When looking to secure a mortgage loan from a bank, there are several hurdles that borrowers need to leap over. This can be especially stressful combined with time-sensitive pressures – such as when trying to close a deal before another buyer swoops in with a better offer on your dream home. If the bank takes too long to approve financing – or worse, refuses to – it can be a stressful experience.But banks aren’t the only financing solution out there. As it turns out, plenty of alternative routes exist. For example, WiiBid’s centralized private lender hub provides a more streamlined way to secure the amount you need. Today, find out how private lenders can act as a financial lifeline when the bank rejects your mortgage application.
Many Private Lenders Want Rejected Bank Applicants
Traditional banks have extremely strict policies and requirements that borrowers need to follow if they wish to be approved for a loan. These include the following:
- Your income and the ability to service the payments for up to 2% higher than current rates.
- Your employment status (freelancer, contractor, self-employed, etc.)
- Your credit score/proof of finances in good standing
- Immigrant status complications (such as no T4 tax documents, missing ID, etc.)
If you have been turned down by the bank, and it happens to many people, know that there are private lenders looking to pick up clients just like you. WiiBid ends up helping both sides as a result; you get easy, streamlined access to our many validated private lenders, and they get more customers. It’s a win-win for everyone!
Save Time and Money
Private lenders tend to respond quickly as their compliance needs aren’t as intense as regular banks. In that sense, you can find the best possible rates for your mortgage while still meeting any important deadlines such as your closing date.
You Don’t Have to Apply Separately to Each Lender
You might be wondering how you can possibly secure financing under the wire if you plan on applying to multiple alternative lenders. When working with us, a significant time-saver is that you only need to fill out a single application! Our autonomous system keeps your information private and secure since no email interactions are required, all while multiple lending options are presented to you. This is great because you won’t need to submit, wait, then move on to another lender and submit again – you get multiple sets of eyes on your profile at the same time.
There’s a misconception that private lenders other than banks are either too expensive, not trustworthy, or both. The key is finding those with a solid reputation and optimal rates, which is why using a centralized online financing bid hub can be extremely handy. For instance, all lenders on WiiBid must pass a thorough vetting process to ensure they are suitable to recommend. When you interact with one through your dashboard, you can be assured that they have been cleared and certified by our team.
Discovering alternative financing solutions has never been easier, and there have never been more potential borrowers looking to obtain their mortgage loan at the best possible rates. That’s why WiiBid exists and is a popular choice for individuals from both sides of the table.