Posts tagged "SmartHippo"
New Mortgage Reviews on SmartHippo
If you’re a regular visitor to SmartHippo, you may have noticed something new. SmartHippo now features consumer reviews of banks and mortgage companies front and center.
Why are mortgage reviews important? In a volatile market, with mortgage rates changing on a daily basis (or even more, depending on the lender) we felt it was important to use the power of the community to not just compare mortgage rates but also consumer experiences with lenders.
Consumer reviews include an overall rating as well as sub-ratings on the following aspects of their interaction with their lender:
- Customer Service
- Rate & loan terms
- Closing terms disclosure
- Closing process
Here’s a sampling of mortgage reviews from last month:
Do you have a mortgage experience you’d like to share with the SmartHippo community? Write a review and help the herd.
SmartHippo Named One of the Top Web 2.0 Companies by KPMG and Backbone Magazine
SmartHippo was named one of the top 20 Web 2.0 Companies in Canada in the current issue of Backbone Magazine. The Web 2.0 Awards were an initiative of KPMG and Backbone Magazine.
Here’s what the judges had to say about SmartHippo:
This is a community-created site that compares rates on U.S. mortgages and other financial services.
Forde and others pointed out that “this is a Canadian company that doesn’t offer a service Canadians can use” but the judges still found the basic idea to be solid. O’Connor Clarke pointed out that, in helping others save money, the founders might make some for themselves: “I think they’ll have a really nice exit, getting bought by someone smart and deep-pocketed.”
You can find out more by reading the press release or the full article in Backbone Magazine.
Thank you to all the members of the SmartHippo community without whom winning this award would not have been possible. We’ve been continually making improvements over the past several months, so if you haven’t stopped by in a while, try our compare mortgage rates engine and let us know what you think.
Zillow Mortgage is But a (Very) Small Step Forward
Zillow today launched a mortgage product, which lets consumers anonymously request quotes from loan officers and decide who they want to go with.
You can read more coverage on TechCrunch, Mashable, Lenderama and BusinessWeek.
We’ve always believed strongly that the mortgage process needs to change in the interest of consumers. That’s why we launched SmartHippo last September at the TechCrunch40 conference. But Zillow’s new launch leaves us feeling kind of flat.
To be sure, they are an improvement over lead generation sites like LendingTree or LowerMyBills, which essentially just sell off your personal data to the highest bidder. Zillow lets the consumer drive the process, but that’s where the differences end. So, in a sense, they are kind of like a LendingTree v 1.1. You still only get to see quotes from people in their network, and you still have no assurance that these quotes will be accurate.
SmartHippo, on the other hand, is a completely new way of shopping for a mortgage. We are open and transparent. You can find rates supplied by both banks and individual consumers, and we have a community feedback mechanism that allows people to share experiences with and rate lenders and brokers whether they are member of our site or not.
What do you think? Check out SmartHippo.com and let us know, and be sure to follow our demo at FinovateStartup on April 29th for something new.
SmartHippo to Present at FinovateStartup
SmartHippo will be one of 20 companies presenting at FinovateStartup April 29th in San Francisco. We’re thrilled to be part of this great event, which showcases the leading companies innovating in the financial space.
From the blog post on Netbanker:
FinovateStartup will be held April 29 in San Francisco. It will showcase dozens of the hottest financial technology startups – all in a single day. With a fast-paced format that mixes short demos (no PowerPoint slides allowed!) and high-quality networking, FinovateStartup gives attendees a chance to see the future of finance unfold.
Other presenting companies include Andera, Boulevard R., Buxfer, Motley Fool CAPS, ClairMail, Credit Karma, First ROI, Jwaala, Lending Club, Mint, Prosper, Unified Money, and Wesabe.
For more information or to register, visit the FinovateStartup site. The event is organized by Jim Bruene, whose Netbanker blog is an excellent source of news and analysis related to the online finance industry.
SmartHippo is Hiring
Are you interested in changing the face of finance and making a positive difference in people’s lives?
SmartHippo is hiring. Check out our recruitment portal for more information. A special thanks to our friends at StandoutJobs who power and host this portal for us.
Top Eight Mortgage Tips for 2008
2007 was a difficult year for many homeowners as market conditions made it hard to keep up with mortgage payments. The mortgage market will continue to be challenging in 2008, as over $680 billion in mortgages are scheduled to reset. Whether you have a fixed rate mortgage, a variable rate, interest only or even a jumbo loan, there are things you can do to navigate the tricky world of your home financing.
Here is some advice from the team here at SmartHippo.com:
- Establish a budget. Your total housing costs – including your mortgage payment, insurance and taxes – should not exceed 26% of your gross monthly income. Your total debt payments – your housing payment combined with credit card, car loans or student debt payments – should not exceed 36% of your gross monthly income. A family with an annual income of $60,000 should budget a maximum of $1300 per month for housing payments, and $1800 for total debt payments.
- Beware the teaser rate. Some mortgage products offer an introductory rate that resets to a higher rate after a few years. This may make sense in some cases, such as when purchasing a property that will require repairs or renovations in the first year. But make sure the longer-term rate fits within the budget you established. Otherwise, you may be setting yourself up for trouble down the line.
- Manage your credit. Higher credit scores mean lower rates. Pay your bills on time. If you can’t pay them off in full, make sure you pay at least the minimum payment. Then, apply the remaining money you have to the accounts with the highest interest rates first.
- Talk to your lender. If you’re having trouble making your current mortgage payments, talk to your lender. Swallow your pride and do this before you start falling seriously behind on payment – at that point it may be too late.
- Shop around. Talk to your neighbors, friends, and coworkers and use the Internet to research what’s available. Remember that rates posted on bank sites are often not what you’ll get, so you’ll want to find out what terms people are actually getting.
- Compare apples with apples. Costs such as application fees, attorney fees, appraisal fees, and more may be included in one lender’s quote but not another’s. The devil is in the details, and not checking them out can cost you thousands.
- Protect your identity. Be careful with web sites that ask you to submit your personal information without knowing in advance who it will be seen by.
- Seize the opportunity. If you’ve weathered the storm, or are in the market for your first home, it’s a buyer’s market. Many banks offer foreclosures that are not listed with real-estate agents or on the Multiple Listing Service.
Do you have any tips to share with other hippos as we begin 2008? Or an experience (good or bad) you’d like to share? Enter your comments in the form below.
