Arbor Day is April 27! We’d like to take this opportunity to talk about trees — and about how online mortgages can help save more of them than you probably realize. Why’s that? Because mortgage application lengths have spun out of control.
But, no need to panic. Technology exists that eliminates the need for massive piles of paperwork, and that significantly reduces the environmental impact of mortgage applications.
Mortgage Applications Sometimes Require 2K Pages of Paper
In the years since the 2008 financial crisis, the amount of documentation required for mortgage applications has increased by epic proportions. In 2006, a mortgage application typically ran about 100 pages. Some housing deals were even conducted via no-doc or low-doc loans, which were comprised of a small handful of documents such as a credit report, appraisal, and other property information.
Today, a standard home loan application runs over 500 pages, and 20 percent require from 1,000 to 2,000 pages of paperwork. That’s a whole lot of paper waste. And the reality is that in 2018 there is absolutely no need to print out all of those forms.
Save Trees with an Online Mortgage Application
Recent technological innovations empower people to complete many different tasks entirely online. For example, applying for home loans has joined the likes of paperless banking and filing electronic taxes. The 360 Mortgage online application platform takes care of the home loan process from end-to-end, with zero trees harmed. Because it’s also much faster and more efficient than the standard paper-based process, the platform is quickly growing in popularity (which is amplifying its positive environmental impact).
Why We Care About Trees
While trees are a beautiful addition to any neighborhood or outdoor business space, they also serve important environmental functions. For one thing, trees help decrease the concentration of CO2 in the atmosphere because they store it during photosynthesis. This may be common knowledge, but just how much a single tree stores is less known — and quite impressive! An average size tree can store hundreds of pounds of CO2 over the course of its lifetime.
Additionally, trees make homes more energy efficient by shading them from the sun. Neighborhoods with ample trees can be up to a full 9 degrees cooler than neighborhoods without them. This means trees can substantially reduce the energy required to cool homes and offices, which further reduces humans’ environmental impact.
Going Green Just Might Help You Get the Greenlight on Your Home Loan Faster
In additional to being more environmentally friendly, online mortgage applications take far less time to process than paper applications. Whereas a traditionally processed mortgage takes an average of 43 days to close, people who apply for a mortgage online with 360 Mortgage can receive a pre-approval in as little as 15 minutes and full funding in as few as 8 days.
So, in the spirit of Arbor Day, consider saving trees and time during your mortgage application process. Go online and let technology eliminate the paperwork — and the holdup — so you can hurry up and move into your dream home already.