So what about this RocketMortgage?
On the surface, it seems like a duh idea. Just push a few buttons and you have a mortgage, right? Well, it’s not that simple.
When you sign up for RocketMortgage you are essentially letting this company do all the research for you. With one click of a button, you’re giving permission to whomever to access all your information. This means all your tax information, income, debts, W-2’s, and other personal financial information. The premise is so that you don’t have to do it yourself, but do you really want someone else accessing all this information then selling it to the highest bidder?
Just because it sounds simple, doesn’t mean it removes all the steps that must be done anyway. It simply does it for you but at what cost?
Some people don’t care who knows what about them but in my opinion giving permission for some company to access every financial tidbit about your life seems a bit invasive.
So what do lenders really need?
- Bank statements
- W-2’s (or proof of income)
- Credit Reports
- Tax statements
Do you really want to give permission for computers and unknown companies to pull all the information themselves? Or would you rather hand this information directly to one lender whom you can see, talk to, and trust? By accepting the terms of these “simplified” apps, the level of security goes way down. Your credit could be pulled multiple times, your score could drop dramatically, or you could open yourself up to fraud with so many companies having access to your personal financial information.
As for me… Nothing beats the personal and confidential touch of a dedicated mortgage officer. You start the process with me and end with me. There is no sharing of information to the highest bidder. You can be confident that even though there may be slightly more work on your end, your information is well-guarded.
Call me! Let’s make this as easy AND as confidential as possible.
Read More: 100% paperless applications?