Everyone’s heard of a DIY project, but not many know that you can also do your own mortgage — and get cash back in the process.
The simply-titled Do Your Own Mortgage startup is the latest to pitch on The Disruptors, and its founder, Lionel Khoury, expressed his mission to help Canadians become their own brokers.
“Traditionally, Canadians only had two options of getting a mortgage — they can walk into a bank, negotiate a rate with their advisor, and leave wondering whether or not they got the best product,” Khoury said. “The other option would be to meet with a mortgage broker who also would shop for various lenders, and ideally presenting the best option.”
Khoury said that with their platform, Canadians can apply for a mortgage online within ten minutes, and get a cash rebate for doing so. To date, the company has given back over $100,000 in cash rebates.
Co-host Amber Kanwar said this was another case of a startup doing what they do best: taking away middleman jobs. “Why do I need a mortgage broker if I can now go online and have all the information a broker would give me at my fingertips?” Kanwar said.
Co-host Bruce Croxon joked that by the time Kanwar gets to his age, the word ‘broker’ will probably be non-existent. “Brokers are putting information X together with information Y, and technology is doing that.”
Watch the whole pitch below:
BetaKit is a production partner on The Disruptors. Tune in to BNN every Thursday night at 7pm for full episodes!