Banking in the Past vs. Today

The modern mortgage loan has, for several decades now, been the bedrock on which the Canadian and U.S. economy has been built. Home ownership is something almost every individual and family strives towards, easily constituting the largest purchase most people will make throughout their lifetime. Unfortunately, only a fraction of the population can afford to purchase a home outright, which is part of what has made the mortgage the most prevalent and prolific financial instrument ever created.

There’s an entire generation of future, potential homebuyers, who will never understand the pains people once had to endure in order to secure a residential mortgage. Time was, mortgage applicants had to make numerous trips to a bank, speak to a mortgage broker or specialist, and negotiate terms based on the cost of the home you were attempting to buy. The process was both time consuming and arduous, requiring multiple steps and several levels of approval before the loan was granted. Not to mention, the leg work, with the onus being placed on the homebuyer to seek out as many financial institutions and mortgage brokers necessary in order to secure the loan.

Thankfully, things have changed for the better, with advances in e-commerce and internet banking that have allowed the process to become far more streamlined. The introduction of e-banking revolutionized banking, essentially turning individuals into their own bank tellers allowing the user to perform simple transactions and transfers, pay bills, and even apply for credit and loans. And it is with regards to loans where myCommodo has revolutionized the process even further.

myCommodo reverses the onus, introducing a system whereby mortgage brokers seek you out, based on the information provided on your application. Our brokers then do the shopping around for you, seeking out the financial institutions on your behalf to find you the lowest rates. Your loan application becomes a prized item that different banks compete for by offering you the lowest rate possible.

And if all that wasn’t good enough, our online portal allows you to upload your documents directly through your smartphone, tablet or computer, eliminating the need to have to visit a post office, either.

Jason Quintal | August 30, 2016

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