Mortgage transactions have always been a bit of a bear, they’re long and involved processes with a lot of questions that need to be asked and answered along the way. In a world where so much tech has come along to solve so many problems, it’s frankly fascinating that the mortgage industry hasn’t been doing a very good job of keeping up.
There are a hundred different sources of anxiety that crop up during the process and few people, if anyone, can be said to truly enjoy this process. So why is it that there doesn’t seem to be much in the way of consumer-facing technologies that help to solve this issue? Our modern mobile platforms provide ample opportunity to create elegant, streamlined solutions to these problems. Thankfully, with a little research, it becomes obvious that these solutions are coming into the market, with companies like Canadian Mortgage App moving in to fill up the void.
What Should I Look For In A Mobile Mortgage App?
The answer to this question could be said to vary depending on whether you’re a Real Estate Agent or a Buyer, but there’s a strong argument that if the app isn’t strongly featured for both sides then it’s not going to provide the services it should. A payment calculator is a vital element for Agent and Client alike, it helps to speed and clarify conversations regarding affordability and initial costs.
Another useful feature that any good mortgage app should provide is a closing cost calculator. Caught up in the excitement of finally owning that new home of their dreams, it can be far too easy to overlook the costs associated with tying it up in a bundle. We can afford the down, we can afford the payments, but did we remember the closing costs? The right app is going to keep both client and agent firmly in the loop on this as the negotiations move on.
What about Loans? Can Mortgage Apps Help With Those?
Again, the answer to this varies, but if you’re looking for a fully featured app, the answer is an irrefutable yes. Canadian Mortgage App is a prime example of this, having the capability of processing your maximum possible loan, the interest rates based on your credit data, and how long it will take you to complete amortization (paying off your loan). This kind of completeness and convenience is what you’re going to need in the fully balanced and featured app.
The world is moving on, and convenience and transparency are vital to everyone today. Customers and Agents alike need to be able to match each other’s pace and clear up things all along the way to closing that sale. So a fully featured tool like the Canadian Mortgage App that helps from calculating Land Transfer fees and First-Time Buyer rebates all the way to the closing costs is a vital tool to have on hand. In addition, you can search and find realtime and competitive rates and apply for a mortgage right through the app. Finally, the Mortgage world is catching up.