(This story is sponsored by WiiBid.)
Buying a property and keeping up with the expenses can be stressful, which is why homeowners need the best mortgage and rates possible. It’s not “Home Sweet Home” without a sweet mortgage.
B.C.’s latest innovative mortgage and lending platform, WiiBid, helps consumers find the greatest rates by using machine learning and auction technology. Consumers can join the marketplace and then sit back and relax as lenders bid for their mortgage application. WiiBid puts the mortgage seekers in the driver’s seat, letting them personally select and accept a non-bank financing offer that they find suitable. This is known as a DIY mortgage—the consumer controls the entire process.
Other than its sheer convenience and efficiency, there are three other reasons why Canadians should secure a mortgage through WiiBid.
The proprietary auction feature used by the mortgage platform can save consumers thousands of dollars in broker fees and reduced mortgage rates by creating friendly competition between the eligible private lenders to bid for the lowest rates.
Even saving one percent on a $1-million mortgage can amount to a significant $10,000 savings.
When seeking a mortgage, consumers only need to submit one application to reach all of the platform’s private lending partners. This cuts application-processing times by 75 percent, which allows the consumer to receive the funds needed in a quick and efficient manner.
“I was truly impressed with the simplicity and user-friendliness of the marketplace platform,” says WiiBid client Alison Haloway. “I recommend it to anyone looking to get the best deal on a private mortgage. My favourite feature is the auction, as all the lenders are eager to bid, which is quite contrary to chasing lenders for approval. This is a big relief and leads to big savings.”
When it comes to private information, WiiBid users maintain ownership of all documents and data that are stored within the secure platform. This is a refreshing change from having to send your credit score, personal identification, and application to several mortgage brokers over unsecured email.
The approval options
WiiBid allows its customers to connect with a large pool of qualified private and alternative lenders with just one application, which takes less than 15 minutes to complete.
The marketplace is easy to use and consumers are provided with real-time updates every time a bid is received. Auctions are active for three days, and users are able to approve a bid immediately or they can wait until the auction is closed.
After an offer is approved, the lender will draft up a commitment letter that outlines the terms and conditions. From there, the consumer will sign the letter, send over the requested documents, meet with their lawyer, then receive the funds.
WiiBid also acts as a step-by-step guide, removing any confusion and anxiety from the mortgage and private-lending process.
Need a mortgage now? Visit WiiBid’s website to fill out an application.
Follow @WiiBidcanada on Instagram for discounts, promotions, and deals.