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Online Loans or In Person: What’s better?

by | Mar 17, 2020

When it comes time to submit a loan application to purchase a home or refinance your mortgage, it is hard to decide how to get started. Do you go to a traditional bank or go online? There are tons of resources online to compare competitive rates, but there is something comforting about talking to someone through the application process when we can physically see a mortgage lender versus talking to a representative on the phone or online. When going through life-changing events, such as getting your first mortgage, our first inclination is to do some research.  Keep on reading to find out the pros and cons when it comes to finding a loan option online or in person.

Ability to “Window Shop” Loan Products

Many online loan websites connect you with other mortgage lenders, which is the equivalent of mobile check deposits in the mortgage industry. Not only are websites available 24 hours a day/7 days a week, but they will also take the personal information that you provided and match you with mortgage lenders who want to help you. By getting matched with multiple lenders, you have the ability to compare loan companies and pick the one which works best for you. How much more convenient can it get?  The ‘shopping around’ concept should be applied when you go shopping so you can find the best loan. You want to make sure that you are getting a great deal instead of thinking that the first offer that is presented to you is automatically the best option.


When exploring interest rates and loan amounts with different financial institutions, it can be done online whenever is best for you. Whether it’s on a business day or during a relaxing weekend, you don’t have to drive across town to a financial institution to check out what your monthly payments or interest rates would look like, You can have all your different loan products and loan offers on your computer screen without even turning on your car ignition.

You Are Their Priority Customer Service

Another great benefit of shopping for mortgages online is that these lenders are fully prepared for the large amounts of online inquiries that they receive on a daily basis. At a local bank, there are only a handful of bankers available per business day at each branch that are ready to assist you and even then, it is a possibility that not all of them are loan officers.  Understandably so, there is a sense of comfort associated with talking to a physical person about such a delicate topic like your finances.   

However, even online, you can ask your lender any questions you may have regarding your loan application or loan terms and when it comes to determining your creditworthiness and interest rates, you want to make sure you don’t miss out on any important details.

Online Security

Some online lenders have a security system via encryption, which is essentially a virtual safe to house all of your personal information, such as credit score or bank account information, that will not be shared with anyone else.  In addition, some lenders require lengthy passwords and security questions to access an online site to better secure your account and keep crucial information protected.

Bottom Line, Online Can Be Better

While having an online loan process is still a concept that is unfamiliar to many, it is undeniably growing. Rocket Mortgage by Quicken Loans is an example product that lets users shop for mortgage lenders and submit loan applications without any paperwork by using their mobile device.

The internet brought about a lot of change but we cannot deny that it has overall improved many processes. 

It is thanks to the internet that we have another option on how to submit a loan application and talk to mortgage lenders in addition to the local bank visit. 

Going to the bank for a personal loan, refinancing, or any loan application, in general, has been a tried and true method for all these years and while it is still preferred by many, however,  the online loan process is an excellent and efficient option as well.

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