A Digital Mortgage Experience at RateGuru

 

PAPERLESS MORTGAGING – A REALITY

In the past decade, technology has completely transformed the landscape for businesses and consumers alike. Today, a technology-enabled environment is a must-have for any organization whether it is a retail marketplace or a team of mortgage brokers. The four crucial reasons that have pushed big players in the Canadian mortgage industry to endorse technological reform are:

1.       Customer Experience

2.       Efficiency

3.       Regulatory Compliance

4.       Cycle Time

It was rightly proclaimed by the mortgage industry way back in the 90s that paperless mortgaging process is the future. As we have finally arrived in that moment when everything seems to be getting digitized, right from Application processing to closing.

DIGITIZING THE APPLICATION PROCESS

Mobile applications and web portals make it more convenient for customers to submit all their information and upload documents digitally. It also helps avoid situations of important data getting lost or misplaced and users can get all the necessary information including rates offered by some of the best mortgage brokersin Canada.

An online application process for mortgaging or refinancing helps both the lender and the borrower in assembling, communicating, and submitting all information without any scope for confusion or error. It is also instrumental in providing a quick response in case of any doubts or clarifications.

TECHNOLOGY ENABLED DECISION-MAKING PROCESS

As consumers, we all appreciate a speedier decision-making process whether we are buying a new house or a car. For lenders it is critical to understand the underlying risk for every application and only through optimal automation can they improve their operations efficiently and respond quickly. Key technologies that have actually helped create a landscape that allows a quicker hassle-free response during the mortgaging process are:

Digital Document Manager – It helps digitize all paper documents and recognize any specific document type through software.

Automated Rule Engine – To compare all the information of the borrower for any specific criteria of qualification for a loan and get instant automated results.

Automated Valuation Model – Helps estimate the value of any property without having to wait for an inspection.

These tech-based capabilities have dramatically reduced the effort of manually verifying data or documents. For borrowers, it gives a better insight into the mortgaging process with quick turn-around time. It also helps borrowers compare mortgage rates in Canada and decide on a lender that offers the lowest mortgage rates in Toronto or any other city.

QUICK CLOSURES THROUGH TECHNOLOGY

Technology not only makes closures quicker but also creates a process that is absolutely transparent. It eliminates any need for conducting several hours of in-person mortgage closing, and with a robust workflow, you are guaranteed efficiency coupled with regulatory compliance. And most important, clients are more satisfied leading to an increase in pull-through rates and improving the odds of future cross-sell.

Your Ultimate Guide to Mortgage Refinancing and House Renovation Loan

 

Are you struggling to repay your house renovation loan or other home loans? If you want to lower your monthly mortgage payments, bring the interest rates down, or you want to switch to a cheaper, fixed-rate loan, you must consider mortgage refinancing. But before you proceed with the refinancing, make sure you understand what mortgage refinancing is all about, and how does the process work? See each case is different and, therefore, you must also weigh the pros & cons of refinancing for your particular situation. For example, most homeowners aren’t actually aware of the amount of paperwork that needs to be done in order to get approval for home renovation loan or mortgage refinancing. They don’t really know that there are some great options that require the least documentation.  

 

Hence, it is important that you do your homework well and take your own good time to understand what home mortgage refinancing is and how will it help achieve your goals of giving a new lease of life to your home? Once you have all the knowledge, decision-making will be much easier and smoother. You can, then, search and compare the available options for mortgaging and choose the one that makes complete sense to your purpose and goal.

 

Simply put, mortgage refinancing refers to the process of re-mortgaging or putting an existing mortgage in exchange for a new loan. People, most typically, consider mortgage refinancing to cut their monthly loan repayments, reduce their interest rates, and choose another loan program. In this process, a fresh loan is taken out in order to pay off your old/actual mortgage loan. In several cases, homeowners consider refinancing to capitalize on the lower interest rates prevalent in the market, reduce their monthly payments, or cash out their equity’s portion. Mortgage refinancing lets the homeowners pay in full their prior mortgage amount by securing a fresh loan. This new loan has a different interest rate and its own terms compared to the original one, as per the definition of the Canadian Mortgage and Housing Corporation (CMHC).

 

Before you proceed with mortgage refinancing, I would advise you to consider the following:

A.  Is the current rate of interest at least 1% lower than what you are already paying?

B.  Do you intend to stay in your home for the next five or more years?

 

If you get a YES for these, then probably it is a good idea to refinance your mortgage or house renovation loan otherwise you must think again! If you are still not sure about whether you should refinance your mortgage or not, contact RateGuru for assistance!  

Compare Mortgage Rates in Ontario to Get the Cheapest Rates

Are you looking for the cheapest mortgage rates in Ontario? While mortgage rates are quite cheaper in Ontario if you compare elsewhere in Canada. Why is it so? It’s simply because the province has more brokers and lenders vying to lend than any other province. Also, quite like it is with most larger provinces, a vast majority of Ontario’s mortgages are funded by the big five banks and they all are located right in this province. Ontario has countless non-bank lenders as well, which further adds to the competitive landscape for lenders here.

Which lender has the lowest mortgage rates? Thanks to the availability of so many lenders and a large population, this province offers too many mortgage deals to choose from. In fact, almost 50% of all the mortgages in the entire Canada originate in Ontario. Surprised? Hence, you must compare mortgage rates in Ontario before you go ahead with your decision of mortgaging. 

Why is mortgage rate comparison so important?

Comparison is always better when you are out there to shop for anything important. Similarly, when you are planning to put up your valuable asset as collateral, don’t you think a comparison is much needed and warranted? The difference between the worst and best mortgage rates may exceed a huge percentage point and more. With Rateguru, you can be sure that you will find the best and lowest mortgage rates from the most trusted and biggest lenders in Ontario. While you may wonder if the broker can help you get the best mortgage rates, please be informed that the credit unions and bigger banks offer great discounted rates (many times) that even your broker will fail to beat. If you wish to get the best mortgage rates, we strongly recommend you to go ahead with a mortgage rate comparison with experts like those at Rateguru – your trusted partner in helping you find the best mortgage rates and answer all your queries and concerns about mortgaging.   

With Rateguru, you are sure to get the lowest mortgage rates and lower rates of mortgage directly interpret into bigger savings and easy repayment. We can help you get expert answers for your questions such as “should I go for fixed or variable mortgage rates?”, “is fixed mortgage better or variable?”, “how do I compare mortgage rates in Ontario?”, and countless other similar questions that might be puzzling you.

We are eager to hear from you and assist you in your search for the best mortgage rates in Ontario!