I greatly appreciate that you let me go through the whole interview without giving any personal information other than property address. It would be even nicer if I didn't have to give that. Would a zip code be sufficient?
I ran through this for real. Here are two major issues that made this not really work for me:
The mobile experience on an iPhone left a bit to be desired. It was responsive, but not totally and I found myself panning incorrectly because of the use of modals (I.e. The phone was panning the background and not the modal). I can't emphasize enough how clunky it was. I was technically able to do everything but it was not a polished experience.
Also, it fails to ask if I have a home equity line of credit. I happen to have done an 80/10/10 when I bought my house. That makes it look as though I've got way more equity than I really do based on the questions. There is also no way to indicate if I want to consolidate said line of credit into a single mortgage as part of a refinance.
Thanks very much for your constructive feedback. We are currently working on significantly improving the mobile experience. We are also improving our interview for customers looking to refinance (since we've been primarily focused on purchases) and will take your comment into account. Your suggestions were right on point. I hope you will give us another chance in the future. Thanks again.
Why not? Well actually it started because hippoteca in spanish / latin means mortgage and we were building this for the spanish speaking market at first (and called Hippoteq). We pivoted to the broader market but the hippo remains.
I just bought a home a few months ago, so I went through your process to see what results I got. It offered a 30-year loan at 4.0%. Is that really possible? It also quoted me $2900 in closing costs. I think my actual closing costs were more like $10k! If so, I wish your app had been around 6 months ago. But I'm skeptical you could actually deliver on that.
Also, as a self-employed freelancer, the paperwork to qualify for a loan was immense. If you can reduce that, that'd be awesome too.
Sorry you had to go through the hassle when you went through the process. The rates that you see on the site are 100% real, and we do our best to quote the most precise fees – however, fees do vary from area to area. We also don't charge a percentage of the loan amount, since it doesn't make much sense to charge more for a $300,000 loan than for a $100,000 loan. Also, as a result of our technology and automation, we're able to pass the savings on to customers.
Okay, I was curious enough I got out my paperwork. Looks like my origination fee was a lot higher. But my closing costs also included lots of escrow for property taxes and homeowners insurance, and I guess it makes sense to leave that out. So I don't feel too bad. :-) Congrats on a great tool!
It would be nice if I could put in my information and my current fixed rate and when at any point in the future it would be able to get me a cheaper loan or a loan at X rate it would notify me. In the past I have simply spoken to a mortgage seller and told him to contact me if he could ever get me a rate X, it took a while, but when he finally could he gave me a ring and I locked it in before the rate went up again. Systematizing that would have value.
As you complete each "stage" it brings you back to the map and the user then has to take an undirected action. Honestly what was going through my head each time was "should I continue or close the window" rather than automatically going to the next window and continuing. Check your logs to see where users are abandoning your funnel. If it is between stages that is probably where you want to make a tweak.
This is a good comment. When we put this together we thought that answering too many questions in a row can start to feel boring, so we can add some variety by letting you find your way to the next question. But a fair point that this is a good time to think about leaving. We'll have to ponder that one and maybe run an A/B test to see the impact. Thanks!
"Brooklyn, ny" and variants thereof not found, including "New York, NY" and "New York, New York", and plain zip code
Also my payment doesn't include escrow for taxes and insurance, so asking for that monthly number requires back of the envelope math to continue, as well as seeming like a distraction to me, since taxes and insurance likely won't be affected by a refinance.
Thanks for your comment. We do provide an estimate of real estate taxes once you go into the loan details page for a loan. Real estate taxes vary widely by area, so what you see is an estimate. Please let us know if you have additional comments. This is all great feedback and we highly appreciate it.
Thanks for your comment. We're currently waiting on our CA license. Nonetheless, we're not taking mortgage applications or getting paid in any way in states where we're not licensed. There's nothing wrong with simply showing rates.