Both offer different benefits and complications.
Full-service online lending is rapidly becoming an industry standard, with more and more homeowners and borrowers turning to online lending and loan brokerage services like Zeitro which use computer algorithms to match borrowers with the best loan options for their situation.
Before providing your Social Security Number or allowing a credit pull, ask plenty of questions, check reviews, and compare multiple offers. Speed shouldn’t be the main reason you choose to use a digital mortgage service. If you would feel more comfortable with face-to-face meetings and don’t mind longer processing times, traditional lending options may work better for you.
Applying for a mortgage loan is a stressful process. There will always be people who prefer lots of hand-holding and validation throughout the entire experience as opposed to filling out an online application alone.
Traditional mortgage loan providers will likely have to integrate online applications in order to stay competitive, especially in a post-COVID world.
Ultimately, you should choose the option that will serve your particular needs best. And whichever type of lender you choose, prioritize good interest rates over speed or ease.