Buying a home is one of the biggest financial decisions in a person’s life.
And yet the process of acquiring a mortgage is often onerous and confusing for the borrower, with a percentage point difference in borrowing rates costing thousands of dollars.
A new online platform is putting the power directly back into the hands of consumers with the aim of bringing transparency and ease into what is often a difficult process.
WiiBid is an innovative fintech company that offers a digital marketplace to borrowers with fast access to the best financing deals possible.
“You should be in control as a consumer,” Amin Eskooch, WiiBid founder and chief executive officer, says.
“We are shifting the power dynamics in this business, empowering consumers to make informed decisions about their mortgages.”
The idea behind WiiBid is simple: Rather than putting the onus on the borrower to find the best mortgage rate on the market, lenders should bid for the privilege of providing the loan.
After all, financial institutions want to sell their products and service to their customers. Why shouldn’t they come to the consumer instead of the other way around?
“The issue with the mortgage business is there is not enough transparency,” Eskooch says.
“It is difficult for the average consumer to find the actual mortgage rate. As a consumer, you actually have to go to the bank and put in an application to get a rate quoted. And if you want to see if it’s competitive, you have to go to another bank and do the same thing. Most consumers are not even aware of many lenders out there. There are many reputable lenders that are not major banks and don’t have branch offices but could offer better rates.”
Moreover, while there are published rates that are publicly advertised, the actual approved rate could look different. Getting access to the best rate has not been an easy shopping experience prior to WiiBid.
Using a mortgage broker doesn’t necessarily achieve better results either. Brokers are compensated based on the rate they are able to sell to the consumers, so the incentives are not necessarily aligned, and some larger banks don’t even work with independent mortgage brokers.
WiiBid turns the current model on its head: Potential borrowers file an application directly through the site, and using an auction-style model, lenders bid their best rates for the mortgage financing.
The easy model helps home buyers or homeowners looking to refinance to find the very best deal on the market, with a full picture of what is available, through a single portal.
“We’re creating transparency and convenience for the customer.”
To learn more about WiiBid’s innovative digital mortgage marketplace, visit 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.
