Your online home loan application questions answered

October 12, 2022

So, you’ve been on a homebuying journey: You’ve gone through the prequalification process, found a home that checks all the boxes for you, and the seller has accepted your offer. We hope you’ve had a great experience so far — one that has included knowledgeable, caring professionals and smart, interactive technology (like UBT’s QuickQual) in each step of the process. Now it’s time to apply for a home loan, and you’re wondering if applying online is the way to go. Well, we think it is — especially when you’ve got a friendly expert in your corner. Keep reading as we walk through the most commonly asked questions about online applications, then help you gather what you’ll need to get started.

What are the benefits of an online application?

The best part of an online application — or what you consider to be the best part — is going to be different based on what’s important to you, but here are some major advantages, based on customer feedback:

  • It’s convenient. Applying from your home (or anywhere else with some privacy and an internet connection) is going to be much more convenient than a drive to your lender, for certain. It’s also super easy to add a co-borrower.
  • It’s faster. The application process is traditionally associated with some time and paperwork, and by starting online and having everything you need at the ready, the process can go much more smoothly. You can also sign your disclosures electronically, which can save a ton of time.
  • It’s less work for you. With an online mortgage application, you can upload copies of documents (such as pay stubs and tax returns) and even link your accounts to a secure website instead of taking them to your loan officer.
  • It’s kinder to the environment. While the online application method is not totally paperless, there’s certainly less paper usage, printing, and document storage involved.

Are there drawbacks of applying online?

Well, that depends. You’ll want to make certain that there are real people who care behind that digital application, or you could find yourself without the hands-on help you might need during the loan application or underwriting process. Additionally, if you opt for a strictly online lender, you won’t have a designated point person and may find person-to-person interaction lacking, which can be a real issue if you have a question or run into a snag. And lastly, some all-digital lenders (besides not offering the convenience of traditional branches or guidance of a caring mortgage lender) assess higher loan origination fees, so you’ll want to make certain you’re doing a true apples-to-apples comparison.

Is the process difficult?

We can’t speak for everyone, but in the case of UBT’s process, here’s how it works: One of our home loan experts gets you started, sends you a link to the totally secure, user-friendly portal, and is available to answer any questions, so you have the best of both worlds! The software provides an explanation of many requested fields (types of income, for example), so many anticipated questions are already answered.

Can I leave the application and come back to it?

Again, in the case of UBT’s secure application process, it’s no problem to pop out, live your life — or get a piece of information you need — and return to the application. A “resume” button that’s even accessible from our website takes you back to where you left off.

How will I know where I’m at in the application?

Most applications are laid out in an orderly fashion. Ours is user-friendly, with a handy Tasks sidebar that lets you know of your progress, and each section is clearly labeled with easy-to-understand section names like Getting Started, Income, and Review that let you, the applicant, know what to expect — and how close you are to the finish line.

What happens then?

Once you have reviewed and submitted your application and uploaded your verifying documents, your lending team may ask for follow-up information to ensure they have the complete picture. If you’re in UBT’s borrower-friendly environment, you’ll receive confirmation of a received application and assurance that we’ll be in touch — and we will.

Can I loop in my lender if I need to?

Once you start with a UBT home loan expert, they are there for as much of the process as you deem necessary, creating a custom-tailored borrower experience — because we believe that rate and convenience are only two pieces of the puzzle.

What should I have ready before I start?

You’ll want to compile some basic information, as you’ll be answering questions pertaining to income, assets, etc., and you want to be accurate. Have the following at the ready before beginning:

  • Employer contact info
  • Recent pay stubs (covering the most recent 30 days), if employed
  • Bank account information
  • Amounts of other income (Social Security, pension, etc.)
  • Signed business tax returns (if self-employed)
  • A copy of the signed purchase and sales agreements

You’ll want to take your time and carefully fill out the application as completely and correctly as possible. Your lender will ask permission to run your credit report as part of the process. Not disclosing credit problems up front or holding back requested documents will only delay the process and potentially prevent mortgage approval, so it’s to your benefit to fully disclose everything about your finances.

Offering our applicants a seamless online process is just another way UBT strives to tailor the lending process to our borrowers’ needs! To learn more, or to begin the home loan process, contact one of our knowledgeable home loan officers today.

  • Personal
  • Owning a Home
  • Mortgages

*NO PURCHASE NECESSARY. Void where prohibited. Applicants that close a secondary market, owner-occupied, primary-dwelling secured home purchase or refinance loan with Union Bank and Trust Company in Nebraska or Kansas between Saturday, October 1, 2022, at 12:00 a.m. Central Time and Sunday, January 15, 2023, at 11:59 p.m. Central Time (the “Promotion Period”) will be automatically entered in the contest. You may also participate in the Welcome Home Giveaway Drawing by completing the form at the following link during the Promotion Period. You must be at least 18 years of age and a resident of the 50 United States or the District of Columbia at time of entry. Residents of the state of Maine are not eligible to participate. YOU MUST NOT BE PROHIBITED BY FEDERAL OR STATE LAW FROM ENTERING THIS DRAWING OR FROM WINNING THE PRIZE. You may enter only once. You need not be present to win. You may win only once. One winner will receive $5,000 and may choose a cashier’s check OR direct deposit into their Union Bank checking account. Odds of winning depend on the number of entries received. Official rules available at Member FDIC

Loan products subject to credit approval.

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