IPhone app does mortgage rate searches
Real estate tech brief
By Inman News, Thursday, February 12, 2009.Mortgagebot LLC says a six-week-old iPhone app for its mortgage-shopping Web site Mortgage Marvel generated 30,000 rate searches in January.
The iPhone application program, released in December, delivers mortgage quotes in real time, and is available at no charge at the iPhone App Store. Users can enter property-related data points to obtain detailed mortgage quotes anonymously.
The application allows users to click through and apply for a loan on a lender's Web site, obtaining approval with full disclosures in 20 minutes or less, the company said.
Low interest rates have helped boost the number of rate searches at Mortgage Marvel by 321 percent in January compared to last fall, the company said.
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Submitted by Jeff Howard on February 28, 2010 - 12:15am.
We feel the ERATE.com Current Mortgage Rates iPhone App is your best App for Mortgage Rates.
This is what Examiner.com had to say about it:
Current Mortgage Rates
It's Free at http://itunes.apple.com/us/app/current-mortgage-rates/id337938004?mt=8
There's no need to provide personal private information to search for rate comparisons for 25 loan types. In "Settings" just select the loan type, loan amount, points, purpose (purchase or refinance) and state or District of Columbia and get rates. The app requires Internet access.
The search turned up rates and information from 11 unique lenders. With each lender comes the asking mortgage interest rate, annual percentage rate (APR), points and fees in the vertical mode.
Turn the app to the horizontal mode and monthly mortgage payment and the rate lock period are added to the menu.
Click on any menu item to sort by that item.
The sorting feature is unique to Erate.
Tap on any quote and go directly to web site of lender for more information including loan applications. The app frames the web site, allowing easy transitions back and forth between the app and the web site.
Pros: Easy to use, simple interface. App does not require or collect personal private information. Excellent use of iPhone technology. One of only two apps that provides direct access to lenders' web sites. Sorting ability is unique to the app.
Cons: Not clear how many lenders are in data base. Not property-type specific. No additional assumptions beyond settings.