Investment Mortgage

Is a Digital Bank Safe for Lending?

By Milo

November 4, 2021 3 min read

Table of contents
Is a Digital Bank Safe for Lending?

Online shopping is easy. Online scheduling is easy. Online banking is easy. But, how safe is it to have your personal finance information stored online? Are you risking security for convenience? Milo offers fintech home loan solutions for non-U.S. citizens, with the benefit of quick and remote closings.

Online banks do not have to allocate resources toward branch maintenance and in-person customer service representatives. Because of this, an online bank is typically able to offer lower fees, for common banking practices. In contrast, brick-and-mortar banks, even those that offer online banking solutions in conjunction with in-person branches, typically require monthly service fees as well as a variety of other management fees to cover the costs associated with their branch locations.

Home loan programs, and other lending solutions that might be available through an online platform, are able to provide lower interest rates for the same reasons. A few percentage points might not seem like a lot of benefit, but if you evaluate the costs over the life of a mortgage loan, the advantages are clear.

All of these saved costs help financial technology companies provide online banking and lending solutions backed by strong resources. The technology also gives protection for your financial information, and provides ease with solutions that can be accessed anytime and anywhere.

To further protect your finances online, it is key to choose an institution that employs industry-standard security. You can also protect yourself by skipping public wifi options when dealing with private information, keeping your anti-virus software current, and changing your passwords regularly.

Online Mortgage Loan Solutions

Traditional home loan programs often require many visits to a location, with inconvenient meetings that fall within established business hours. Suppose you are a permanent resident hoping to purchase a property in the U.S., or even an native U.S. citizen that lives outside of the U.S. looking to purchase an investment property in the states, this in-person process can be expensive and daunting. Travel costs in both time and money can quickly eat away at your resources.

Milo offers robust, completely online mortgage loans for internationals backed by firm digital banking solutions and resources that are secure and safe. Even closings can be remote, and our low documentation requirements make the process a lot easier, giving you the confidence to close quickly in today’s fast-moving real estate market.

Can a Foreigner Buy a Property in the U.S.?

For years the only options for property ownership for foreign investors in the American market was cash and hard money lending. This path made property ownership near impossible for many, and liquid assets were quickly depleted for a piece of the American dream for those who could afford it.

Milo is a direct lender that provides home mortgage loans specifically for those in the international market. Our team saw a gap in resources for foreign investors, and worked diligently to create online solutions that would bridge the gap to property ownership for non-U.S. citizens.

Unfortunately, only 30 percent of international home loan applicants actually qualify for a loan with a traditional U.S. bank. This is due in large part to documentation requirements. Milo can work with qualified international investors to match them with a mortgage loan at rates that are comparable to a large bank, but without the enormous paperwork requirements and slow closing costs that often come with a traditional banking solution.

Milo is a safe choice for your mortgage as a non-U.S. citizen. With robust technology and the ease of remote closings, Milo’s experts can get your property loan closed quickly and effectively. If you are interested in property ownership in the U.S., contact us today. Our mortgage loans for internationals can help you achieve your goals!

The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.


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