Getting preapproved mortgages online is the easiest and fastest way to begin the process of buying a home. In order to qualify for preapproved mortgages, consumers need to research and choose the best lending company for their needs. These lending professionals deal with sensitive information, evaluating credit reports, credit scores, and income histories in order to determine how much of a home loan that customers can financially carry. A preapproval letter issued from a mortgage lenders puts consumers first in line as serious buyers of available homes, especially in this competitive market. While many consumers only apply to one lender when seeking a mortgage, those who shop three different lenders can end up saving thousands of dollars on their loans. The top three companies that provide preapproved mortgages online include Rocket Mortgage, Quicken Loans, and New American Funding. Read more to discover what you need to know about getting preapproved mortgages online.
Rocket Mortgage does not require human interaction; the whole loan process can take place online. The loan application process is streamlined, saving customers a bunch of hassle and time. Customers can also know their preapproved loan amount within minutes.
To start the process, consumers click or tap on the "Buy a Home" or "Refinance" button on the website. Home, income, credit and asset information can all be downloaded directly using the website. A pull-down menu allow consumers to customize the loan, including interest rate, money due at closing, and the term of the loan. Once approved, consumers can lock in the loan rate.
While the preapproval process can be done online (through Rocket Mortgage), many customers opt to finish the mortgage process over the phone with a single point of contact. When it's time to review the preapproval documentation, customers sign in online to e-sign what's needed.
These online mortgage companies offer a variety of mortgage options, including refinancing, fixed- and adjustable-rate home loans, FHA, USDA, and VA loans.
An application generally takes about a half hour to complete, but consumers can take all the time they need.
Consumers who want to finish the whole process online can do so, while others can talk with a person as desired; in fact, there are over 3,000 mortgage bankers ready to take calls. This company offers fixed loan rates that are between eight and 30 years in length, and can instantly verify income for more than 60% of working Americans.
This family-owned mortgage company seeks borrowers whose credit histories don't fit the model of traditional banking. Their manual underwriting process evaluates the full picture of creditworthiness. English/Spanish bilingual agents are available to assist.
The loan process can start by phone, email, online, or in person. Electronic signature is also available. Once preapproval is established, customers must contact their customer service representative to get a copy of the documentation.