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The Ins & Outs of an Online Mortgage

The home loan process that your parents endured when they bought their first home is no longer the only option for today’s homebuyers or refinancers. While you can always choose to go the traditional, in-person, paper application route, when you choose a digital mortgage, you can eliminate paper documents, missed signatures, and the need to meet with a loan officer. Throughout the process, smart and secure digital tools are used to facilitate the collection of documents from your financial institutions, ID verification, and other necessary processes during the transaction. Whether you choose the online experience for purchase or refinance, these capabilities are supported by Warp Speed Mortgage to provide a completely online home financing experience.

Steps in the digital loan process

  1. Completing the online mortgage application is your starting point in the digital loan process. The Warp Speed Mortgage smart application will request basic information needed to determine your loan qualifications, quickly reviewing your submissions, and requesting more documentation if needed.
    • During the application process, you will be prompted to upload financial documents for Underwriting review. This can be done quickly and easily through digital asset verification tools that communicate directly with your financial institutions to securely verify assets and collect necessary documents. You may be asked to upload documents more than once depending on your application. 
    • At this stage you will also choose your rate and loan program from personalized options based on your financing goals. 
  2. Once all the required documentation is collected, your application is digitally sent through to Underwriting to begin its journey through the loan process. At this stage, the Underwriting Team will review your digital application and verify the information to determine if your loan will be approved. Throughout this process, you will receive emails updating you on your application’s progress and requesting any additional information. 
  3. Once approved, documents are signed during your eClosing.
    The eClosing process is very similar to the traditional closing process, you’ll simply be signing some or all closing documents (depending on your type of eClosing) digitally instead of with paper and ink. You’ll choose how and where you eClose.

Customer support when you need it

Pursuing your home financing goals on your own time through a digital mortgage doesn’t mean you forego reliable customer support. Behind the online platform are real mortgage professionals who are ready to assist you when you need it. Your Client Manager will work with you to address any questions you may have along the way and will see your application through from Underwriting to Closing. 

Smart technology means faster results for you

Warp Speed Mortgage uses smart technology in our mortgage application and throughout your home financing journey to determine the need for additional documentation, reduce human error, and efficiently move you forward in the loan process. Warp Speed Mortgage utilizes smart technology like:

Digital security you can count on

When collecting and sending financial documents and other sensitive information online, security is the number one consideration. At Warp Speed Mortgage, we adhere to the strictest digital security best practices and utilize digital ID and asset verification tools that are used throughout the mortgage industry because of their reliability and top-of-the-line digital security standards. 

Why choose a digital mortgage?

Choosing a digital mortgage may not be the right decision for everyone. Moving forward with a digital mortgage experience would be a good fit for someone who feels comfortable using computers and technology and would rather move through the process on their own time. While technically there is no need to work with an individual loan officer during your digital mortgage experience, Warp Speed Mortgage will still assign a Client Manager as your point of contact to reach out to if you have any questions about your financing goals or the overall process. 

A digital mortgage might be right for you if you:

  • Are comfortable with digital technology and do most of your shopping and other tasks online already.
  • Actively check your email and/or text messages.
  • Would prefer moving through the loan process on your own time in the comfort of your home.
  • Would like to avoid human error, missed signatures, lost documents, and other unexpected delays that can occur throughout the loan process. 

If you think an online digital mortgage is right for you and you’re ready to begin the process, get started today!

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