Online Mortgages – The End of the Era of Loan Officers

The Loan Officer has met his end.  For the first time in history, online mortgage applications have surpassed traditional mortgage loan applications. 

The shift from traditional over the phone or face to face mortgage applications to online mortgage applications suggests that borrowers are becoming more sophisticated in their search for a new mortgage.  Today’s future homeowners are starting their home loan search online and are increasingly becoming more confident in completing an online mortgage.

As a result, companies like Close Your Own Loan.com are putting more resources in the hands of the borrowers so they can choose their own online mortgage. 

Close Your Own Loan.com’s President and CEO Dan Mason puts it simply, “Fannie Mae statistics show that the vast majority of homeowners are choosing 30 year fixed mortgages in today’s turbulent housing market.  With the simplicity of a 30 year fixed product, borrowers are realizing that they do not need to pay a high commissioned Loan Officer to explain such a straight forward loan.  So, they are going online to choose their own loan.”

The elimination of the Loan Officer means the elimination of origination points, potentially saving borrowers thousands of dollars in closing costs.

In a weak economic environment, most Americans are looking at every expense trying to find ways to eliminate unnecessary expenditures.  When home values were soaring during the housing boom, many homeowners were not as careful as they should have been and paid unnecessary points and fees to high commissioned Loan Officers.  In today’s challenging economy, borrowers are learning that they cannot afford to make that same mistake. 

With the advent of the Internet and the sophisticated online pricing calculator at www.CloseYourOwnLoan.com, the online mortgage application process has never been more popular.  A potential borrower can simply plug in the basic details of what they are trying to do and the system will deliver a real time interest rate and payment quote along with an online good faith estimate. 

Close Your Own Loan.com’s online mortgage format allows a homeowner to complete the simplified online mortgage application any time, day or night.  You can close your own loan on your schedule, not a Loan Officer’s.

Once a borrower chooses their loan program and completes the online mortgage application, they are assigned a Loan Concierge and a Processor.  They will take over the loan at that point and make sure the entire process goes as quickly and smoothly as possible.  Mason says, “Remember, you are eliminating the salesman, not the mortgage company.”

Close Your Own Loan.com is licensed by the Department of Real Estate #01806220 and the Department of Financial Institutions #510-MB-45825.  Close Your Own Loan.com is a proud AAA rated member of the Better Business Bureau and an Equal Housing Lender.