Monitor My Mortgage 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,” say creators 3Foundations Technology Group of Toronto.
The tools use data that is public and available yet difficult to come by, the company says, and “continuously scours for the best terms, rates and options for each user – even before their renewal – and includes the cost of potential penalties.”
The app 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 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 tool directs users to a mortgage broker when they’re interested in “pursuing a different opportunity”, the company says. It also provides industry and news updates, such as the Bank of Canada rate announcements, prime rate announcements and other news and events that affect the mortgage market.
“It’s like having a tool that scans for the best mobile phone rates and tells you how much you can save with your current provider or by switching to another – whether you’re locked in or not,” says Hughes. “It re-defines how people can and should think about their mortgage – as an investment they control, versus a monthly payment dictated by lenders.”
The company says the platform also assists mortgage brokers in obtaining more detailed information about their clients and about options available to them. “Brokers are no longer required to research copious amounts information, compare and search for potential rates and terms: Monitor My Mortgage does all that leg work for them,” the company says. “This allows brokers to focus on providing expert counsel to the user to navigate the best possible opportunity.”