South Africa’s home loan industry will begin to take in a new turn. A new fintech company called MortgageMarket owned by Property finance expert Timothy Akinnusi has pioneered a digital home loan platform that is set to change and reduce the slow rate of home loan application in South Africa. According to Timothy, the mortgage industry is having a major setback and massive disruption and that MortgageMarket is on a mission to put back power in the hands of increasingly tech-savvy consumers
How does MortgageMarket work?
The whole process of South Africa Home loan application can be cumbersome and intensive and usually takes a while to process depending on the lenders. The main reason for MortgageMarket is for people to access home loans without having to go to the bank. According to Akinnusi:
“It makes sense for homebuyers to access the entire home loan market without ever stepping into a bank. We can reduce the process to just two days, while increasing their chances of getting a home loan by over 70%, at no cost to the borrower.”
The MortgageMarket enables customers to create an online profile and complete the entire application without assistance from anybody unless they request. After completing the application, it goes to five of South Africa’s major mortgage lenders in real-time. Clients also have the ability to view competitive quotes on one page and once they have selected the best deal, MortgageMarket works with the client, the bank and the estate agent to close the deal.
Akinnusi says:
“The company is lean and built on a robust technology backend that has allowed us to save on costs. We believe in a shared value model and have taken these cost savings and converted them into money we can offer back to consumers as a MoneyGuarantee promise.°
MortgageMarket has also provided an R25,000 incentive for applying for a home loan via the platform.
