The unstoppable rise of internet research for homebuyers has led to the launch of a new mortgage comparison website which aims to add a vital ingredient.
RateShop.ca will allow consumers to compare hundreds of offers based on personal criteria including credit scores, something that borrowers don’t usually include in their search terms.
"People search the internet for 'lowest mortgage rates' when they should be searching 'lowest mortgage rates I qualify for,'” says Christopher Auty, director of communications at RateShop.ca. “Until now, there hasn't been a way to personalize results. The advertised mortgage rates you see on those sites are theoretical best offers in an industry where your rate depends on your credit, income, amortization and down payment."
Consumers can connect with a mortgage professional via live chat and apply for a mortgage, ask an advisor questions, and check the status of your file online.
The Mississauga-based company works with banks, trust companies and credit unions and currently works with around 40 lenders.