With the lightning speed with which developments are being made in the digital world, the gap is closing in what can and can’t be done online. Applying for a home loan online offers convenience and simplifies what was once seen as a complicated process.
You can also apply for pre-approval to refinancing your home loan. It does not just apply to new home loans. Pre-approval is a great idea if you are a serious home buyer; it means that when you find your dream home there is less chance of it slipping through your fingers.
Advantages of applying for a home loan online
• You can receive conditional approval in a matter of seconds
• Online applications offer the convenience if you can’t get to a bank in person
• You can check the status of your home loan application
• Most lending institutions offering home loans provide a handy mortgage calculator function
• Step-by-step instructions that makes online applications easy
• All essential information is available
• You can take your time when filling in the information required
Application information required
When applying online for a mortgage you will have to fill in an application form on the bank website. Having the necessary information at hand expedites the application process. The application form will require the personal details of all applicants (if there is more than one of you) that includes: Social Security Number(s), residency status, current address, previous address (only if you have lived at your current address for less than two years). In addition you will be required to provide a total yearly income and list the value of assets in your name.
Additional details required from the home buyer are:
• The address of the property
• The type of property
• The purchase price and down payment required
• What the estimated annual taxes and insurance obligations are
• Your real estate agent’s name and number
If your application is for refinancing, you will need to provide the following information in addition to the amount of finance you will be requiring:
• The address of the property if it differs from your current address
• The type of the property and what is used for (residential or commercial)
• The year in which you purchased the property as well as original purchase amount
• The current outstanding mortgage balance
• What the estimated annual taxes and insurance are
When applying for any sort of credit including home loans, shopping around often means finding the best deal for you. Using the internet can easily find you the best mortgage deal that offers great savings in time and money.