RealTime IT News

One-Stop Mortgage Shopping at Century 21 Site

[Vancouver, CANADA] Century 21 Real Estate Canada has unveiled a new online mortgage application that allows homebuyers to pre-qualify for a mortgage by simply visiting the company's Web site. The service is the first of its kind to be offered by a major Canadian realtor.

"Our application allows you to apply at any time of the day or night from the convenience of your computer," said Gordon Gerrie, vice president of Preferred Alliance and Marketing Programs for Century 21.

"And unlike traditional banks, we offer a full complement of real estate services from property listings to home insurance. It really is one-stop shopping."

Century 21 is offering the new online service through an exclusive partnership with The Mortgage Alliance Company of Canada, the nation's largest mortgage brokerage operation. As a result, applicants have access to competitive rates from 32 recognized lenders, including most of Canada's largest banks.

The new site is powered by Basis100's MortgageBASE Pro system (see: Basis100 Sets Up TD Bank with Lending Tool, August 3, 2000, Basis100, Scotiabank Provide Internet Mortgages, October 5, 2000, and Basis100, E*TRADE Canada Add Mortgages to Brokerage Site, January 17, 2000).

To apply for a mortgage, applicants complete a brief questionnaire. All the information is submitted within a secure environment. Applicants are then notified by email within 24 hours whether they qualify for a pre-approved mortgage subject to a standard property appraisal and credit review.

The application also has links to basic mortgage terminology and insurance information, a questionnaire to determine whether it is better to rent or own, a mortgage calculator, tips on how to pay down the mortgage faster, and links to nationwide real estate listings.

According to a recent Canadian Mortgage and Housing Corporation survey, 80 percent of mortgage consumers have access to the Internet; and almost a third of Canadian mortgage consumers use the Internet in the mortgage process ( First-Time Canadian Home Buyers Shop Online, November 17, 2000).

Century 21 Real Estate Canada is part of the largest real estate organization in the world. Its 6,300 independently owned and operated offices in 25 countries turn over more than 2,000 properties every day.