Are Online Mortgage Approvals Safe?
It was back in the late 1990s that online mortgage applications were first made available. Back then, borrowers had a choice between applying online, faxing or mailing an application or meeting with a loan officer face-to-face. It took some time however for consumers to get comfortable submitting an online mortgage application as the internet experience was still relatively new. Over time however, as consumers began to view the internet as a tool and less of an experience, online loan applications began to take hold and today mortgage lenders everywhere provide an online access to complete a loan application. In fact, most consumers prefer the convenience of an online application and less so of scheduling a meeting with a loan officer.
Our proprietary FasTrac system is an example of the latest, most secure technology available today and not only allows borrowers to submit a loan application at their convenience 24/7, they can also retried their credit scores, review loan choices and obtain an online mortgage approval. Once the application is securely submitted to the lender, credit can be pulled along with credit scores.
The security algorithm is considered one of the most secure available using the latest in technology and not only allows borrowers to submit a loan application online but also allows borrowers to track the progress of their loan. These features are not only convenient but help speed up the entire loan process altogether. Working with your loan officer, you can quickly determine the types of documentation the loan officer needs in order to proceed with your loan application. Borrowers can receive an almost instantaneous pre-approval online, something which in the past could take days.
This of course does not replace your loan officer, by any stretch. Instead, it’s an additional tool you and your loan officer can share that will streamline you purchase or refinance application with all available loan programs. Once you submit an application and provide a property address, you will receive your official loan documents and compliance paperwork you’ll need to review, sign and return. At the same time, your loan officer is contacting various third parties needed in order to close your mortgage loan.
For more information or questions about mortgage loans,
Please visit Majestic Home Loan
Or Call (855) 757-8748