APPS FOR REAL ESTATE PROFESSIONALS
Here to help when you’re on the run,
Let’s face facts: finding a good mortgage rate can be a daunting endeavour.
As if wasn’t stressful before — dealing with banks that give you the runaround, 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.
From social media and mobile apps to disruptive startups and handy websites, tech is changing the game.
Here’s a look at a few assorted suggestions.
Do the digital
With a catchphrase like “mortgages made awesome,” it’s easy to be intrigued by Vancouver-based Mogo, a fin-tech startup 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 such as 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 manage your info, on any device. Oh, and members also get celebratory champagne sent to them on the closing of their mortgage.
So social
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.
App it up
While a trusted industry professional should help you get the right mort- gage 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 vs. 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.