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Buying a property and keeping track of expenses can be stressful, which is why homeowners need the best mortgage and the best possible rates. It is not “Home Sweet Home” without a sweet mortgage.
BC’s latest innovative mortgage and loan platform,, helps consumers find the best rates using machine learning and auction technology. Consumers can join the market, then sit back and relax as lenders bid on their mortgage application. WiiBid puts mortgage seekers in the driver’s seat, enabling them to personally select and accept a non-bank financing offer that’s right for them. This is called a DIY mortgage – the consumer controls the whole process.
Besides its convenience and efficiency, there are three other reasons why Canadians should get a mortgage through WiiBid.
The proprietary auction feature used by the mortgage platform can save consumers thousands of dollars in brokerage fees and reduced mortgage rates by creating friendly competition among eligible private lenders to bid at the lowest rates.
Even saving one percent on a $ 1 million mortgage can add up to a significant savings of $ 10,000.
When looking for 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%, allowing the consumer to receive the necessary funds quickly and efficiently.
“I was really impressed with the simplicity and user-friendliness of the Marketplace platform,” says Alison Haloway, WiiBid customer. “I recommend it to anyone looking to get the best deal on a private mortgage. My favorite feature is the auction because all lenders are eager to bid which is totally contrary to lenders suing for approval. It’s a big relief and leads to big savings.
With respect to private information, WiiBid users retain ownership of all documents and data stored on the secure platform. This is a refreshing change from sending your credit score, personal identification, and inquiry to multiple mortgage brokers via unsecured email.
WiiBid allows its customers to connect to a large pool of qualified private and alternative lenders with a single app, which takes less than 15 minutes to complete.
The Marketplace is easy to use and consumers receive real-time updates whenever an offer is received. Auctions are active for three days, and users can approve an offer immediately or wait for the auction to close.
Once an offer is approved, the lender will write a letter of commitment that outlines the terms and conditions. From there, the consumer will sign the letter, send the requested documents, meet with their lawyer, and then receive the funds.
WiiBid also acts as a step-by-step guide, removing confusion and anxiety from the mortgage and private lending process.
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