Mortgages are one of the biggest concerns of most people's lives. House prices are pretty high as it is. What makes purchasing a home even worse is that the transfer of ownership costs can be high resulting in even more debt for buyers. We want to fix this!

What it does

  1. Eliminates the middle men hence reducing costs for the buyer.
  2. Proof of payments clearly visible.
  3. Allow buyer and seller to negotiate a contract for transfer of ownership rather than having the buyer deal with the bank. Such a negotiation can be fruitful for both parties. The buyer will be given fixed term payments with a clear path to ownership. Eliminating the middle men can free up funds of the buyer who maybe willing to pay a little higher to the seller than the seller would have received.
  4. Uses two types of tokens - the DAI token for payments by the seller and a security token created by the smart contract representing the mortgaged property.

How we built it

  1. First we learnt truffle. We got our environment running on truffle.
  2. We built a smart contract
  3. Then we learnt solidity.

Challenges we ran into

  1. Couldn't not use Ether to represent property being mortgaged - created security tokens.
  2. Could not use security tokens or Ether to pay the seller - used DAI.

Accomplishments that we're proud of

What we are most proud of is the workflow we designed. We are amazed as to how many of the concerns of the Buyer and Seller this workflow manages.

  1. We are using two tokens! - the DAI and a securities token and there are very good reasons to use both.
  2. We got our front end and solidity code to work!

What we learned

  1. The potential of security based token
  2. Truffle and Solidity

What's next for Smart Mortgage

  1. I have family friends who are looking to buy houses. A system like this implemented on a large scale would really make a difference in many people's lives.
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