[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
“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