A new digital mortgage marketplace called WiiBid aims to eliminate the secrecy around mortgage rates.
Problem number one in the mortgage world is information asymmetry, with the burden of discovery being entirely on the shoulders of the consumer.
WiiBid is an innovative fintech company that offers a digital marketplace to borrowers with direct access to lenders, giving users the power to control their own mortgages, discover rates in real time and use the power of auction to create competition to find the best rates.
Potential borrowers file an application directly to the site, and using an auction-style model, lenders bid their best rate for the mortgage financing.
This new model takes a completely different approach to the current mortgage process.
At present, it’s nearly impossible to find an accurate mortgage rate posted. Go to any bank website, and the posted rates aren’t necessarily the ones that will be offered to a borrower. Other sites post the lowest possible rates, which can be misleading as rates vary depending on each borrower’s unique circumstances. Lenders are also under no obligation to guarantee pre-approvals.
The only sure way for a borrower to find out what kind of rate and terms they are able to get is to file a mortgage application, which is not only time consuming but also impacts their credit score.
WiiBid’s guiding philosophy is putting the control back in the hands of the borrower. By letting lenders bid for a borrower’s business, WiiBid is shifting the power dynamic in the mortgage industry.
WiiBid is set to remove the veil over the industry to show people what’s really going on, while creating some competition to deliver transparency, efficiency, value and speed.
This is an industry where borrowers are often encouraged to shop around endlessly and aimlessly without a standard approach to compile and compare rates. Presenting actual mortgage rates out in the open under a single umbrella empowers consumers to make informed decisions. It also puts borrowers at an advantage, as lenders compete for their business.
Mr. Bains, a recent customer, shared that WiiBid allowed him to truly feel empowered by lenders bidding for his mortgage business.
“It took me less than 15 minutes to complete the application, and I got three offers at the auction in no time, without even having to talk to anyone,” Bains says.
When asked about key benefits, Bains says he enjoyed the transparency, security and simplicity of the process.
“I received real-time status updates and support along the way, shaving 1.25 per cent off my mortgage, resulting in substantial savings,” he says.
To learn more about WiiBid’s innovative digital mortgage marketplace, visit www.wiibid.com.
Follow @wiibidcanada for deals and promotions to save even more on your mortgage through partnerships with real-estate professionals, lawyers, appraisals, and more.