Using tech to smooth out mortgage process
Let’s face facts: finding a good mortgage rate can be a daunting endeavour.
As if wasn’t stressful before — dealing with banks and the abundance of paperwork, deciding between variable or fixed rates, and having to learn fancy words like “amortization” — now we’ve also got the stress test aimed at making it even more difficult to get a mortgage.
So perhaps you can use a little help. And technology might be the answer to help smooth out the mortgage process. Whether it’s social media and mobile apps to disruptive start-ups and handy websites, tech is changing the game. Here’s a look at a few assorted suggestions. With a catchphrase like “mortgages made awesome,” it’s easy to be intrigued by Vancouverbased Mogo, a fin-tech start-up that has launched a digital service called MogoMortgage. Along with transparent advertised rates that makes applying for and managing a mortgage less stressful, MogoMortgage — a 21st century mortgage brokerage currently licensed in Ontario, British Columbia and Alberta — includes a “gamification” element that encourages and rewards members for paying down their mortgage with perks like free dinner, and other incentives (millennials must love this). Other features include payment reminders, free monthly credit score monitoring, and a personalized, accessible dashboard in which to access and managing your info, on any device. Oh, and members also get celebratory champagne sent to them on the closing of their mortgage. When it comes to getting a mortgage through a broker, it’s not just about getting the best rate, but also finding the right product for you, from an ideal lender, and from the best person to walk you through it all. A great place to start is via word of mouth, to see who your friends or family members had a great experience with, and you’d be surprised how much you can glean from social media – especially on a platform like Facebook. Along with posting the request to your wall (“Anyone know of a good mortgage broker?”), start searching by keyword (e.g. “mortgage”) and then scan your news feed over the past few weeks and you’ll no doubt see many mortgage-related posts from friends or friends of friends, including the low rates they scored (so they’re not too house rich and cash poor). Many good mortgage brokers are leveraging the power of social media, too, but you can also take advantage of the platform to find and interact with someone you can trust to look out for you. While a trusted industry professional should help you get the right mortgage product for you, it doesn’t hurt to do a little research on your own. With more than three million downloads to date, Canadian Mortgage App by Bendigi Tech Inc. ranks as the No. 1 mortgage app in Canada, allowing you to easily compare rates and calculate your total home ownership cost so you don’t get in over your head (before it’s too late). Along with a mortgage payment calculator, you can apply all kinds of info based on the kind of mortgage you’re considering (e.g. variable versus fixed), frequency of payment, minimum down payment, stress test (using Bank of Canada’s rate), closing costs, extra payment allowances, amortization schedule, and much more. This multi-language app is free to use and download for iOS and Android.
it doesn’t hurt to do a little research on your own — canadian Mortgage app allows you to easily compare rates.