Justin da Rosa
REP
The home buying process is increasingly taking place online, and that trend has picked up steam following two new industry announcements this week.
Earlier this week, Meridian Credit Union launched two new digital lending platforms for both secured and unsecured lending.
“The launch of our secured and unsecured lending platforms is a real game changer in the personal lending space as it transforms what traditionally could be a highly frustrating process into a much more convenient and transparent experience for our Members,” Bill Maurin, President and CEO of Meridian, said.
The secured lending platform aims to eliminate much of the documentation involved in processing mortgages. The credit union claims applicants will be able to select the mortgage payment they want and secure a rate for 90 days.
“With time being a precious commodity for Canadians, today’s home buyers value and expect a fully digital and intuitive experience, and that is exactly what we are delivering with our platform,” Maurin said. “From the application process to the mortgage closing, everything is easily completed online, so no branch visit is necessary.”
And while Meridian is pushing mortgages further into the digital space, another company is doing that on the home valuation front.
Mobials Inc., a London, On. Based tech firm, launched HomeProof, a web-based home valuation tool earlier this week.
“As a homeowner, when it’s time to buy or sell, not knowing what your home is worth can cause a great deal of stress,” James Hayes, CEO & Co-Founder, Mobials Inc., who created HomeProof, said. “The benchmark value we provide, takes the stress out of the initial stage of any real estate transaction – getting the valuation. HomeProof is a direct channel to the value of your home.”
HomeProof uses data from the Municipal Property Assessment Corporation (MPAC) and other sources to provide real-time home valuations.
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