Ratesheet.ca, a mortgage rate auction website launches

Ratesheet.ca, a mortgage rate auction website launches

The mortgage rate auction website, Ratesheet.ca launched on Sunday December 12 to provide a competitive bidding system for potential mortgage clients.
 
Users post their mortgage application online then brokers and agents bid with lowest rates to try to win the business.
 
“Ratesheet.ca was conceptualized considering the strong need for a common platform where mortgage brokers could easily connect with borrowers,” stated Ratesheet.ca president Vik Palan in a press release. “The website strives to make the process of securing a mortgage hassle-free.”
 
Palan has the mortgage seekers in mind, as the site eliminates the need to visit multiple offices and agents in person to obtain rate quotes. He says it also gives huge lead generation opportunity for brokers as the clients come to them online without having to do any initial marketing.
 
Ratesheet.ca includes a personal message board so applicants and brokers can communicate instantaneously online, as well as mortgage tools such as an amortization loan calculator, mortgage calculator, mortgage qualifier and refinance interest savings. There is also a review mechanism in place so clients can leave feedback on the brokers they worked with, which can serve as publicity for mortgage agents.
29 Comments
  • Mortgage Broker 2010-12-22 2:27:41 AM
    It's unfortunate that mortgage brokers continue to undercut each other only to make it easier for the banks to win the business by competing on price. I hope that mortgage brokers realize that competing strictly on price is not a viable business model. We should all learn from our realtor friends. Generally, and I emphasize generally, realtor fees are fixed around 5%. The successful ones don't compete by lowering their fees but on their value proposition. How many brokers sit with their clients to go through a presentation of how they work and find out what the client needs are? There will always be a percentage of society which strictly competes on prices, but as an industry we have provide more than price for our clients who are our best advocates to grow our business.

    Merry Christmas to all & all the best in 2011.
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  • Shawn 2010-12-22 4:55:36 AM
    Is purchasing mortgage leads such as this site illegal in your province????
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  • Concrened. 2010-12-22 4:56:24 AM
    Although he has the mortgage seekers in mind. He does not understand that for brokers to be considered as professionals, we cannot be jumping at any or all slash and burn attempts for someone to make money. The good mortgage brokers provide sound advise and should be compensated accordingly. When we attempt to reinvent the wheel, sometimes we get runover by it.

    Merry Christmas
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