Apply For A Mortgage Online

Apply for a mortgage online

Today, banks are closing branches, more shoppers are buying online and the younger generations handle all their finances online. Year over year more home buyers are qualifying for their mortgage online.

Table of Contents - Apply For A Mortgage Online

As time goes on, you will see additional lenders offering online applications. Applying for your mortgage online is easier than ever before. The biggest question that buyers are having is where do I apply online for a mortgage?

Should I apply for a mortgage online with a Broker or a Bank?

We’re biased towards brokers and recommend that you apply online with a Mortgage Brokerage like LendCity Mortgages.

If you apply online with a bank, and your application is declined, or you didn’t get the rate you wanted, you have to apply again with another lender. Multiple applications will consume your valuable time. Also, you will endure multiple credit checks which could hurt your credit score and even disqualify you from qualifying for a mortgage.

If you apply for your mortgage with a Brokerage like LendCity Mortgages, we can shop around to get you the most aggressive rates. Also, in the event you are declined, we can access additional lenders who may be able to help you to qualify. Quite often, the lenders will use the credit bureaus that we have pulled, which can result in fewer hits to your credit, to help you maintain your score.

At LendCity Mortgages, we have access to multiple banks, as well as credit unions. We even have B Lenders and Private Lenders if that is the lending route we need to take.

Documents need to apply for a mortgage online

When you apply online for your mortgage, there are a few standard documents the lenders will need.

Each lender should have a secured portal for you to upload your documents to. (We do!)

Here is a list of the documents the lenders will require for your online mortgage application.

  • ID
  • Credit Consent – Usually this is built into the application
  • Income documents
  • Mortgage statement and tax bills – if you already own a home
  • Lease agreements – If you’re a real estate investor
  • Assets – You have to show how much you have for a down payment

It's best to also have access to a scanner to scan and upload the documents to your secure online application portal. However, if you don't have a scanner you can often take a picture of the document and send it in, or use an app like cam-scanner.

Benefits of applying for a mortgage online

When you apply for a mortgage online you can expect a faster turn around time. The reason for this is because the information you input syncs with the lender's system, reducing the need for manual inputting.

Often, applying online can increase your likelihood of mortgage approval. When you input your application, it’s much less likely that you will make a mistake, as you know your scenario better than anyone. With the lenders seeing the most accurate picture about you, it can help to improve your chances of approval.

What type of mortgages can I apply for online?

We can’t speak about every lender, but with our system, you can apply for the following types of mortgages;

  • Purchasing a Home
  • Refinancing a Home
  • Porting A Mortgage from One Home to Another
  • New Construction Mortgages
  • Investment/Rental Property
  • Commercial Mortgage
  • Private Mortgages
  • 2nd Mortgages
  • Home Equity Lines of Credit – HELOC
  • Reverse Mortgages

What if I struggle with an online mortgage application?

Many of our clients are not tech-savvy. Our system is extremely easy to use. However, if electronics are not friendly to you, we can help guide you through the online application. Or, we can send you a list of what's needed and you can email it to us, or meet with us face to face at our Head Quarters in Windsor Ontario.

If you wish to speak to a live person for an online application you can call us at 519-960-0370 or toll-free at 1-866-559-2217. We always have someone answering the phone 24x7. Or, you can email us here.

Is my information safe if I apply for a mortgage online?

Great question! At LendCity Mortgages, we cannot speak for every online application system, but ours is incredibly safe.

One easy way to determine if the application is safe is to check the browser and look for the lock symbol next to the URL. If it's not there, generally it will have a message saying the content on the website is not secure. Never give any information, even when shopping online, to a site or company that does not have a secure website.

Another way to help you decide if your information is safe is to check the online reviews of the company your thinking about applying for your mortgage with.

Lastly, call the lender, see if the answer. How does that person make you feel when you're on the phone with them? If you sense any red flags, do not proceed with an online mortgage application with that lender.

Ready to apply?

Click Here to Apply for a Mortgage Online

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