3 Ways Computer-Driven Mortgages Can Cost You (and How a Human Touch Makes the Difference)
Beyond going directly to a lender or using a local mortgage broker, in recent years there has arisen a third option for those seeking a mortgage loan: online or computer-driven mortgage services. One of the principal providers in the industry is Quicken Loans.
But newer is not always better. While there are advantages for certain kinds of people looking for a mortgage, relying on technology to find your mortgage for you does have drawbacks that may eliminate it as a realistic option for you.
If You Don’t Know What You’re Looking At
Using an app or website to get information or quotes on mortgage products can be great if you know what it all means. But if you’re not somewhat familiar with the world of mortgages and finance, that lack of knowledge can cost you a lot of time to do the research you need to do to make an informed decision. Of course, if you fail to do your research, you could end up making a financial choice that will cost a great deal of money in the long run.
When you have a question, it is far faster and more reliable to go to a knowledgeable person that you have a relationship with. You likely won’t get that with an online service like you would with a local mortgage broker.
The Risk of Being a Victim of Fraud
When you seek a mortgage, you are required to put a great deal of your personal information out there so that prospective lenders can get an idea of whether or not you are a smart investment.
When you deal with a person that you can see and talk to and read real concrete reviews about (or even talk to people you know who have used the same person), you have confidence that they are going to manage your information well. When you are dealing with a computer screen, that confidence isn’t there. While good online mortgage services will take precautions to ensure your data is safe, the risks of fraud or identity theft are inherently greater.
No Help in Preparing to Present Yourself to a Lender
One of the greatest benefits of using a local mortgage broker is that they do more than just prepare your paperwork (although they certainly do that). They take the time to ensure that you are presenting yourself to lenders in the best possible light. Applying for a mortgage is in many ways like applying for a job – your goal is to make a good impression on the people looking at your application. In some cases this can result in obtaining a lower rate or even be the difference between being accepted and rejected altogether.
Feel free to shop around, but remember that it never hurts to reach out to a mortgage broker as you’re getting started. It’s totally free to you!
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