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.

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