I’m really excited to announce that MortgageZen 1.0 went live in the iTunes App Store today. To my knowledge, MortgageZen is the first blended rate calculator to be approved for the iTunes App Store.
The idea for MortgageZen came from a desire to have a quick & simple way to calculate the weighted average interest rate of an existing 1st & 2nd mortgage. The ‘Blended Rate’ comes up frequently when discussing refinance options with customers.
My old workflow required a calculator, pen, & paper. It’s not a difficult calculation but it’s cumbersome when you’re mobile and the tools to calculate the rate aren’t available.
Maybe other originators want this too?
Finding no existing solution, we built one. The plan is to extend the feature set of MortgageZen to fulfill other niche mortgage calculations, so that mortgage originators are able to deliver more timely & useful information, thereby increasing the value they provide to their customers.
I’d love feedback, comments, suggestions. The MortgagZen twitter account will provide updates about future enhancements of the application.
Here’s the Application Description from iTunes:
**This application is designed for the mobile mortgage originator & astute consumers**
Today’s mobile mortgage originator needs quick simple tools to make their job easier.
Calculating a blended rate while on the phone is a hassle. MortgageZen to the rescue! A quick & focused application to produce consistent fast answers for all your blended rate calculations.
If you are tired of searching for pen & paper, so you can scribble calculations, this app will help you.
**HomeOwners** Thinking about refinancing your home but already have a low interest rate on your 1st mortgage?
Well wait a minute, don’t forget about that 15%, $25,000, 2nd mortgage that’s bringing your average rate up & the checking balance down!
Use this application to calculate a weighted average of your 1st & 2nd mortgage loans. By figuring out the blended interest rate, you can determine if wrapping both loans into a new single mortgage makes sense.
MortgageZen ~ Simple solutions for today’s tech-savvy, mobile mortgage originator.
MortgageZen ~ Designed by mortgage professionals for mortgage professionals.
Support this application. MortgageZen plans on using all proceeds from the sale of this app for future development. Tell us what you need to bring more Zen into your mortgage practice!