More lenders are offering digital tools that allow home buyers to apply for a loan, submit paperwork and track the approval progress
By Anya Martin | The Wall Street Journal
Now, you can apply for a jumbo loan while wearing, for example, purple pajamas (the ones with the footies). More mortgage lenders are offering digital portals in which home buyers can apply for a loan, submit documentation and track the approval progress.
In the fall, Alfonso Brigham, a 32-year-old corporate-loan underwriter, applied for a $711,000 mortgage from SoFi to purchase his first home, a $790,000 condo in San Francisco. While he did speak to a loan officer on the phone to ask questions, he was able to upload all income and asset documentation and track progress from the initial application right up to closing online, he says. “It made the process so much easier,” Mr. Brigham says.