Ratesheet.ca, Canada's first mortgage rate auction website
Ratesheet.ca, Canada's first mortgage rate auction website
In the internet age, bidding has gone way beyond its roots at online auction site eBay. Consumers now expect to see competitive bids on everything from travel at Travelocity.ca to car insurance at Toronto-based InsuranceHotline.com to cellular phones at Toronto-based mycellphonemyterms.com.
Last week, the launch of Mississauga-based Ratesheet.ca brought the same principal to the mortgage market. "The website eliminates the need to visit mulitple offices and agents in person to obtain rate quotes," says company president Vik Palan. Instead, applicants submit their information at the Ratesheet website and multiple mortgage brokers bid with the lowest interest rates they're able to offer. "The website strives to make the process of securing a mortgage hassle-free," Palan says.
Palan notes than in addition to being a benefit to consumers, his innovation also offers mortgage brokers a pool of leads who come to them online without any marketing. As the site launches, 369 brokers are currently listed with them. A review mechanism on the site allows consumers to rate various brokers they've encountered through the site, which can help further serve the site's users and help brokers build credibility.
1. In a paragraph explain what ratesheet.ca is.
Ratesheet.ca is an online mortgage auction system that provides a common platform to connect mortgage borrowers with mortgage brokers. Mortgage borrowers submit an online mortgage application and various mortgage brokers place bids with their best offer to secure their mortgage. At Ratesheet.ca borrowers can choose a mortgage broker in a safe and secure environment. The patent-pending concept of Ratesheet.ca is unique and first of its kind in Canada. Ratesheet.ca is not a mortgage broker or lender; we provide an independent platform that gives mortgage borrowers various options to secure the best mortgage in the industry and mortgage brokers benefit by getting access to numerous applications to increase their business. Ratesheet.ca is a unique system that simplifies and optimizes the mortgage process for both borrowers and brokers.
2. What makes this different from any other mortgage site?
The concept of Ratesheet.ca is unique and new to Canada. Other mortgage websites in the market focus on individual agents, lenders, rate comparisons etc.
A consumer would need to physically go to multiple brokers/ banks or visit numerous online websites to shop for the best mortgage deal. Ratesheet.ca acts as a one stop shop for borrowers where a single application is submitted on Ratesheet.ca. Multiple brokers visit Ratesheet.ca and place bid offers with the best mortgage deal they could provide to the potential borrower. The borrower then chooses the right broker based on the mortgage offer that suits him the best. This gives borrowers an upper hand and multiple options right from one website.
3. How does ratesheet.ca work (when a borrower comes looking for a mortgage)?
A borrower who comes to Ratesheet.ca looking for a mortgage is given access to a variety of tools and information sources that they can use to help formulate a decision. Once they are ready, borrowers fill out a secure online application form. Registered brokers in the borrower's area are notified of the new application. Interested brokers will then place bids on this application with the best mortgage offer they can provide. The borrower reviews these offers and chooses the broker he would like to work with based on his requirements.
The borrower's information is only released to the broker that has been chosen by the borrower. Upon successful closing of the mortgage deal, the borrower gets to rate the broker based on different criteria like service, professionalism, industry knowledge, etc.
4. What made you start ratesheet.ca?
I was inspired to create Ratesheet.ca for a variety of reasons. For one, I myself experienced the difficulties that many face when searching for the right mortgage and the right broker. Although there is an extensive list of contacts and business associates that assist with finding the right mortgage, I still found the entire process stressful and time consuming. I started Ratesheet.ca because I felt it provided the client with a more personal, one on one experience in choosing the right broker. The overall objective of creating Ratesheet.ca was to simplify the entire process of securing a mortgage and make it more accessible to the prospective borrower.
5. How do Canadian consumers benefit from your service?
Canadian consumers benefit from Ratesheet.ca in three ways. Firstly, they are given access to the tools to obtain the most competitive mortgage deal available without spending hours on the phone or in person talking to various brokers and filling out endless applications. Secondly, our online rating system also allows them to learn about a broker's reputation and experience prior to accepting the bid so consumers can be rest assured they are working with knowledgeable and experienced brokers who have already build credibility with other borrowers. In addition, the borrower is in complete control as they choose the broker that would best fit their requirements putting them in the driver's seat.
6. How do you view mortgage rate comparison sites? Do you see them as competition or are they a completely different from what you offer?
Ratesheet.ca is completely different from mortgage rate comparison websites.
We believe that a mortgage is not just about low interest rates. We are not into the business of rate comparison or lead generation. Our purpose is to simply provide a common platform to borrowers and brokers giving them an opportunity to connect and share a fair marketplace. In addition to helping borrowers find the right mortgage, we also provide up-to-date information and tools to help borrowers make sound decision to choose a mortgage broker.
7. What is the objective of ratesheet.ca, and what are your future plans?
The objective of Ratesheet.ca is to create a transparent and open marketplace for mortgage transactions. Ratesheet.ca provides a platform where borrowers can get sound advice to find the right mortgage deal. Brokers get an opportunity to increase their business with access to several mortgage applications in one location. In an industry where only a small percentage of mortgage deals are closed through brokers and most mortgages are obtained through banks or lenders, Ratesheet.ca strives to provide more opportunities to brokers to increase this percentage.
As part of our commitment to create a trusted platform for both brokers and borrowers, Ratesheet.ca is constantly seeking ways to make our website and application process more user-friendly. In an effort to educate the borrower with the right mortgage advice, we are in process of launching a revamped website this month. The new website will provide more interactive and innovative features to educate and inform potential borrowers to help them choose the right mortgage with the right broker.
8. Who is behind ratesheet.ca?
Ratesheet.ca was conceived by Vik Palan, President of iToolPro Systems Inc. iToolPro has been serving the Canadian mortgage industry for over four years. Having worked closely with the mortgage industry, we realized the scope of an online platform where securing mortgages could be done in a fun and interactive way. We are a small team of dynamic individuals looking to create a niche in the mortgage industry through the development of this unique concept.
9. Has social media played a vital role in spreading ratesheet.ca to Canadians?
Ratesheet.ca has not tapped into the complete potential of social media yet; however, we do have plans to focus our efforts in that direction just as soon as the revamped Ratesheet.ca website is launched.
10. Nationally, how is the Canadian mortgage market looking?
In today's day and age, more and more consumers resort to online methods for buying or selling goods and services even when seeking important transactions such as a mortgage. Internet shopping competes directly with traditional methods of mortgage shopping where consumers had to physically go to various brokers and lenders before making an informed decision. Following the current online trend, Ratesheet.ca targets to be the mortgage destination in the world of internet.
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