Getting a mortgage is a massive milestone in a person’s life and is not something to be undertaken lightly. The task is immense and often arduous and stressful. The process usually requires streams of paperwork and nail-biting logistics.
We live in a technology-driven society, where mobile phones are never far from our reach, and our laptops are usually always ready-to-use.
So, why are we still so heavily dependent on the hard-copy, person-to-person experience when it comes to our mortgage documents?
Let’s explore this in a little more in-depth.
Why Mortgage Documents?
Mortgage advisers may say that this is because customers don’t trust the online process to handle something so vital. Yet don’t we do practically everything on our mobile phones or laptops now?
We entrust our devices with a lot of our life-changing experiences and personal information. After all, how many of us handle our banking solely online now?
Regardless of this, evidence suggests that even the techno-fanatic generation is uncomfortable with the idea of completing a mortgage online.
In fact, 57% of millennials want personal contact in regards to their mortgage. This is a stark difference to the 26% who said that they preferred to arrange their mortgage online.
But is this really just down to mistrust? Could it not be that filling out mortgage documents online is just not widely known about?
Indeed, it would seem that when we think about filling out mortgage documents, the thought to do it online probably doesn’t enter our heads.
We often seek the advice of those who have done it before us or our past experiences, and chances are that it didn’t include an online mortgage option.
Mortgage Documents: Paper or Online?
Taking out a mortgage is not an easy decision, and deciding between the standard paper-mountain-route or the online route is crucial. Let’s take a look at the differences.
The usual process of getting a mortgage is full of stress, hair-pulling, and nail-biting. It can also involve taking time off work and devoting most of your time and your thoughts to the process.
Going with a standard mortgage route involves interviews that can last hours, having the right paperwork and documentation at hand, and relying on people to oversee certain elements.
We’re all busy, and many of us don’t have the time or the availability to drop everything and meet mortgage lenders. By filling out and signing mortgage documents online, you can work around your busy schedule.
Filling out a mountain of paperwork takes a lot of time, and due to the volume of paperwork, there is also a higher chance of losing relevant documents.
Losing mortgage documents creates a tremendous amount of stress. This stalls the process as you’ll need to either find the lost form or get your hands on another copy.
Paper documents are also more prone to human errors. Things are often overlooked, and to amend these mistakes means to stall the process even further.
When using an eSign method of filling out mortgage documents, borrowers are unable to proceed and finish the process without first completing all the required initialization and signatures. This eliminates almost all of the opportunities for human error.
Everything in One Place
Another benefit of filling out your mortgage documents online is that your documents are securely held in one location.
You don’t have paperwork lying around everywhere for the dog to eat or your child to use as a coloring sheet. You also don’t have to fret about your lender misplacing any of your important documents.
In theory, you should be able to simply log onto your online account and access your mortgage documents. Some of the functions you can complete online include:
- Adding a document or creating a template
- Adding recipients and sending for e-signatures
- Get multiple parties to sign documents
- Archiving documents
Archiving documents are basically just storing the documents online so you can access them anytime, anywhere (when you’re online, that is). It’s a safe and secure way of keeping your mortgage documents in order.
Customer Service is Key
Many don’t want to choose online mortgage signing because they don’t feel they will get enough support. Make sure that the company you decide to go with has an excellent reputation and good reviews for customer service.
You want to make sure that communication between you and your online advisor/s is exceptional. If it’s not, the process can be even more stressful than the in-person experience.
Many fear that the process will not be able to provide answers to their concerns, that they will only have dealings with artificial intelligence, and that they won’t get the information needed for the process.
Again, it’s crucial to choose a company that has excellent customer service as an essential value. Email updates at each stage or potential query should be a priority and a given for this service.
Signed, Sent, Delivered
There are many good reasons why the standard mortgage route remains popular. This is mainly due to peace-of-mind. Being able to see someone face-to-face to ask questions and voice concerns is essential for most people.
But a lot of the fear surrounding filling out mortgage documents online stems from the unknown. We take an example from those who have done the process already, or from our previous experience. It seems daunting to try something new.
However, filling out mortgage documents online is ultimately more convenient for many people. You don’t have to go out of your way, take time off work, or spend hours pouring over paperwork.
You have all the necessary documentation and info at a click of your mouse, and the chances of human error or oversight are considerably decreased. It’s definitely worth considering.
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