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.