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The process of securing a home loan has changed dramatically since the turn of the century. For previous generations, the plan was simple – if you wanted a mortgage, you headed to the local bank. The bank would provide you with a few basic options, and you could fill out some paperwork to apply for a loan.
These days, of course, things are different. You could still head to your local bank and do it the old-fashioned way, but there are better options in a digital world. With online lending more popular than ever before, you can easily shop for rates and apply for loans from the comfort of your own home.
If the competitive pricing, convenience, and flexibility of online lending appeals to you, we’d like to present three options –
The rest of this article will take a closer look at each of these three lenders and how they can make your home buying experience successful – and even enjoyable.
See Disclosure
It is the overall package offered by Consumer Direct Mortgage that earns it our top spot in this review. As you search for a conventional home loan to purchase a property, this lender steps to the front due to their combination of rates, service, and simplicity. In a market that is famous for being complicated and frustrating to manage, Consumer Direct Mortgage takes a different approach, and it pays off nicely.
Pros
Cons
Home loans are just one of the many products and services offered by SoFi. This personal finance company has a relatively short history – it was founded in 2011 – but it has made a notable impression on the market since then. In addition to credit card consolidation, investment options, and many other products, SoFi also offers home loans. In this section, we’d like to take a quick look at the pro and cons of turning to SoFi for your conventional home loan needs.
Pros
Cons
Even if you haven’t been paying close attention, you may already be familiar with the name Rocket Mortgage, as this brand has invested considerably in advertising in recent years. As with the other options we have mentioned on this page, you’ll find a quick and easy application process at Rocket Mortgage, and you will be able to shop their competitive rates. So, what stands out about this platform as compared to the others? Let’s take a look at one more set of pros and cons.
Pros
Cons
Yes, it is a new way of thinking to turn to an online lender for a home loan as compared to your local bank. However, there are many benefits to doing so, including a faster process, less back and forth communication, and the ability to shop around for the best deal. If you are getting ready to buy a house and need to start working on your financing, consider the three options we’ve listed above. While we put Consumer Direct Mortgage at the top of the list, each of the three is worthy of your attention. Good luck!