Mortgage shopping can be challenging for many reasons. Questions regarding rate competitiveness, determining the integrity of the lender and simply trying to keep it all organized can be enough to drive someone crazy.
Fortunately, MortgageCS resolves these issues. Here is how it all goes down.
Step 1: You create a quote request
Creating a new quote request is quick and informative. Short help videos are available at each step – providing answers to the most common questions and delivering insights to make the entire mortgage process go smoothly. At the end of your quote, you choose if you would like to share your name, phone number and email address.
Step 2: Loan officers respond
When loan officers receive your quote request, they get to work building custom responses. You’ll gain a full picture of the available loan options, the personality of each loan originator and what you could expect during the loan process. Here is what each loan originator can include in their reply:
- Loan offers: The loan programs you requested – assuming you qualify – are provided. Amongst other terms, you’ll see the interest rate, bank fees, loan amounts and monthly payments for each program. Loan originators can also include proprietary programs that may better accomplish your goals. This gives you a full understanding of the loan options available without the hassle of putting pen to paper or being a mortgage expert.
- A written message: Important details, some of which may be vital for your particular loan program, can be added in a written message. Helpful tips and additional points can also be included, ensuring you are set up for success early on.
- Attachments: Documents, such as loan disclosures, product highlight sheets or checklists, can be included for your review. This can facilitate learning and expedite the decision making process.
- A voice message: Gaining insights into a loan officer’s personality is easy when they provide a helpful and informative voice message. This message is available alongside any written message or offers provided by a loan originator.
Step 3: You evaluate and decide
As each offer is received, it is added to your quote dashboard for easy evaluation. Questions and further communication is possible by using a sleek messaging system included right on the site. If a few days go by and you need rate updates, that is easy too. You can request a Rate Refresh, which allows loan officers to send new offers – ensuring you stay up to date on your options.
The process of requesting a new quote at MortgageCS was intentionally designed to deliver efficiency and value – so don’t miss an opportunity to take advantage of this great service. Contact your financial advisor today for access!
The past few months at MortgageCS have been an incredible blur. In addition to wrapping up the initial product development cycle for launch, we spent a great deal of time on the road, presenting MortgageCS to financial advising organizations. Presentations were given to large mutual insurance companies as well as smaller, more independent, advising teams.
Over the course of these meetings, financial advisors shared how the various components of the platform support their business better than the status quo. Here are two of the more common responses we have heard:
Streamlined mortgage shopping saves time and eliminates the hassle.
Creating and sending a mortgage quote request to 5 validated loan officers takes less time than a single phone call. MortgageCS allows users to protect their personal contact information, refresh a quote request with a single click (for those that need a pre-qual prior to buying a home), and provides ratings and performance metrics for loan officer selection. Also, comparing offers is faster and easier because all offers are collected in one spot. Financial advisors with a strategic relationship can include their known originators too – allowing all involved to benefit from a more efficient process.
Monitoring rates across an entire platform exposes money saving opportunities that were previously hidden.
Creating a rate monitor at MortgageCS is more dependable than any manual process of checking interest rates. Rate monitors at MortgageCS work around the clock by comparing the target criteria to each new offer provided to any quote request across the entire platform. Rather than a single bank or lender offering a rate watch service, MortgageCS provides real-time monitoring of offers from an entire market for comparison. Superior data and an efficient process provides for superior results at MortgageCS!
Our story began nearly two years ago when we wrote a business plan to improve the mortgage shopping process for consumers. The journey to create an unbiased mortgage-shopping platform that protects privacy and generates amazing results for families allowed us to confirm numerous hypotheses and learn some rather surprising facts along the way. In addition to sharing these insights and other findings here in our blog, we’ll be posting stories from our various business interactions with Realtors and Financial Advisors as well as mortgage-related content.
Until now, there have been no easy options to shop, evaluate and select a lender, loan officer or loan program. If you recently obtained a mortgage for a home purchase or for a home refinance, chances are you used at least one online loan search engine, a spreadsheet, several emails chains, many phone calls, a few text messages and lots of time…LOTS of time. If you made the mistake of giving up your phone number and email address during your online mortgage shopping, you may still be getting calls from mortgage lenders – months after you closed your loan!
It is also likely that you felt a bit unsettled during the process of shopping and comparing mortgage loans. Who could blame you? A mortgage is a big deal and with the confusing terms, jargon filled disclosures and range of products and options, it can be nearly impossible to ever feel confident in a decision. There seems to always be a “but what if I were to…” scenario, and let’s face it: you don’t know what you don’t know.
This experience and these feelings are not unique to your last mortgage transaction. This pain is felt by thousands of people on a daily basis – and it is what we solved for when we designed and built MortgageCS, the Mortgage Concierge Service.
We have lots more to share, so be sure to stay in touch with us right here on MortgageCS and through Twitter, LinkedIn or Facebook. Our founding team has been in the mortgage business since early 2002, and involved with consumer focused technology platforms since 2000. This expertise, when combined with our recent findings and listening to our users, will be leveraged to continually improve the MortgageCS platform. We are glad you are here – reach out at anytime, we’d love to hear from you.