In the internet age, bidding has gone way beyond its roots at online auction site eBay. Consumers now expect to see competitive bids on everything from travel at Travelocity.ca to car insurance at Toronto-based InsuranceHotline.com to cellular phones at Toronto-based mycellphonemyterms.com.
Last week, the launch of Mississauga-based
Ratesheet.ca brought the same principal to the mortgage market. "The website eliminates the need to visit mulitple offices and agents in person to obtain rate quotes," says company president Vik Palan. Instead, applicants submit their information at the Ratesheet website and multiple mortgage brokers bid with the lowest interest rates they're able to offer. "The website strives to make the process of securing a mortgage hassle-free," Palan says.
Palan notes than in addition to being a benefit to consumers, his innovation also offers mortgage brokers a pool of leads who come to them online without any marketing. As the site launches, 369 brokers are currently listed with them. A review mechanism on the site allows consumers to rate various brokers they've encountered through the site, which can help further serve the site's users and help brokers build credibility.
Writer: Edward Keenan
Source: Vik Palan, President, Ratesheet.ca