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Mortgage application process moving online [Video]

Posted on Monday, August 17, 2015 at 7:42:28 PM

Mortgage applications are moving online, and it will make life easier for just about everyone. 

With residential financing going digital, within five years or so anyone looking for a home loan can find one and complete the application process without leaving the couch, USA Today reported. While online applications aren't yet pervasive, with time chances are they will be, like many other financial processes such as managing savings and checking accounts. Some lenders, though, have already begun implementing online applications, allowing people to apply for loans, process the bulk of their paperwork and complete other tasks from their computers, tablets or smartphones. 

The Consumer Financial Protection Bureau has even begun testing online mortgage closing to determine how that process will translate to the Internet, and thus far the results are good. The financial watchdog agency stated in a press release that "those who closed their mortgage using an electronic platform are generally better off on measures of understanding, efficiency and feeling empowered than borrowers who used just paper forms."

With applications moving online, the entire process will likely become easier, and possibly cheaper, than the traditionally paper-intensive task has been in the past.