More tips for this generation regarding Mortgage Lending during this pandemic
A New Era in Mortgage Lending – Winning the Bidding Wars in a Red-Hot
Michelle Hopkins
REW
A booming housing market:
The housing market has been on fire during the pandemic, with record-low mortgage rates and a sudden wave of relocations made possible by remote work. With home prices pushing new boundaries as buyer demand continues to surge, that translates into a red-hot market where buyers need to act fast – especially when it comes to securing a mortgage.
Technology changing our real estate buying habits:
Technology has vastly changed our world. Where shopping for a new home once meant heading to one Open House after another, has now gone virtual. At the click of our mouse, we can take virtual tours of the style of home we are looking for, in our preferred neighbourhood, in our price range.
As more people do business from the comfort of their couch, they are also looking for the convenience and speed to shop around for the best mortgage rate. Traditionally, consumers shop around with multiple lenders or they ask their lender to match a lower rate offer. Both of these methods can be time consuming.
A new way to shop for a mortgage rate:
Now, there is an alternative. WiiBid is a digital auction platform that enables you to obtain the best mortgage rate possible from a roster of reputable lenders.
With an emphasis on consumer-friendly, innovative technology, WiiBid puts the mortgage seekers in the driver’s seat and gives them the autonomy to control the entire process by using auction to create competition amongst lenders, then selecting, and accepting the best offer suitable to their needs.
According to WiiBid CEO and licensed Mortgage Broker, Mr. Amin Eskooch, “WiiBid brings borrowers and lenders together”. Allowing prospective mortgage seekers to compare bids from qualified lenders, manage documents, and maintain data security online and take control of their own mortgages—The platform provides convenience, savings, and speed from the comfort of your home.
“Users would simply fill out an application online, which typically takes under 10 minutes, then the application is exposed to multiple lenders,” says Mr. Eskooch. “Lenders can then compete for your mortgage business, which translates into 75 per cent faster process and better interest rates, all under a very secure portal.”
In chatting with Mr. Bains, a recent WiiBid customer, he explained that he enjoyed using the platform and felt empowered as the lenders bid for his mortgage. “I got three offers at the auction in no time, without even having to talk to anyone.” Mr. Bains also commented on the transparency, security, and simplicity of the process: “I received real time status updates and support along the way, saving substantially, by shaving 1.25 per cent off my mortgage.”
Playing by new, stricter rules
Another reason WiiBid is attracting attention are the tighter mortgage rules put in place in 2020, which many people now find themselves outside the strict guidelines set out by the banks. Canada Mortgage and Housing Corporation (CMHC) changed its new debt-ratio formula that applies to insured mortgages for those with less than 20 per cent down payment, resulting in a reduction in homebuying power for some consumers. For example, those who are self employed need to find alternative lenders, such as Alpine Credit, Lanyard, Carevest, and more.
In summary, innovative new technology platforms like WiiBid enable consumers to take control of their own mortgages, control their own data, and ultimately secure their own mortgages.
© 2021 REW.