Need a Mortgage? Why You Should Choose a FinTech Startup

The 2008 financial crisis was caused by irresponsible lending by the big banks and the panic that arose when the ramifications of their actions were fully realized. This crisis did more than just cause a market meltdown: It made people aware of how little control they had over the financial world and led to mass protests against the financial districts of Wall Street, Bay Street, etc. This outright disdain towards the 1% may have slipped into the background, but the lack of trust towards the big banks remains. But what do people do when they want to enter the real estate market but don’t trust mainstream financial brokers?

FinTech companies are very aware of this reality and are doing their part to ensure that the financial mistakes that led to the greatest economic crisis since the Great Depression are not repeated. Today’s FinTech lending startups are vast improvements on the services the big banks have been offering to clients, giving people the opportunity to obtain loans without interacting with a broker with questionable loyalties.

Do Your Own Mortgage is one startup that knows how to make customers happy. It gives people control over the mortgage application, allowing them to track the process throughout, then gives them a cash rebate at the end of the process. With access to 50+ lenders, the Do Your Own Mortgage process can offer clients solutions that provide them with the most optimal rates and terms and give them the opportunity to check on the application status on their own time via the website.

Then there is Mogo, “The mortgage experience designed to help you get mortgage-free.” This startup works hard to make the mortgage process as easy and pleasurable as possible, offering fantastic rates and rewards like champagne and dinners for successful mortgage payment markers. It’s true: instead of wondering if your mortgage payments are going towards a champagne bath for your big banker broker, you can sip the bubbly and congratulate yourself on your new investment and home.

Mogo also motivates its users through an online dashboard, an easy way for people to check payment progress and see what rewards are in their future.

Home ownership is seen as a rite of passage, but the concept of a mortgage often fills people with a sense of dread. Add to that the distaste many potential homeowners have towards the big banks and you can see why the situation could seem like a nightmare in today’s marketplace. A FinTech mortgage offers a different experience, improving the situation for everyone.