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Monitor My Mortgage

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MonitorMyMortgage

Monitor My Mortgage (M3) - A happy family in front of their mortgaged house

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Overview

M3TheProblem - Caricature of man thinking about Mortgage, Lender, Bank

The Problem

Banks and many mortgage lenders do not look out for the best interests of their borrowers, but try to make as much money off of their lack of knowledge as possible. Not everyone is aware of mortgage management, and a lot of financial institutions take advantage of the fact.

This leads to the following problems for borrowers –

  • Lack of knowledge about market rates, or changing rates.
  • Difficulty understanding penalties and their calculation.
  • Feeling pressured into refinancing or renewing the mortgage with the same bank. Banks do not call their customers until the very last minute, making it difficult to look around in the market for better options.
  • Not having sufficient knowledge about developments in the mortgage market that can affect the borrower’s situation.

The Opportunity

Monitor My Mortgage puts the control back in the hands of borrowers, equipping them with all the necessary tools and information to manage their mortgage efficiently, without getting swayed or influenced by their lenders. It provides all the key information that can affect the user’s mortgage and specific situation in detail.

M3 - Caricature of man showing Monitor My Mortgage (M3) mobile app which is free and easy to use

The process

We follow

A systematic method to get to solutions

  • Wireframes
  • Prototypes
  • Coding
  • Testing
M3 - Monitor My Mortgage Project Execution Process

Solution

Monitor My Mortgage was developed to provide mortgage buyers with complete information about the mortgage landscape well before their renewal or refinancing time.

THIS APP HAS THE FOLLOWING FEATURES
  • Dashboard for adding and tracking current mortgage.
  • One-to-one consultation option with M3 vetted mortgage partner for discussing opportunities.
  • Notifications regarding rate changes, renewal or refinancing dates, any new interest offers from vetted lenders, etc.
  • Information about the mortgage landscape.

Tools we used throughout the process

M3 - Tools used for UI/UX, Web development, Mobile app development, Testing

Values Propositions

M3 is not a mortgage lender, but a free app for all the information that will affect a mortgage buyer’s financial condition. Users can add their existing mortgage details like total amount and rate, set notification dates, custom savings, reminders and alerts; the system monitors your mortgage daily and sends you notifications regarding your custom reminders or market opportunities. M3 also offers users the option to talk to their vetted lender partners for better mortgage-related opportunities.

The app also provides tools to manage existing mortgage by taking changes like fixed and variable interest rates, Bank of Canada interest rates, approaching maturity, penalty calculation, and refinancing or renewal option into consideration. In a nutshell, Monitor My Mortgage puts the power of mortgage management back into the buyer’s hands.

Salient features

User can add details by:

  • Adding a new mortgage
  • Requesting a quote for a new mortgage from vetted lender partners
  • Providing amount, interest, and period details

Users can set notifications for:

  • Reminder of refinancing or renewal a set time period in advance
  • Changes in interest rates
  • Fixed and variable rate, and savings opportunities

Talk with lender partners who are thoroughly vetted, for opportunities in fixed or variable rates, refinancing or renewal.

Web & App Screenshots