Reasons Not to Get a Mortgage Online

  • August 22, 2019

CMG Image

The idea of a totally digital mortgage experience may sound alluring to anyone with a busy schedule of daily demands.  But when it comes to a six (or more!) digit transaction, there is an advantage to having a real person on your side to advocate on your behalf.  Even if you prefer to get started filling out your application online or through our mobile app, working with a real loan officer and not a customer service hotline empowers you to cross the finish line with confidence. 

Realtor.com contributor, Lisa Prevost, identified these good reasons to not rely on an online mortgage.


You should look at different loan programs.

How many types of mortgages have you heard of?  The 30-year fixed-rate mortgage?  Maybe the VA Loan?  Mortgages come in all shapes and sizes because homeowners do too.  Interest rates, terms, and mortgage insurance all vary based on the loan program.  Working with a loan officer may open your eyes to mortgage loans you’ve never even heard of before.  Even if you’ve previously owned a home, your financial profile may have changed since then and could put you in a better position to qualify for a different loan program.  A loan officer can talk you through your options.  We are the mortgage masters – so you don’t have to be! 

You are a first-time home buyer.

First-time home buyers are eligible for all kinds of down payment assistance, closing costs grants, and other programs you may not know about without doing your research.  Many states and even cities offer assistance specifically to first-time home buyers in their local area.  Additionally, a loan officer can walk you through all the steps in the mortgage process.  As a first-time home buyer, you may not be familiar with preapproval or closing costs.  A loan officer will educate you on the process, so you understand exactly where you are at each step of the transaction. 

You’re self-employed.

If you have anything besides one salaried position, you should talk with a loan officer.  Today, about 15 million Americans are classified as self-employed and there are loan programs designed specifically for them to help them qualify for a mortgage.  While a salaried worker will use their W-2 tax forms as proof of income, self-employed workers will have to use bank statements and other alternative documents.  Additionally, if you work freelance, drive Uber, or have any other additional income, that may help you qualify for a better loan program or interest rate.  A loan officer can help you get all of your relevant paperwork together from all of your sources of income. 

You have less than perfect credit.

You do not need an 800 credit score to qualify for a mortgage.  There are loan programs designed specifically for borrowers with lower credit scores to make homeownership more accessible.  An online algorithm may not be able to find the loan program for you but an experienced loan officer will work with you to chart a path to homeownership, even if it involves some credit repair first.


With a totally digital mortgage experience, you lose the guidance of a loan officer.  While parts of the mortgage process, like the application and other paperwork, can be completed online, a loan officer will be there to support you for the offline parts.  If you’re interested in buying a home this year, let me know and we can review your goals.    


Sources: Realtor.com

Christopher Terry
Loan Officer
NMLS # 1166673
Branch NMLS # 1711540

Christopher Terry

PHONE: (916) 412-7528

CMG Image
© CMG Financial, All Rights Reserved. CMG Financial is a registered trade name of CMG Mortgage, Inc., NMLS ID #1820 in most, but not all states. CMG Mortgage, Inc. is an equal opportunity lender with corporate office located at 3160 Crow Canyon Road, Suite 400, San Ramon, CA 94583 888-264-4663. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act No. 4150025; AK #AK1820; AZ #0903132; Colorado regulated by the Division of Real Estate; Georgia Residential Mortgage Licensee #15438; Illinois Residential Mortgage Licensee; Kansas Licensed Mortgage Company #MC.0001160; Massachusetts Mortgage Lender License #MC1820 and Mortgage Broker License #MC1820; Mississippi Licensed Mortgage Company Licensed by the Mississippi Department of Banking and Consumer Finance; Licensed by the New Hampshire Banking Department; Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker – NYS Department of Financial Services; Ohio Mortgage Broker Act Mortgage Banker Exemption #MBMB.850204.000; Licensed by the Oregon Division of Financial Regulation #ML-3000; Rhode Island Licensed Lender #20142986LL; and Licensed by the Virginia State Corporation Commission #MC-5521. CMG Mortgage, Inc. is licensed in all 50 states and the District of Columbia. Offer of credit is subject to credit approval. For information about our company, please visit us at www.cmgfi.com. To verify our complete list of state licenses, please visit www.cmgfi.com/corporate/licensing and NMLS Consumer Access (www.nmlsconsumeraccess.org).