Contactless Mortgage Closings – You Can Get a Mortgage Safely

A lot has changed since the pandemic hit. People are still working remotely and some kids are still schooling from home. All of this has homeowners rethinking the living space in their houses. Many home owners are finding that their homes are no longer big enough or functional when so many people are home at the same time. They need something better. But how do you buy a new home or even refinance your existing mortgage while keeping your family healthy and safe? Contactless mortgage closings are your solution!

Yes, it’s entirely possible to go through your mortgage process from application to closing without coming in physical contact with another human being. Continue reading to learn more!

Online Mortgage Application

Before you even shop for a home, get pre-qualified online. You’ll be connected with a loan officer that will help you figure out exactly how much you are qualified to spend and that can walk you through the rest of your mortgage. Once you’re ready, you can also complete your application from the comfort and safety of your home.

Appraisal Waiver

Just as its name implies, an appraisal waiver enables you to skip the appraisal process so you don’t have someone walking through your home who could expose you to the virus. That doesn’t mean an appraisal isn’t completed, it just means lenders have found other ways to confirm the value of the home and property. These waivers are not available on all loans, so talk to your loan officer to see if your property qualifies.

Appraisal waivers also save you money. Typically, an appraisal costs anywhere from $400 to $700, and you, the borrower, are responsible for paying that. Keep that money to buy something for your new home.

E-closing

Instead of going to a title company, sign your documents and close your mortgage on your computer or mobile device. It doesn’t get safer or more convenient than this. Plus, if you’ve ever closed on a mortgage, you know how large your package of copied documents can get. That goes away.

• Close safely from the privacy of your home
• Closing is easier, faster and more flexible
• View documents at your leisure from your computer or mobile device
• Documents notarized with licensed notary remotely
• View and save documents in an electronic format

E-closings are not available on all loan types, and not all title companies offer e-closings. Work with your loan officer to find the best option for you.

Your home is your domain and you have to live comfortably. Don’t let the virus keep you from living in a new space. If you’d like to get started and are thinking about purchasing or refinancing your home, contact us today.