Opinions of applying for loans online?

Question

Do you think that it is better or worse, then the traditional way of going and applying at the bank?

Eric Veronica · Answer

@Brooke Reeves This is a very interesting question. Up front the applying online process can seem easier and cleaner however it can miss some very important issues that a face to face or a phone call may uncover. If you are a salaried employee, with good credit, and good equity who is looking to refinance a primary residence then an online application is fine. On the flip side If you are self employed, a commissioned employee, credit challenged, a property investor, etc you can still complete the online application but I would highly recommend speaking to the loan officer to clarify anything that you think might need further explanation.

A hybrid process is probably best in my opinion.

A hybrid process is probably best in my opinion.

Chris Mason · Answer

I mean, virtually everyone has an online application now days. Generally I talk to people, in person or on the phone, before sending them to fill it out. Even if you come to my office in person, odds are I'm going to email you a link to it to fill out once you get home.

Michael Kinsella · Answer

@Brooke Reeves

I really like @Eric Veronica’s answer, and I tend to agree - a hybrid approach is what I have seen work best.

The issue that I have seen with a lot of tech companies is that they miss the nuances of a particular scenario, which tend to be difficult to capture in a general intake form. As well, there tends to be a lack of excellent human support.

The combination of some tech to procure general information and expedite the initial processes, as well as a caring loan officer seems to give one the best of both worlds, at least in our current state.

George Despotopoulos · Answer

@Brooke Reeves I may be biased! BUT, it really depends on your characteristics as a borrower and what you're trying to accomplish. It may make more sense to go online versus the traditional route and vice versa. I think it depends a lot on what you're looking to do as well (is this a refi of a primary, is it a fix and flip, is it a rehab project on your primary, etc).

Opinions of applying for loans online?

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