in 2007. Your MLO will contact you and go over your file and help you make decisions on loan programs interest rates and general mortgage planning to get the right loan plan set up for your financial situation. Just because you started the process by yourself does not mean you will be left alone to figure everything out, your MLO will be right there for you throughout the entire process, he/she will be able to answer any questions you will have and will provide you with all the numbers you need to make decisions on such as down payment closing costs, refinance options ect..
The documents I had you be ready with in the beginning (Your pay-statements, Bank Statements, W2s, Tax Returns) can all be uploaded to our site or you can email or fax them to your loan officer. The status of your loan will also be updated on line so you know where your loan is at 24/7. There will still be the usual calls made to you for updates as well as gathering of information, but by initiating the process on line form the beginning you will have a username and password to asccess the status of your loan and your documents you have sent and the document that we will need you to sign and get back to us. So the idea of applying for a home loan on line might seem complicated to think about but in reality you will end up seeing everything that goes on with your loan from the beginning and you will have a digital record of your home loan process. So whether you are purchasing a new home or refinancing an existing home you can feel secure with applying and following the process of your loan on line.