Trying to get a home loan can be a pain. Regulators have tightened standards on lenders and in return lenders have tightened standards on people looking for a home loan. Knowing that there's a lot of "tightening" going on you might think that the ease of getting a home loan online would be a thing of the future. If you think this, you're part right.
What getting a home loan online usually looks like...
If you've been in the market looking for a home loan chances are you've gone online to start the search. It's normal to go online to get an idea of what rates are doing and make a high level assumption about whether refinancing your current home loan makes sense.
So you go to the Google... and you start your search...
Well... 7,350,000 seems like a lot of results. Hopefully you have some free time on your hands.
But those are just the "organic" search results. Meaning this is what Google has deemed worthy content related to your search query. You'll also be served several advertisements in your search results. Usually you'll see advertising headlines that read something like this...
- Rates As Low As X.X%
- Rates At An All Time Low!
- Refinance Online
- Fast Mortgage Refinance
So much good stuff! Don't you wish you had time to click all of them?
The "rates as low as" ads are the worst. Just because the lender can offer a 15-year mortgage at 2% interest doesn't mean you'll get it. In fact, you most likely won't. You would have to choose a shorter term loan, which you may or may not want to do, and you'll have to have near perfect credit. Most people don't fit the mold required to get the rates they see advertised. This is also why we don't advertise interest rates. It's pointless. Every homeowner has a different situation and different goals.
Going back to the ads... the "refinance online" ad catches my attention. I mean, who wants to go to a bank or loan officers office to do paperwork? I'm ready to see if I can get this done online. When I click the ad here's where I end up...
Couple of things I'm going to point out...
1. They also used the "Historic Lows" headline on their page. Probably to build some urgency.
2. What does "start saving now at loading rates... today's low refinance rate" mean? I don't see any rates...
3. Nowhere on this page does it say that I can actually refinance online... strange.
4. Why are they asking for my phone number? I thought this was online?
Whatever, I plow through anyway and enter in my information. I hit the next button looking forward to seeing my rate options and potentially starting the process of refinancing online.
Instead... here's what I get...
What the what? At least I know why they wanted my phone number. I now have to prepare myself for loan officers calling me on the phone until I scream "uncle!"
Have you ran into this type of game being played when you try to refinance a home loan online? I see it all the time. This is a pretty straight forward example. These guys don't even try to make it seem like you're refinancing online. They capture all your details up front and then once you click the next button reality sets in.
Other companies are a little trickier. They'll take you to multiple pages asking you one question at a time.
Page 1 - What's your loan amount?
Page 2 - What's your home value?
Page 3 - What's your zip code?
Page 4 - What's your phone number?
Page 5... Ha, same thing as above. A loan officer will call you soon. Ahhhhhhh! It's the same game being played. Get as much information out of you as possible and then start calling you at all hours to muscle you into a home loan.
If you've been watching rates lately you already know that they are low, in general. You still have to go through the process of getting a custom rate quote to see what you'll actually qualify for.
Presenting... a way for you to really refinance your home loan online. The future is now.
That's right! I said it. Refinance online. But guess what? I can back it up.
Our developers have been hard at work and they've built something really cool for you. A loan quote generator that updates in real time as you enter in your information. Check it out!
Pretty cool huh?
From here you can choose the loan you like best and continue on to our Fast App process that allows you to finish your application entirely online on your own time.
Did you notice what was missing? That's right, we don't ask for your phone number. That's because you can do it all online with Lenda. When we say that you can refinance online... we mean it. It's also how we're able to close loans 3X faster than the industry average -- saving our clients a ton of time and money.
You don't want us to call you on the phone when you're getting ready to have dinner with your family. However, you can call us, chat with us or email us any time you need some help our advice. Just because we don't solicit you over the phone doesn't mean we wouldn't enjoy talking with you.
If you're tired of getting the run-around then use our real time quote generator to get your custom results. We guarantee you'll get a clear, accurate and transparent loan quote.
And if you want to refinance your home loan online... well... you can do that too!