It's been a while since I've posted about Real Estate technology for the mortgage side of the business, so this one is for all you lenders, mortgage brokers, and bankers out there. Actually, it will also be very useful if you are a borrower, an agent, or even a renter looking to buy and own a home of your own one day.
There's a new app in town and it's already making quite an impression in the lending community, with consumers, and at the Apple iTunes store. We launched a new Zillow Mortgage Marketplace app for the iPhone last week and it ROCKS! I've had the chance to run a few of the mobile features, and already I can see why it's being called one of the best FREE mortgage, finance, and calculator apps.
"The Zillow Mortgage Marketplace App combines personalized loans, live rates and advanced calculators and tools to give home buyers an instant financial reality check while out touring homes."
What's so cool about a mortgage calculator app?
The new app offers some really easy to use features and calculators. The payment calculator is pretty common on most of these types of apps but the user-interface is what makes it easy and unique.
The affordability calculator is a unique one-of-a-kind tool that I was drawn to instantly for obvious reasons, and I think this will be a popular and commonly used tool in this app.
The refinance calculator and current rates features are perfect for someone on the go like me who is always looking for data and information that can help me lower my payments, get a more suitable loan, possibly refinance, and do it all from the local coffee shop while checking my email and between text messaging my clients and kids.
Some features and benefits for lenders:
Allows you to get in front of a whole new set of users you wouldn’t have access to otherwise.
Lenders are now able to connect with highly qualified borrowers who are likely ready to transact, since they’ve 
already compared quotes, profiles, and lender ratings and have decided to proactively reach out to a selected lender.
Some features and benefits for agents:
Great tool for agents because it makes them more efficient in two specific ways: 1- It allows agents to show homes their clients can actually afford; 2 - It helps move their clients through the purchase process and secure financing.
Allows agents and professionals to track mortgage rates in real time. Knowing what's happening with mortgage rates is an important way to enhance their credibility as real estate advisers and to make informed recommendations to their clients when rates drop and when it might be a better time to buy.
Streamlines the process of getting your customers pre-approved and have their offers taken seriously by borrowers as contacting a lender is just a click away.
Since we know that "Mobile is Global" and those "on the go" always need tools and info at their fingertips, the new Mortgage Marketplace App will be perfect for anyone and everyone who needs instant access to information, data, and calculators that will be beneficial to their financial freedom and peace of mind.
Keeping up with all the technology, tools, and apps out there is a full time job for guys like me. You can be rest assured that I'll be sharing whatever I find, like, use, and think will benefit you or your clients!
Related Articles:
Zillow Unveils Mortgage Marketplace App - DSNews
Tech tools that make home buying easier - Mercury News
Zillow® Launches Zillow Mortgage Marketplace iPhone® App - Financial News
Review: Zillow releases mortgage app for iPhone - San Diego News
Zillow rolls out mobile mortgage app - The Seattle Times
Thanks for the insight and the new valued tool ... great to have and to be aware. Appreciate the excellent information and benefits that you clearly provided.
thanks for the information, looks like a valuable tool. any chance they will add it to android at some time.I have zillow on both my android phone and tablet and would love this tool as well.
Thanks for the information and the lesson, Brad. I could use this app...
Connie - there are some other great features and benefits too but I wanted to leave a few cool things to be discovered by those downloading it today. :-)
Virginia - as with the Zillow app being available on the other popular devices and platforms, I'm sure there is a vision to do the same with the ZMM app, just not certain as to which ones or when, I'll keep everyone posted.
Chris - I think everyone in or out of the business (everyone) will find this app useful, thanks.
Brad, love the looks and sound of this new app! I will be downloading. Thanks for the information as always! Paige
Bill - Mortgage and financial calculators and rate information are obviously not replacements for applications and credit reports. These types of tools act as a starting point to gather information, provide data, and give folks a rough idea or estimate to the knowledge they are seeking and help with some of the decision making processes they are considering.
A hammer is also not a replacement for a bulldozer either, but why not have one in your toolbox? Every tool serves a unique purpose and this new iPhone app is already providing some great ways for clients and industry professionals to access data and information from their mobile device that they might not otherwise have had access to?
