While all the hoopla went on today about the new iPad a smaller Apple application was released.
Today LendingTree released their own iPhone application called the “mortgage rate finder”. This new app allows iPhone users to shop mortgage rates on their phone. Frankly, not all that exciting. I am not really sure how you make searching for mortgage rates exciting and this app probably won’t make the top 25 list for free apps either, but I think the app can be useful for some.
Here are a few images of the application.
The tool is actually kind of cool. It requires that the user completes about 8 fields of personal data and then from that data is given up to 30 results. From those results the user can then browse through the different rates and choose companies they would like to receive more information from. The app is very easy to use and presents results very quickly. Overall the app was built very well.
Who would get the most out of this app. Unfortunately, I don’t think it is Joe Home Owner. I think the people who are going to benefit most from this app are going to be real estate professionals. The ability to quickly pull rates based on just a few key specifications could be very helpful when discussing a new home purchase with a client. While viewing homes or discussing loan prices with a client an agent could easily reference real rates. They could even introduce the client to a bank that is posting the lowest rate and I think there is a value in app like that.
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First I must say I enjoy reading LeadCritic on a regular basis.
Secondly you should know that I am biased on this subject. I work for ERATE.com and we offer a Mortgage Rates iPhone App as well.
It is called Current Mortgage Rates and can be found on iTunes.
I tried the LendingTree App and found it to be intrusive. Couldn’t view ANY rates unless I provided personal info such as:
Name
Email address
Even my Phone Number!
The LendingTree App does have a nice look to it as LendingTree always does.
However the list of lenders is small. You may think you will get 30 results but it is really the same few lenders providing different choices. Only five lenders came up on my search:
Asset Financial Center
National Bank of Kansas City
Portfolio Home Mortgage
HomePlus
RMC Vanguard Mortgage Corp
Asset Financial Center appeared with 20 different variations in my results and this was fine except the App provides no sorting ability.
This app needs more lenders, sorting ability, should not require my Name, Phone Number and Email address just to view a few lenders rates and should allow you to view a lenders website without your having to go to Google to try to locate the lender’s website.
Would be interested in having you review our ERATE.com iphone App. Be sure to also turn it sideways for an even more comprehensive rate chart.
Thanks!
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