Feb 8, 2024   SOURCE: PR NewsWire

Staircase Launches ChatMTG, Delivering Homeowners Over 67% Lifetime Mortgage Savings

Providing homeowners revolutionary access to wholesale lending rates, ChatMTG cuts mortgage application process down to under 10 minutes

NEW YORK, Feb. 8, 2024 /PRNewswire-PRWeb/ -- Staircase, a leading mortgage technology company, backed by Bessemer Venture Partners, RRE Ventures, Zigg Capital, MetaProp, and Torch Capital, today launched ChatMTG, a website that delivers customer savings by removing the middlemen and their associated fees. By cutting out the broker-as-middleman, ChatMTG lowers interest rates by 1.25% on average, reducing monthly payments by 13%. Over the 10-year life of a loan, this adds up to a total mortgage cost savings of $56,000 or a whopping 67% (Based on today's rates, see Disclosures).

With ChatMTG's rates, today, over 6.3 million homeowners are eligible to refinance their mortgages at a lower rate. ChatMTG enables borrowers to receive a personal rate estimate in under 1 minute. A borrower can then complete their new home purchase or refinance application in under 10 minutes.

"For the average American, ChatMTG creates savings which are the equivalent of a full year of after-tax income," said Adam Kalamchi, CEO and founder of Staircase. "Interest rates are not the product of a competitive market, but rather the accumulation of inefficiencies and hidden fees that are disguised by claims of 'no fees!' which really means 'no visible fees'. With ChatMTG, we are working towards saving every American time and money."

How ChatMTG Works
Mortgages are a straightforward, government-backed product that the vast majority of Americans qualify for by law. Therefore, the time, cost, and worry associated with getting a mortgage today are a result of the legacy nature of the systems and processes.

"The mortgage process is more a Rube Goldberg machine than anything else. What looks like sophistication is actually just unnecessary complexity; complexity that the borrower is paying dearly for," continued Kalamchi.

Mortgage math is complicated, confusing, and frustrating. ChatMTG fixes this by asking the consumer a few simple questions - such as how long they plan to stay in the home - and then calculates the cheapest mortgage option available. The resulting calculation is straightforward and unbiased. The borrower can confidently explore all available options presented by ChatMTG and ask for clarification without feeling embarrassed, a common occurrence when dealing with a professional mortgage broker.

The Application Process
How it works:

    --  Determine eligibility: ChatMTG can give borrowers a rate estimate in
        under 1 minute without pulling credit and using just a purchase address,
        purchase price, downpayment, and a small handful of other basic inputs.
    --  Upload documents: When borrowers decide to move forward with an
        application, they simply upload required PDFs such as their bank
        statements, paystubs, and W-2s.
    --  Flawless data input: ChatMTG extracts the data and asks questions to
        fill in any remaining gaps, just like a human loan officer would do, but
        instantaneously and flawlessly, without the risk of human error.
    --  Digital application submission: ChatMTG then completes the loan
        application document with the borrower's information. All data sent to
        and from ChatMTG is encrypted and safer than the traditional method of
        sending documents via email or fax.

For more information about how Staircase is transforming the mortgage industry and to try out the platform for yourself, please visit https://ChatMTG.com.

About Staircase
Staircase is a mortgage technology company founded with the vision of making mortgages more affordable and more accessible. Backed by Bessemer Venture Partners, RRE Ventures, Zigg Capital, MetaProp, and Torch Capital, Staircase harnesses the power of modern technologies to radically simplify mortgage origination and servicing, which therefore unlocks massive rates savings for all borrowers. ChatMTG, the Staircase flagship product, integrates directly with all major existing mortgage systems and data providers, removing unnecessary middlemen, reducing fees, and speeding up the mortgage process all at the same time. The Staircase mission is to provide Americans the lowest-cost mortgages possible with a modern borrower experience. To learn more, visit https://staircase.co/.

Media Contact

Jennifer Parson, Staircase/ChatMTG, 415-377-3158, chatmtg@thekeypr.com

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SOURCE Staircase