Digital mortgage, e-mortgage, e-signing

It’s 2019, and the world has moved on to digital and e-everything, including the mortgage world.  You may hear the terms e-mortgage or digital mortgage, or even digital process. but what do they all mean?

While these terms are often used interchangeable, they all really mean something different.

Most lenders today do a large portion of the mortgage process digitally. From secure online mortgage application, secure document upload, e-signatures for signing your loan application, to all sorts of apps and web sites where you can keep track of your application – few actually close your mortgage loan ‘digitally.’  Almost all mortgage closings are pretty much still old fashioned ink on paper original signatures.

Many people consider a digital mortgage to be the bulk of items in the process. It is pretty nice to apply online 24/7/265 without taking time out of your day to stop in the lenders office. So is uploading your documents, versus dropping them off, faxing, or even putting them in the mail. Electronic signatures for signing your application documents is also super quick, easy, and secure online.

But a fully digital mortgage process encompasses items that most lenders just don’t do – today.

For example, and e-Closing means the final documents are electronically signed, while an e-Mortgage technically refers to the closing documents, like the promissory note and the mortgage itself are created, executed, signed, and stored digitally.  No paper at all.

As the future moves forward, look for true full digital process to be coming to a mortgage lender near you.

Ready to get a home loan today?  Start your digital secure online application with us today! We lend in MN, WI, and SD.