Congratulations, you just put in an offer on a home!
Now, where are you getting your mortgage from?
If you’re like 75% of Canadians, chances are you’re most likely to turn to one of the Big Six Banks: National Bank of Canada, Royal Bank, the Bank of Montreal, Canadian Imperial Bank of Commerce, the Bank of Nova Scotia (Scotiabank), and Toronto Dominion Bank (TD).
Most Canadians spend hours going door to door to compare rates or pay thousands of dollars to a mortgage broker to do this work for them.
The problem is that, “rates change quickly and offers have a limited shelf-life, so time is money,” Amin Eskooch, WiiBid founder and chief executive officer says.
“Individuals who are new to Canada face increasing challenges in getting a mortgage, and often lack all the information needed to secure the best rates,” seasoned immigration consultant Farzaneh Hassaninejad says.
There are over 100 lenders in Canada who offer mortgages, but consumers don’t typically know about them. After all, how often do we purchase a mortgage?
Eskooch founded WiiBid with the intention of helping borrowers of all origins looking to make Canada home find the very best rates on mortgages by connecting them directly with lenders.
Think about it this way: if you were purchasing a TV, you would typically know about the product, and you could easily compare prices online to make an informed decision.
WiiBid is an innovative fintech company that offers online one-stop shopping convenience in a digital marketplace where the best financing deals are made possible.
Potential borrowers file an application directly to the site, and using an auction-style bidding model, lenders bid their best rate for the mortgage financing. From there, the borrower can choose the mortgage that fits their needs.
“The lowest rate wins, which creates an open competition that is the difference maker for the consumer,” Eskooch says.
“Your application also gets exposed to lenders you might not know exist.”
Eskooch wants to help promote mortgage affordability through transparency, competition, removing bias from the process, and keeping things sleek, quick and effective. Data security, confidentiality, value and choice for consumers are the main reasons why WiiBid is growing so quickly in popularity.
Lenders on WiiBid are exposed to anonymized data as part of the bidding process, such as price, location and net worth, keeping a borrower’s identity confidential until such time a deal is accepted by the user.
To learn more about WiiBid’s innovative digital marketplace, visit wiibid.com.