Canadian Mortgage App (CMA) was created by Bendigi Technologies, a Toronto-based fintech firm that strives to create a faster and more convenient mortgage experience for homebuyers.
The CMA is not a mortgage company. Instead, it is a mobile app and digital platform that connects mortgage seekers with the right mortgage lenders and real estate professionals. With the CMA, you’ll have access to thousands of industry experts and innovative tools and analyzers.
Ultimately, the CMA can be used by homebuyers to find the right experts to work with, estimate the costs of homeownership, and budget appropriately for closing costs associated with buying a home.
Canadian Mortgage App (CMA) Overview
| What it is | Mobile app that provides tools to migrate through the homebuying and mortgage application process. Connects borrowers to mortgage brokers and real estate agents |
| Cost | Free |
| Features | Multiple reports Up-to-date mortgage rates Pre-qualification and pre-approval Access to mortgage and real estate experts |
| Availability | All of Canada |
Features Of The Canadian Mortgage App
The Canadian Mortgage App comes with several handy features that can help you find a mortgage and understand the costs associated with it.
Comprehensive Reports
Several useful reports are available for you to review:
- Total Monthly Cost Report: Summarizes all monthly costs associated with maintaining a home.
- Mortgage Summary Report: Important information related to your mortgage, such as the loan amount, interest rate, amortization period, and monthly payments.
- Payment Frequencies Report: Compare different payment frequencies, such as monthly, weekly, and bi-weekly.
- Amortization Table Report: Estimate your annual mortgage repayments and how much goes towards principal versus interest.
- Stress Test Report: Find out how much you can borrow relative to your annual pre-tax income.
- Land Transfer Report: Find out how much you’ll pay in land transfer taxes on the closing day of your purchase. These taxes are based on the purchase price of the home and your location.
- Closing Costs Report: Total fees that you’ll have to pay on closing day. Closing costs typically range from 2% to 5% of the purchase price.
- Side-By-Side Comparison Report: Calculate all fees associated with getting a mortgage.
You can find these reports in the Purchase Calculator. To create a report, tap on the “Export” or “Extra” button.
Get Pre-Qualified
After downloading the app, you can start the mortgage process by getting pre-qualified. Taking this step will give you an estimate of what you can qualify for based on your financial profile without a credit check.
Simply answer a few questions, and the app will estimate the maximum purchase price of a home you can afford. This is key to ensuring an affordable purchase. Plus, it will help you narrow down your options so you only look at properties within your price range.
The CMA’s algorithm uses cutting-edge techniques to consider mortgage rules and the mortgage stress test. Based on your location, the app will also estimate the cost of utility bills, property taxes, and condo fees (if applicable). This ensures accuracy in the pre-qualification process.
You’ll also receive a report with all the details needed when you’re ready to get pre-approved.
Refresh Your Pre-Q
Mortgage rates can fluctuate, which can affect the total amount in your pre-qualification. If you’ve already been pre-qualified for a mortgage and want to make changes to your expenses and mortgage payments according to the current rate, all you need to do is tap the Refresh Button without having to restart the pre-qualification process.
Get Pre-Approved
Mortgage pre-qualification is conditional, which means the lender will still need to assess your creditworthiness before pre-approving you. Once you’re ready to take the next step in the mortgage journey, you can apply for mortgage pre-approval with a lender. At this point, the lender will conduct a credit check and assess your financial profile in more detail.
Check Rates
Your interest rate will play a direct role in the overall cost of your mortgage. That’s why it’s so important to check the available rates before applying.
You can use the CMA to shop for the lowest rates and do a side-by-side comparison to find the best one. You can also filter rates based on variable or fixed rates, short or long terms, different down payment amounts, and so forth. The CMA compiles rates from more than 100 lenders and updates its system twice a day to ensure all information is up-to-date.
Connect With A Pro
When you’re ready to move forward with buying a home and applying for a mortgage, you can use the CMA to contact real estate or mortgage professionals at any time. Simply enter your location and the agent’s name or company, and the app will display the names of experts close to you. A map is also available to help you pinpoint the closest local expert to you.
How Does It Work?
The CMA is available for download on Android and iOS. Once you’ve downloaded the app, you can start the process and get access to all the tools and experts available.
To ensure the most accurate information, you can enable your location services so the app can pull up rates applicable to you and experts and available to you.
You’ll then be asked a series of questions to help narrow down your options:
What best describes you?
- Homebuyer
- Realtor
- Mortgage professional
What you’re looking to do:
- Purchase a home
- Renew a mortgage
- Refinance
Are you a first-time homebuyer?
- Yes
- No
The app is now ready to move forward.
From here, you can use the app’s various tools, such as the following:
- Get pre-qualified
- Mortgage calculator
- Purchase calculator
- Stress test
- Required income
- Land transfer taxes
- Closing costs
- Connect with an advisor
Once you’re ready, you can start your mortgage application process.
Where Can You Download The CMA?
The app is available for download on the App Store and Google Play.
Is CMA Safe?
The masterminds behind the CMA have taken precautions to ensure that using the app is safe. The app will not sell your personal data to third parties. The information collected is used to improve the app and services. Everything is encrypted and stored safely with robust security infrastructure in place.
What Do Consumers Think?
The CMA has been downloaded hundreds of thousands of times. So, what do consumers think of the app?
| Better Business Bureau (BBB) | Not BBB current reviews/ratings No customer complaints |
| App Store | 4.8/5 stars |
| Google Play | 4.8/5 stars |
Canadian Mortgage App PRO — For Real Estate And Mortgage Professionals
There are over 23,000 mortgage brokers and real estate professionals on the CMA platform. If you’re an industry expert, you can offer the app to your clients as a useful and easy way to calculate how much they can borrow and budget effectively.
Today’s consumers have become heavily dependent on mobile devices and have come to expect that such platforms are available to them. Rather than coming up with an app of your own, you can use the CMA as a way to provide your clients with a solution to help them buy a home and securing a mortgage.
- Personalize the app to align with your brand
- Use exclusive tools to generate detailed reports
- Generate pre-qualified and verified leads
Final Thoughts
The Canadian Mortgage App removes the barriers to starting the homebuying and mortgage application process. With a simple download to your mobile device, you can get pre-qualified for a mortgage with no obligation, compare mortgage rates, get estimates on how much a loan will cost you, and connect with industry professionals.
