Purchasing a home is often one of the largest investments people make during their lifetime. While exciting, getting a loan and buying a home can also be a stressful and unpredictable process. Online lending has become a more reliable solution for borrowers that may not feel comfortable going into a traditional lender.

Here are some of the benefits of using an online mortgage broker:

Shop Multiple Deals More Quickly

One of the main advantages to applying for mortgages online is that consumers can visit multiple sites and get different offers much more easily. A person could visit three or four different lenders, view loan costs, check rates, and see other information in a matter of minutes online.

This is simply not possible when going in person to apply for a loan. It may take you half the day to get just one pre-approval while visiting lenders in person.

Avoid Pushy Mortgage Brokers

When you apply for a loan in person, you may feel more pressured to complete the process. People often don’t realize that loan officers are practically sales people and their goal is to get you into a home loan. When you’re applying in person, you may be pressured by a sales person to complete the process even if you feel like you want to think about it some more.

Online, you don’t have to worry about a pushing sales person. If you feel like you want to wait and think about the purchase some more, you’re free to do so.

Lower Fees

Traditional banks and mortgage lenders can charge high fees and closing costs for the work related to implementing a home loan. There are still costs associated with obtaining a home loan online however they can often be lower as online service providers don’t face a lot of the same overhead as traditional mortgage brokers.

Much of the process is automated and requires little human intervention. That means you don’t have a loan officer that spends a lot of time with clients. This translates to lower costs for consumers.

There is definitely still some good things about seeing a traditional lender in their office. Many people may feel more comfortable asking questions of a lender in person. However for those that already have a good handle on what they need and what to do, online mortgage brokers are a great alternative. They allow savvy consumers to shop multiple deals, get access to lower fees, and avoid potentially pushy mortgage brokers.