Nesto promises the best mortgage in just a few clicks




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The digital mortgage agency Nesto promises you the best mortgage rates, thanks to its many partners and the fact that you do some of the work online. Is Getting A Home Loan Online For You?

Nesto is an online mortgage agency that allows you to find the best rate for your mortgage in just a few clicks, avoiding lengthy procedures with financial institutions. But, when we talk about buying a house and the loan that comes with it, don’t we prefer to talk to a human rather than to deal with a cold and impersonal digital tool?

One of the four founders of this start-up Quebecer, Damien Charbonneau, emphasizes that the idea behind Nesto is that the client performs several steps by himself, online, before speaking to a broker. “It saves both parties time and money,” he says.

How it works ?

Whether you are looking for a new mortgage or want to renew or refinance your own, you can start by looking at the different products and rate comparators on Nesto’s platform and get “the best possible rate” in minutes, according to the algorithm.

Damien Charbonneau explains this promise of the best rate by the variety of mortgage products offered. Nesto does business with a dozen financial partners, including Scotia, Laurentian and TD banks, MCAP Financial, Manulife and Industrial Alliance.

In exchange for offering the best rates, Nesto receives a commission from its partners. The lender therefore pays less than traditional brokerage commissions. The resulting savings are passed on to customers. In addition, Nesto brokers do not work on commission, but are salaried.

If you are satisfied with the rate obtained or one of the products interests you, you complete a prequalification to determine your budget and obtain specific price proposals. You then complete your request on the secure platform by entering additional information about your personal situation.

“After these steps, we still want the client to speak on the phone to one of our brokers, to have more explanations and to ensure that it is the right product for him”, specifies Damien Charbonneau. , insisting on the fact that customer service is a very important aspect for this Quebec company. “The best rate doesn’t always equal the best mortgage, and talking to a broker can help determine the best option,” he adds.

The interest rate is not the only component of a mortgage loan. You should also consider the many options associated with it, such as penalties and fees in the event of a mortgage breach or prepayment.

Nesto’s underwriting team then reviews your application and submits it to the lender. The loan can be approved within 24 hours. Then all you have to do is meet with your lawyer and your notary to conclude the transaction. Nesto brokers can walk you through all of these steps, or not, depending on what you want.

Who is behind Nesto?

Nesto was founded in 2018 by Malik Yacoubi, previously head of Cossette Lab incubator, Karim Benabdallah, former CEO of a micropayment company, Chase Belair, an experienced mortgage broker from Ottawa, and Damien Charbonneau.

Nesto works with licensed professionals and has a mortgage brokerage license. The Montreal-based company also has clients and advisors in Ontario, British Columbia and New Brunswick. Nesto recently became involved with the Autorité des marchés financiers (AMF) in the review of mortgage loans.

>> Read also: Buying a home: How to finance it, How to choose the right mortgage lender online and Lower interest rates: should you review your mortgage?

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