Online Mortgage Brokerage Platform Launched in PHL

Aspiring homeowners know the struggle of applying for a mortgage. Going to banks with different requirements and interest rates, and facing a mountain of paperwork — acquiring real estate to call your own is no easy task.

Nook, the Philippines' first online mortgage brokerage platform, seeks to remedy that.

With the goal of streamlining and simplifying the property loan application process in the country, the platform aims to enable Filipinos to conduct property search, do loan comparisons, and experience a seamless loan application process online.

"Applying for a home loan here in the Philippines can be a tedious and intimidating process. Before prospective clients even begin, they are already overwhelmed with the long list of requirements or the time they need to set aside to accomplish all the application steps."

— Chris Elder, Chief Executive Officer of Nook

Rather than approaching one bank at a time, borrowers answer a few questions and Nook compares 20+ lenders to match them with the bank most likely to approve them — and at the sharpest rate. Because Nook is a full-service brokerage rather than a self-serve tool, a dedicated loan consultant then runs the entire application for the client: preparing and lodging the bank forms, gathering documents, chasing the lender and handling all the back-and-forth. Clients never fill in a bank application form or visit a branch.

And the service is free to the borrower. Banks pay Nook a commission once a loan is released, so there is no cost to the homebuyer for using the broker.

Since this launch, Nook has grown into the country's original and award-winning mortgage broker — Awarded Best Mortgage Broker Philippines by Pan Finance — partnering with some of the biggest banks in the country, including BDO, BPI, Security Bank, UnionBank and RCBC. The company remains on a mission to help 1,000,000 Filipino families buy their own home.

What this means for Filipino homebuyers

• One guided flow to compare 20+ banks, instead of queuing at branches one lender at a time.
• A dedicated consultant who lodges the bank forms, gathers documents and follows up the lender on your behalf.
• Pre-qualification in around three minutes, so you know where you stand before committing.
• 100% free to use — the banks pay Nook, not you.