It is hard to imagine living without the benefits of the Internet. There is a large amount of commerce being conducted online, but mortgage originators have been slow to adapt. For most people, getting a mortgage is the single most important financial transaction in their lives. Borrowers sometimes feel more at ease sitting with a loan officer in person or going to a nearby bank branch to complete an application. People want to touch and feel the process and have been willing to take time away from work or personal time to walk through the process step-by-step with a professional. That mindset is rapidly changing, though.

What’s behind the increase in online transactions?

Borrowers are becoming more and more comfortable making transactions online. People are used to purchasing smaller consumer items that are shipped to their homes, and are quickly embracing the convenience of conducting business over the Web. As consumers have become more comfortable with the Internet; they have begun performing larger or more important transactions including banking, stock transactions, and even shopping for mortgages online. There is a vast amount of information about the mortgage process that is available on the Web. Banks and other online mortgage lenders have discovered the benefits of educating borrowers about the mortgage process, and over time consumers have become more comfortable conducting their financial business online.

Many consumers have used the Web to shop for a home loan. Many do not complete their application online; instead they pick up the phone to speak to a loan officer. Many people today are also doing their own property searches using sites such as Zillow. Property searches and mortgage evaluations can all be performed in the comfort of your home or work place without scheduling an appointment to visit an agent or representative.

The advantages of finding your own online mortgage lender

There are a couple of items to consider when selecting the lender and mortgage that is best for you and your home buying needs. Many buyers, as well as those looking to refinance a current property, are now more accepting of the convenience and time-savings of a virtual mortgage process. Today, applications can be completed or taken over the phone in just minutes with the disclosure documents delivered to the consumer electronically in seconds once the application is completed. There is no need to wait up to three days for documents sent by mail after you complete your application. In today’s online lending environment, the best lenders for you may not be local and can be located anywhere in the country.

Generally, the costs associated with rates and fees tend to be lower when the transaction is online, because of lower overhead costs for online mortgage lenders. This allows these companies to pass those savings on to you, the borrower. It is likely that online mortgage transactions will continue to be the trend as more and more borrowers shop for mortgages and perform other business tasks via the Internet.