Maybe I'm misunderstanding your comment? Or maybe you're misunderstanding the app and it's uses? I'd love to hear more feedback from you once you've downloaded and used it and seen how it works? Thanks for reading and commenting, I always love and appreciate it when folks try to find the thorns on my roses. lol~ :-)
Hi Paige - I've been playing with this app over the weekend and using it (as a consumer would) in some very realistic situations and I have to tell you, I'm loving it! Let me know what you think once you've downloaded it and tried some of the features. I always welcome ALL feedback so I can forward it on to the dev team. The is the first round of the app so your ideas and suggestions are priceless to us. :-)
Brad,
I've been teaching people from CCIM's to my real estate investment students to use finical calculators for 35 years. I taught 11 semesters of real estate math to college students.
I'm in favor of knowing how to use professional equipment!
My problem is Zillow says this program is providing: "Features include: •Live rates - not teaser rates" Rates are not that simple! They haven't been since 1972!
Consumer's and Agents hear what they want to hear! If some fool tells them the rate is 4.5% they'll never remember the fool also said "if you’re qualified."
Give a fool a hammer and it's very likely he smash his thumb. It's not the tools they sound great, medicine is great too, but we don't give it out freely it can kill you!
Bill
This just in from Inman news:
very VERY COOL!! :-)
Hey Bill -The reason we specify the rates are “not teaser rates” is that each loan request is relayed in real time to lenders who respond to each specific loan request.
That said, we agree that rates and loan applications are not simple and that’s why we created this app to make it easy for borrowers to find mortgage professionals that can help them. Our app helps borrowers compare lenders based on rates, fees and service levels and from there, borrowers can decide which lender to contact that can help them through the more complicated process of figuring out exactly what loan they could qualify for and how to proceed through the entire loan application process.
I have to ask you though, did you download and try it yet? Do you have an iPhone? Inman news just put out this article today, I think you should check it out. I'm also happy to forward any of your suggestions and feedback onto our team, feel free to send that directly to me at Brada@Zillow dot com after you've installed and used it. Thanks :-)
Nice app Brad. I've read your back and forth with Bill and I'm still thinking that this could be very useful for out in the field mortgage info when clients are trying to figure out approximate monthly payments for a home they're interested in.
Craig - great point! :-)
Bill - I hope so and am almost certain: see comment to Virginia from above.
http://activerain.com/blogsview/2347168/mobile-is-global-a-cool-new-mortgage-app-for-iphone#9511405
Downloading the ap as I type -- Thanks for the info. Have 2 new customers tomorrow and will give it a test drive. Wish me luck!
Marjorie, and Jim and Linda, let me know what you think?
I used it today to see if I could afford this house I want in Green Valley and then there's another one I was looking at in Benicia. We want a single story home and the mortgage app is telling me that this may be possible/doable.
Now if we could just design an app to cough up a down payment!! lol~
I will check it out but a lot of these apps seem to have bugs or slow speeds.
This is great Brad. Don't have an iPhone yet but just installed it on my iPad! Thanks!
Brad --
I uploaded the app and started playing with it. Really cool. The only problem is when I lift my finger from the phone/pad, the indicator moves slightly to the left or right of the price I want, and comes up with a different sales price (and thus, monthly payment). Very sensitive to the touch. Maybe I should just lighten up :)
This is great. Now I don't have to pack around my HP 10bii financial calculator. Thanks for the lead on this app.
That is pretty darn cool. Suggested. I think I may have to get a "smarter" phone this summer. I have a blackberry with a small screen - I get emails on it and that's ok. I like the qwerty keyboard but the screen is too small for apps like that - and I would also love to be able to show pictures on it.
FYI & BTW - The app has a slider for dollar amounts that can be tricky when it comes to entering an exact figure or amount like $379,950 so just tap your finger on the number and it will pull up the number keyboard so you can enter an exact amount.
Glad so many folks are downloading and liking the app, I think it's still the #1 mortgage or financial app at the itunes/apple store. :-)