Pros and Cons of Self-Service vs. Hiring a Mortgage Professional

Homeownership is a dream for many, but it is no easy task. Once you are in a financial position, there are still many steps until you get the keys in hand. Mortgage applications can be a long and tedious process that people often have trouble navigating on their own without any prior experience or training in this area. But with a professional’s help, processing a mortgage can go much smoother.

In this article, we’ll explain the differences between self-service and hiring a mortgage professional so you can decide how to proceed with your mortgage application


With the rise of online banking, you can process your application from the comfort of your own home. But before you start the process, there are a few things you should know. Here are the pros and cons of self-service.


Upload documents from any device

You can upload necessary documents through desktop or mobile. Banks use a highly encrypted network so you can be sure that your document is safe. Not only is this service a great way to save time and get your documents out faster, but it’s also more convenient for people who are on the go. 

Do it on your own schedule

With the help of technology, you can work on your application at any given time. Being able to take care of things in the convenience of your own time and not having to worry about rushing anything can be a lifesaver.


Having to solve the problem yourself

It is virtually unavoidable to encounter problems when processing a mortgage. Most bank self-service portals provide FAQs or dedicated assistance to assist you in finding a solution to your problem. However, you would still have to go through the trouble of finding a solution on your own and worrying about getting it wrong.

Increased chances of errors

For some people, the use of a computer or any other device can be intimidating. Without being able to comprehend what’s going on with the interface due to lack of experience, this can lead to the increased likelihood of human error when trying to complete your application.

Limited transactions

Self-service portals from your bank are pre-programmed to only execute transactions to a limited extent. Most complicated cases are usually not supported, so if your case requires special attention, it may take longer or get rejected.

You can expect convenience as a result of the rise of a digital and online world. However, when it comes to mortgages, you’d want more than just convenience. Here’s another way to get your mortgage application going.

Hire a Professional

Are you looking to get approved quickly and close on time? Do you want the best rate and terms possible? Yes, working with a professional Loan Officer is almost always best. We know that seems self-serving, but it’s the truth. That is why we love what we do!

It’s always best to collaborate with people who are experts in their field of work. While processing your mortgage yourself can save you money (on fees but not necessarily on the overall cost), the time and effort required far outweighs the value of the savings. Here are the pros and cons of hiring a professional.


Help you with the process

You’ll be glad to know that they can help you avoid mistakes and potential obstacles so the process goes through just as smoothly. Would you rather have someone who has done this for twenty years, or rely on yourself as a beginner?

Serve as your guide

They can give you suggestions to help solve your problem. They can guide you on what next steps might work best for the specific situation at hand.

Explain complicated figures

If you’re having difficulty understanding complex numbers, these people can assist you. They’ll be available to answer any questions and discuss potential problems so that there is no confusion.

Serve as emotional counselors

The mortgage application process can really take it out of you. This is especially true if it is your first home or if you are transitioning from renting to owning property.

Refer you to additional partners

This saves you the time of having to find additional services you may require following the success of your application based on expert recommendations. This is a smart way to save time and ensure that all bases are covered for after-application needs, so why not?


“You” have to pay for expertise

A disadvantage potential homebuyers expect is added cost.

A common misconception is that the hiring of a professional will always end up costing you because you will have to pay for their expertise and the convenience of sitting on your couch, relaxing, and watching television while professionals are handling your file. While some loan officers do get compensated directly by (you) the borrower, that is not always the case. Many Professional Loan Officers (like the ones at First Down Mortgage) are compensated by the lenders.

Make sure you ask questions upfront when interviewing loan officers and mortgage companies so you can make an informed decision. If low fees are important to you then choose a Loan Officer that is not compensated by their borrowers, so you can enjoy the convenience and benefits without adding to the expense of your transaction.

Choose What’s Best For You

The process of applying for a mortgage is time-consuming and difficult, but it’s worth taking on. With technology, you can do it by yourself at your convenience but you’ll still have to go through a lot of hoop-jumping for approval. However, if you want a professional to assist you with your application, contact us and we’ll get you on the right track!