The American home buying game is forever changing, thanks to the advent of online mortgages. Whether it’s commercial banks, savings and loans, credit unions, mortgage bankers and mortgage brokers, there is no shortage of where to get a loan to buy your home. But one trend that is becoming clear is American homebuyers are ditching meeting with mortgage advisors at the bank and instead opting to go digital and are getting their mortgages online. Now with just a tap of a finger on your smartphone or click of a mouse, you can have your mortgage application completed, within a matter of minutes! While there might be different pro’s and con’s with applying in person or online, it seems more and more people are opting to go online for their home loan needs.
One of the main reason homebuyers prefer online mortgage solutions is because it’s incredibly convenient. You can fill up your digital application right in the comfort of your own home, whenever and wherever it suits you. Another reason why people prefer to apply for their home loan online is because it’s super fast. How fast? Rocket Mortgage launched by Quicken Loans can get you a conditional preapproval for a mortgage in as little as 8 minutes! Launched in 2016, Rocket Mortgage offered one of the first online personalized mortgage experiences that quickly turned the mortgage industry on its head. Intuit Inc. is the parent company of Quicken Loans, also known as QuickBooks, a small business accounting program. Rocket Mortgage launched Quicken Loans into a new digital mortgage landscape and they managed to completely circumvent the tedious traditional home loan process by offering an easier option. It’s clear that Quicken Loans are the digital mortgage disrupters when they announced last year that they were the largest home lender in America! The company managed to beat out major commercial banks, savings and loans, credit unions, mortgage specialists across the country by bringing in over 30,000 more lenders!
Curious about the secret to their success? Their mortgage software managed to take a very complicated old fashioned mortgage system and simplified it into an online mortgage process that could get you preapproved in just minutes! Quicken Loans started their digital transformation in 2000, when it shifted its fundamental business model to an online platform. This strategy was pivotal in catapulting the lender into a 50-state, centralized, consumer-direct mortgage lender with the capacity to close large volumes of mortgage loans in thousands of counties across America. Rocket Mortgage’s fast and easy online mortgage application process has forever changed the mortgage industry model.
While the mortgage industry competition continues to heat up between traditional banks and alternative lenders who are trying to grab your business, one thing is for sure. All this competition is welcome news for potential homebuyers because it gives them more options to shop and they are more likely to grab a better interest rate on their mortgage! Now with the huge popularity of applying for a mortgage online thrown into the mix, it’s never been easier to become a home buyer in the US!