How Is an EMortgage Different From a Traditional Mortgage?

Anyone who has purchased a home will be familiar with the concept of a mortgage. You agree to monthly payment with a lender, and the lender holds onto the promissory note until you finish the payments. However, many companies are now managing their mortgages electronically. So what is an E Mortgage? And how does it differ from a traditional mortgage?

Records Are Stored Digitally

Rather than holding onto a physical promissory note, a lender using an E Mortgage system will enter the document into a digital registry and keep it in a digital vault. The borrow signs the document using an electronic system.

Prioritizes Efficiency and Convenience

E Mortage systems tend to be convenient for both the lender and borrower. You can sign and review documents from the comfort of your own home, and you can move the process along more quickly.

Helps With Security and Accuracy of Documents

The computer program will prevent lenders and borrowers from missing required signatures or making other errors in the paperwork. It can guide you through the process and highlight all the places that require signatures. Since files are stored electronically, you will not have to worry about someone losing a paper document.

In short, E Mortgages perform the same functions as a traditional mortgage and include some added benefits.