11 Best Online Mortgage Lenders of May 2021
What is an online mortgage?
“Online mortgage” refers to a mortgage from a lender without a physical presence. This definition has broadened, as even banks with physical branches across the country offer strong online capabilities.
When NerdWallet brings together the best mortgage lenders online, we look for lenders who allow borrowers to apply, upload necessary documents, and follow the entire loan process through a mobile-friendly app or website. But you’ll find plenty of lenders who offer even more online amenities, like online pre-approval, personalized rate quotes, or the ability to chat live with a real person.
How does an online mortgage work?
The process varies depending on the lender. But in general, an online mortgage lender should allow you to accomplish key tasks such as getting quotes, filling out an application, and downloading documents from your computer or mobile device. In some cases, you may not even need to dig up all the documents yourself.
Many lenders can access necessary information from government agencies, financial institutions, and employers (with your permission, of course), and take days off for the closing process. And with e-closures, you can even close the loan remotely in just under 15 minutes.