Toronto-based 3Foundations Technology Group recently launched Monitor My Mortgage, which the company says is “a first-of-its-kind technology platform that gives users the power to determine the best options available to them for their ‘in term’ mortgage – at any time.”
It says that by “using data that is public and available yet difficult to come by, Monitor My Mortgage continuously scours for the best terms, rates and options for each user – even before their renewal – and includes the cost of potential penalties, giving consumers the power to oversee their biggest investment in real time, and make changes as and when it makes financial sense for them.”
The program is free and available via mobile, tablet or web.
“Monitor My Mortgage is the first application to accumulate and share this type of information and customize it for each user; it offers mortgage transparency and governance like never before,” says Monitor My Mortgage founding partner Brent Hughes. “We wanted to build something that would monitor your mortgage similar to how you would monitor any investment – with data and information that helps show opportunities to save money throughout the term, not just three months before renewal time.”
The program also directs users to a mortgage broker when they’re interested in pursuing a different opportunity. It also keeps users informed on industry and news updates, such as the Bank of Canada rate announcements, Prime Rate announcements and other events that affect the mortgage market, the company says.