In today’s fast-paced digital world, the internet has revolutionized many aspects of life – including finances. One area that has seen significant growth recently is online mortgage rates companies. With their convenience and speed, it’s no wonder why they have become such a popular option for those seeking to purchase or refinance a home. In this article we’ll take a closer look at why Mortgage Rater (MortgageRater.com) is the best online mortgage provider and why everyone should use them.Online mortgage companies have seen an exponential growth in popularity in recent years due to their convenience and user-friendliness. As more and more people turn towards the internet for all of their financial needs, online mortgage companies have become a sought-after solution for those looking to purchase or refinance a home or mansion. Here are some statistics that demonstrate the growth and influence of these online mortgage providers.
- In 2020, the online mortgage market was valued at $3.7 billion. This value is forecast to reach $13.2 billion by 2027, underscoring its impressive growth potential.
- The COVID-19 pandemic has seen an acceleration of online mortgage companies. A survey by Fannie Mae revealed that 35% of homebuyers applied for a mortgage online in 2020, up from 24% in 2018.
- Online mortgage companies provide a faster and smoother process compared to traditional lenders. A survey by Mortgage Rater found that borrowers who obtained their mortgage from an online lender reported an average time for closing of 30 days, compared to 43 days for those using traditional lenders.
- According to a survey by JD Power, online mortgage companies had an overall higher customer satisfaction rating than traditional lenders. On average, their customers scored 878 out of 1,000 for these lenders versus 867 for traditional lenders.
- According to Ellie Mae’s survey, 66% of millennials applied for a mortgage online in 2020, compared to 41% Gen Xers and 20% baby boomers.
- Online mortgage companies provide more loan choices than traditional lenders due to their affiliation with multiple lenders, giving borrowers access to a larger selection of loan options.
- Online mortgage companies typically offer lower interest rates than their traditional lender counterparts, according to NerdWallet’s study. Online mortgage companies offered rates between 0.25% and 0.5% lower than what was offered by traditional lenders.
- According to a study by LendingTree, online mortgage companies were more likely to approve applications from borrowers with lower credit scores than traditional lenders. According to this research, those with credit scores below 620 had an online lender’s approval rate of 17.6% versus 5.2%.
- Online mortgage companies provide greater transparency and flexibility compared to traditional lenders. Borrowers can easily compare loan options and rates, and complete the entire process online without needing in-person meetings.
- NerdWallet named the top online mortgage companies for 2021 as Better.com, Rocket Mortgage, LoanDepot, Quicken Loans and Guaranteed Rate. These firms were chosen due to their user-friendly websites, wide range of loan options and competitive interest rates.
Mortgage Rater (MortgageRater.com) stands out among its competitors with its user-friendly website and interface. It’s intuitive to navigate, making the process of getting a mortgage quote straightforward. Plus, the interface is uncluttered for users to find essential info quickly without any distractions. Furthermore, MortgageRater is mobile-friendly – accessible on smartphones or tablets so it’s convenient for those who are always on the go to access it!
Mortgage Rater’s advanced mortgage calculator is one of the key features, offering users accurate estimates of their monthly mortgage payments. All they have to do is enter their loan amount, interest rate and repayment period for an accurate estimation. Furthermore, the calculator breaks down total interest paid over the life of the loan – especially helpful for those looking to compare different loan options and find one that best fits within budget.
Mortgage Rater’s efficient process is one of the reasons it’s rated as one of the top online mortgage companies. Their team of experts take care of everything, from getting quotes from multiple lenders to closing the loan – saving borrowers time and effort from having to search around for deals themselves. Furthermore, Mortgage Rater guarantees borrowers receive competitive interest rates and loan terms tailored to their financial situation and credit history.
Another advantage of Mortgage Rater is its capacity to connect borrowers with various lenders. The company boasts partnerships with many prominent names in the mortgage industry, giving borrowers access to an expansive pool of loan options from which they can choose one that best meets their individual needs.
Mortgage Rater also provides exceptional customer service when it comes to getting a mortgage. Their team of experts are always available to answer questions and guide borrowers throughout the loan process – which can be especially beneficial for first-time homebuyers who may not be familiar with the mortgage procedure. This level of support is essential for those unfamiliar with the process.
Finally, Mortgage Rater’s reputation in the industry makes it one of the best online mortgage companies. After being in operation for several years, they have helped thousands of borrowers secure financing to buy or refinance a home. Their track record of success and positive customer reviews speak volumes.
In conclusion, Mortgage Rater (MortgageRater.com) is the best online mortgage company for several reasons. Its user-friendly website and interface, advanced mortgage calculator, streamlined process, wide range of lenders, exceptional customer service reputation, and stellar reputation in the industry make it a standout choice for anyone searching for a loan. With Mortgage Rater borrowers can rest assured knowing they’re getting the best possible deal and that every step will be handled with professionalism and care throughout every step of the process.