When it’s time to buy a house, would you rather drag yourself to a traditional bank branch and meet with a mortgage officer, or do everything from your phone or computer? You’d probably rather secure a mortgage online, which is one reason online mortgage lenders like Better.com, SoFi and Reali have changed the landscape of mortgage lending. Especially given how many online lenders offer the best mortgage rates, lower fees and easier qualification, more and more homeowners are picking online lenders over traditional banks.
“It’s the ability for some of these online lenders to more effectively interact with technology — and there are times when I don’t care to get a phone call or meet someone face-to-face,” says Craig Martin, director of wealth and lending at J.D. Power. “They’re ahead of the curve in a lot of respects and they’re reliant on the traditional methods or mechanism, but with customer experience, they’re a lot more flexible.”
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