TECHNOLOGY FOR THE MORTGAGE INDUSTRY

 Tools for Consumers

 

Introduction
Tools for Consumers
Credit and Fraud
Tools for Brokers
Tools for Lenders
Tools for Insurers
Links

 

Navigating the Real Estate purchasing process and the mortgage process can be confusing for consumers. 

A recent CMHC survey showed that one in three consumers are using the internet when shopping for a mortgage.  5 There are numerous online tools for consumers to shop for rates,  find a broker or agent,  learn more about regulations and consumer advocacy and protection agencies. 

In addition many online tools are available to assist a consumer in making the difficult decision of whether to invest in real estate and understand how much they can afford.  These include:

bulletCMHC's online "How much can you afford?" calculator which analyses your income,  available down payment, and the cost of the new home to determine what kind of payment is affordable
bullet Industry Canada's "Rent or Buy" Calculator which analyses whether it is better to buy or rent using income,  available down payment, monthly rent and interest rates
bullet Industry Canada's "Mortgage Savings" calculator which calculates when the optimal time to terminate your current mortgage contract and refinance would be

Choosing the type of rate and term can also be difficult for consumers.  Research from Fields Institute proves consumers will always be better off with variable rate mortgages.  The full research paper can be found here .

 

Home References

The "Technologies for the Mortgage Industry" site was created by Adriana Ieraci, a graduate student at the University of Toronto (Canada).  This site was developed for a graduate course - JCI1503 - Advanced Topics in Computing and Information Systems - as a term project requirement.  Much of the content material and web links presented on this website have been collected from existing sources.  You should not assume that any of this is error-free or that it will be suitable for any particular purpose you may have in mind when using it.  The site is meant to be solely a project in an educational context - and has no other purpose.  The author,  the University of Toronto or any of its divisions, including the course instructors, unequivocally declare that they do not endorse any of the companies or products mentioned or statements made in or referenced on this site.

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