As more A lenders roll out prequalification apps in a bid to steal market share from the broker channel, Dominion Lending Centres is pushing back with an app of its own.
And through its 60-second prequalification app, the network believes consumers will respond positively.
“If you look at what the consumer is demanding, in terms of technology, it’s simplicity and ease of use,” said DLC President Eddy Cocciollo. ”The gateway to the consumer is, more than ever before, on their phone. If we aren’t keeping up with our competitors, it will be more difficult than ever to reach consumers.”
Cocciollo added that DLC didn’t rush the app, which is available on My Mortgage Toolbox, but painstakingly worked on an intricate algorithm that arguably prequalifies consumers with the most accuracy of any available app in the mortgage market.
“The algorithm is in the background and incudes things like strata condo fees—and just about anything you can imagine—and we take it all into consideration while the consumer is filling in the information, which is why you get a more accurate prequalification than our competitors,” said Cocciollo. “We worked bloody hard on figuring out that whole thing. It took some time but we’re very proud of it.”
Among the app’s features is calculating the total cost of owning a home, estimating minimum down payments, calculating land transfer taxes with available rebates, closing costs, searching for best mortgage rates, and more.
My Mortgage Toolbox launched in August and already has north of 10,000 users. According to the Google Play reviews, the app has a 4.9 rating.
Similar apps require a few minutes for consumers to fill out prequalification information, and Cocciollo is proud that none is more expeditious than DLC’s.
“We’re always looking at ways to make the entire mortgage process easy for all homebuyers,” he said. “The first question everyone asks when they’re thinking about buying a home is how much can they afford. This new prequalification feature in My Mortgage Toolbox is a great way for Canadians to quickly find out and get started on finding a home.”