Mortage Market is South Africa's first independent online mortgage marketplace, and is currently offering a portion of its profits back to customers.
According to the founder, Timothy Akinnusi, the home loan industry has been slow to adapt to the digital revolution but they plan to change that. The online platform has been designed to improve and automate the application of home loans, simplifying what has always been a slow complex process. A customer creates a profile and is able to complete the entire application without any human intervention online, unless they request any assistance.
One application goes to five of South Africa's major mortgage lenders in real-time. Consumers can view competitive quotes on one page, making it easier to choose the best option. Once they have chosen the best offer, Mortgage Market works with the client, the bank and the estate agent, to close the deal.
“Home loan applications usually take a while to process and can be admin intensive. We can reduce the process to just two days, while increasing their chances of getting a home loan by over 70 percent, at no cost to the borrower,” said Akinnusi.
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