“Can I apply for a mortgage online?” Of course! Truthfully, we wish more people knew that applying for a loan online is an option. So much time, energy, and resources would have been spared if such were the case.
But if you’re the type to hesitate taking the plunge and doing it online, don’t worry. Let’s take an in-depth look into loan applications done online. We’ll discuss the benefits of taking this route and whether it’s something that can truly be done without stepping into a bank branch.
DOWNLOAD OUR HOME LOAN PROCESS FACT SHEET SPEAK WITH A FIRST HOME BUYER MORTGAGE BROKER
What you need to have ready to apply online for mortgage
Lenders usually have varying requirements and criteria for their first home mortgage products. But generally to apply for mortgage online, there a few key steps and certain documentation that you will need to upload.
- Proof of Identification
-
- valid driver’s license or passport
- two other forms of ID such as a birth certificate or Medicare card.
- proof of address such as a utility bill, lease agreement
- statement from your bank account
- Financial Documentation
- recent payslips
- tax returns
- bank statements
- any other relevant financial information that can be used to assess your ability to service the loan.
- additional documents such as business registration certificates, BAS (business activity statements), accounts receivables and accounts payables for self employed
Tips for a smooth and successful loan application process
Watch our founder Zain Peart share his expertise as a seasoned first home buyers mortgage broker through these useful tips on buying first house.
How to apply for a mortgage online
Applying for a loan online is not as complicated as it may seem, and doing so can help save time and money. In fact, you can finish your application in mere minutes.
Here is a general outline of online applications for real estate home loans:
- Do your research. Before getting started, make sure you understand the loan process and all the different types of mortgages available. Research lenders to find one that best fits your needs, budget and timeline. Consider their fees, interest rates, and loan term offerings.
- Gather your documents. Collect the necessary paperwork needed to apply for a mortgage loan, such as your proof of income, bank statements, credit report etc. This will provide the lender with an accurate picture of your financial situation in order to assess whether you qualify or not.
- Choose the right type of mortgage. To get approved for a loan online, you’ll need to decide what kind of mortgage product best suits your needs – fixed-rate or variable? Compare different options in order to find exactly what you’re looking for.
- Submit the application. Once all of your documents are ready and you’ve settled on a choice of lender and product type, it’s time to fill out an online application form on the lender’s website, providing all required details like income amount etc. Typically, you’ll be asked to sign up
- Wait for pre-approval. After submitting all information requested by the lender, wait for pre-approval confirmation from them via mail or email within 24-48 hours if everything is correct. Otherwise they may request more information before approval is granted.
However, we do recommend that you talk to a mortgage broker first
Talking to a mortgage broker can be helpful when applying for a loan online as they can provide valuable guidance throughout the process.
A mortgage broker will assess your financial health based on your personal circumstances. From there, they will be able to show you the different types of mortgages available and suggest options that best suit your requirements.
They will also provide advice on how to make the application process smoother, such as having your paperwork in order, and they can offer tips on how to maximise your chances of being approved.
Lastly, a mortgage broker is able to compare rates between lenders and recommend the most competitive products available.
Applying for a loan online made easy with ZEP Finance
Ready to start shopping around for home loans? Let ZEP Finance help! Click a button below to get started on your home loan application.
Speak with a Mortgage Broker Ballina Speak with a Mortgage Broker Byron Bay Speak with a Mortgage Broker Lismore Speak with a Mortgage Broker Northern Rivers
After studying business and finance at university, Zain initially expected to pursue a career in finance. However, his passion for property and the experience of buying his own home led him to mortgage broking. He began his mortgage brokering career in 2009 and founded ZEP Finance in 2010.
