The world of mortgages is constantly changing to give borrowers a faster, easier, safer experience, and LoanDepot has just announced another change for the better: the Mello Smartloan. Say goodbye to long wait times and frustrating document gathering – Mello does the hard work for you.
I’ll Take the App to Go
Time is money, and when you’re applying for a mortgage, you’ll want to save as much time and money as you can. Thankfully, you can apply for a Mello Smartloan just about anywhere! This means you don’t have to wait until you’re home in front of your computer to apply, and you can access the application no matter the time of night or day. Mello can also instantly pull and verify your credit score, verify income information, and pull electronic bank statements. Now, you don’t have to gather all that documentation yourself, or wait for a third party to get back to you. Mello saves you time and hassle, and you can finish your mortgage application in minutes! And since everything is electronic, you’re less likely to run in to errors or misplaced or forgotten documents. This also makes the mortgage process safer.
The Info you Will Need
You won’t need to go chasing after bank statements or employment verification documents, but you will need to provide some simple information on the Mello Smartloan Application, including basic information (such as name and phone number). You’ll also need to create a LoanDepot account, which you can do through Mello. Then you’ll provide the city and state you’re looking to purchase or refinance in. You’ll also provide your preferred loan amount, down payment, and target closing date. In order for Mello to get access to electronic bank statements, you will need to select your bank and log in. That’s it! If you’re looking for a home and want an easy loan, why not go with Mello?
Don’t Be Alone with your Loan
After you’ve submitted your Mello Smartloan Application, you’ll be contacted by a loan consultant, who can help talk you through the process and discuss your loan options. They can also help you with next steps and any other questions you might have about the mortgage process. If you’re already working with a loan originator from LoanDepot, you can plug their information into the application in order to continue working with someone you already know and trust. Applying for a mortgage can seem daunting, but with Mello and your own LoanDepot loan consultant in your corner, it can be a breeze.
What could be better than a mortgage application that saves you time and stress? One that also doesn’t have an obligation! That’s right – there’s no obligation to use the Mello Smartloan App. This lets you compare your options and choose the one that’s best for you. And after you apply, your loan consultant can help you get pre-qualified, a process that lets you know what type of loan you can qualify for without having to commit. Getting pre-qualified is often a great option, because it lets you know what kinds of funds you’ll have access to and make the mortgage process easier when you decide to move forward.
Au Revoir Appraisal
According to LoanDepot’s website, some applicants may be able to waive their appraisal fee. Appraisals usually cost a couple hundred dollars, plus you need to find a time on the appraiser’s schedule, so waiving this fee saves you both time and money. Mello Smartdecision™ allows applicants to know instantly whether or not they qualify, as well as what next-steps they should take. Don’t feel that you have to get an appraisal just because it’s a part of the usual process – let Mello see if you can waive that fee!
Saving Time, Saving Money
The appraisal and the title usually take the most time when applying for a mortgage, but no longer! With Mello, you can have your title clearance in just a few minutes. If you don’t qualify for an appraisal waiver, you’ll find out your appraisal results much faster than you would normally. In both cases, Mello saves you time, helping you close sooner. In fact, you can close up to 17 days faster by using Mello Smartloan.
Calculate your Savings
LoanDepot also has free online Purchase and Refinance calculators, for those who want to get estimates on costs and savings before actually applying. This can be a great way to explore your finances, see where you can save, and get an idea of the loan you want.
Two Years Plus in the Making
LoanDepot first announced Mello in March of 2017 as a digital lending platform. At LoanDepot’s “Big Reveal,” the Technology and Product Information team did a live demo of the Mello app. After the demo application, a loan comparison was sent and the demo borrower decided to get a pre-qualification on a 30 year fixed mortgage. The demo makes it look easy, fast and stress-free, and since then, LoanDepot has only continued to make Mello better. Mello was finally released on February 20, 2019.
The Future is Mello
An easy, completely online application is already pretty futuristic, but is there more in store for Mello? It looks like it! One video from Mello’s big reveal discussed digital personal loan options. So who know what other loans and lending options you may have in the future, all from the ease and comfort of your own computer, smartphone, or tablet!
Are you looking to purchase a new home, or refinance your current mortgage? If so, consider using Mello Smartloan! Save yourself time and hassle by letting Mello do the document and information gathering, then compare your loan options wherever you are, with the help of a loan consultant to guide you through your options and next steps. Find the option that will save you the most money and that’s best for you! Getting a mortgage doesn’t have to be frustrating or scary – instead, it can be a calm, mellow experience, all thanks to Mello!