{"id":5572,"date":"2021-07-07T15:29:02","date_gmt":"2021-07-07T22:29:02","guid":{"rendered":"https:\/\/wiibid.com\/?page_id=5572"},"modified":"2021-10-18T16:15:53","modified_gmt":"2021-10-18T23:15:53","slug":"faq","status":"publish","type":"page","link":"https:\/\/wiibid.com\/?page_id=5572","title":{"rendered":"FAQ"},"content":{"rendered":"

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<\/span><\/i> WiiBid Features<\/a><\/h3>
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<\/span><\/i> How does the WiiBid financing process differ from existing mortgage processes?<\/a><\/h3>
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WiiBid is for anyone looking to get the best mortgage rate whether you're looking for pre-approval, getting financed or refinanced to lower rate, consolidate debt, or access home equity. WiiBid has a wide range of mortgage solutions to support any situation for all Canadians, non-Canadians, self employed or business owners. A simple application allows you to reach prime, alternative and private lenders to create competition and select your best offer from a range of bids received.<\/p>\n

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<\/span><\/i> Who is WiiBid for?<\/a><\/h3>
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If you have been denied by the bank, self-employed, new to Canada, or have poor credit WiiBid can help you access a pool of verified private and alternative lenders who are willing to bid for your business to help you access financing support.<\/p>\n

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<\/span><\/i> What happens to personal information?<\/a><\/h3>
<\/p>\n

Lenders will only see necessary information such as property information, mortgage amount requested, credit score, and date financing needed to provide their Bids during the WiiBid Auction. Only once you accept a bid, the lender will gain expanded access to your application. If you do not declare a winning bid, we will automatically connect you with the lender that offered you the lowest rate. If you choose to assign your application to your designated broker to apply to WiiBid auction on your behalf, the mortgage broker will also have the same level access to your application as you with full visibility to act on your behalf.<\/p>\n

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<\/span><\/i> I didn\u2019t get a confirmation email. What should I do?<\/a><\/h3>
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If you have not received any confirmation emails, please check your spam folder. If you are still unable to locate the confirmation email, please email us at support@wiibid.com<\/a>.<\/p>\n

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<\/span><\/i> Can I cancel a WiiBid Auction?<\/a><\/h3>
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You sure can. Just email us at support@wiibid.com<\/a>\u00a0to cancel the auction at any stage.<\/p>\n

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<\/span><\/i> What regions (provinces\/countries) does WiiBid currently provide financing in?<\/a><\/h3>
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WiiBid's services currently cover British Columbia, Alberta and Ontario (See Locations<\/a>). We are expanding nationally, so stay tuned!<\/p>\n

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<\/span><\/i> Security and Privacy<\/a><\/h3>
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We take security extremely seriously. As such, we have invested a lot of resources to be compliant and bank-grade secure. The information we collect from you is used to provide an indicative offer tailored to you. We use Microsoft Azure to store this information and use encryption when transferring your data via the web. In short, this means:<\/p>\n

WiiBid will never exchange your data via email.<\/span><\/p>\n

Your Data is secured, encrypted, and stays in Canada. Our infrastructure adheres to the following Security Standards:\u00a0ISO 270001, CIS 1.1.0, SOC TSP, PCI DSS 3.2.1<\/span><\/p>\n

We never produce physical copies of your data and store it in a fully encrypted digital storage. You reserve the right to request the complete removal of all of your data WiiBid holds about you.<\/span><\/p>\n

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\n\t\n\t\tDiscover WiiBid:apos:s Uncompromising Security Standards\t<\/a>\n<\/div>\n
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<\/span><\/i> Common Borrower Questions<\/a><\/h3>
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<\/span><\/i> Why should I use WiiBid rather than going directly to a broker?<\/a><\/h3>
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Here are the top 3 Reasons:<\/p>\n

1. Best Rate<\/strong> \u2013 You are creating competition, driving the rate down, and accessing the best offers. Save the commission and get the best offers through a single application.<\/p>\n

2. <\/span>Simplicity<\/strong> \u2013 WiiBid is straightforward. You are engaged with the lenders directly and see the offers as they come in as part of the eco-system; y<\/span>ou can always seek advice from a broker for an additional fee by selecting a broker from the list of brokers included in the system. If you are working with an external broker, ask them to join WiiBid as a broker and you could select them as the broker on your file.<\/p>\n

3.<\/span>Transparency<\/b>\u00a0\u2013 You are in control to see all the bids live on your application, access your dashboard for real-time updates, and skip any bias resulting from lender\/broker relationships.<\/span><\/p>\n

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<\/span><\/i> I am seeking financing – How much do I have to pay for WiiBid services? How is WiiBid paid?<\/a><\/h3>
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WiiBid is fun and free to explore. Complete your application for FREE and examine your offers. WiiBid will only get paid once you have successfully received your requested funds. All brokers and lenders are welcome to join us for free.<\/p>\n

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<\/span><\/i> Can I use WiiBid to refinance my current mortgage?<\/a><\/h3>
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Absolutely – There\u2019s always a chance that your existing mortgage interest rate is higher than what could be available in the home loan market right now. Regardless if you have a fixed or variable interest rate, you may be paying more than you need to on your current home loan. WiiBid helps you find lower rates quickly and effortlessly.<\/p>\n

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<\/span><\/i> Are borrowers obliged to take up the offers?<\/a><\/h3>
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No. You are encouraged to submit your application to auction and examine the offers. You can choose not to proceed at any point if you feel that it is not right for you.<\/p>\n

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<\/span><\/i> Why does WiiBid need my credit score?<\/a><\/h3>
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Your Credit Score is a credit rating between 1 and 900, summarising the information in your credit report into one easy-to-understand number. Factors like your credit liability, length of credit history, types of credit in use, credit-seeking activity, and repayment history contribute to your Credit Score. Your credit score contributes to your application risk assessment performed by the lenders as they bid for your home loan, based on your overall profile.<\/p>\n

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<\/span><\/i> Would WiiBid accessing my credit score have any impact on my score?<\/a><\/h3>
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Yes.\u00a0Every time your credit is accessed, the credit reporting agencies will require the accessing entity to report it back. At WiiBid, your credit will only be checked once and only anonymously shared with lenders. This means that lenders do not see your name and personal information unless they give you an offer that you would like to accept.\u00a0 This way, your personal information is only exposed to the lender of choice, not to multiple parties, and protecting your privacy.\u00a0<\/p>\n

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<\/span><\/i> Is my credit score good enough to enter the WiiBid Auction?<\/a><\/h3>
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A healthy credit score is a significant first step to finding the ideal home loan rate. To receive the most competitive bid on your Wiibid, a credit score over 600 is ideal. You can check your Equifax Credit Score<\/a> here to get a better idea of where you stand. Over time, your credit score will improve with good financial behavior. You can read more about improving your credit score here<\/a>.<\/p>\n

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<\/span><\/i> What Happens if my Credit Score is Below 500?<\/a><\/h3>
<\/p>\n

If your credit score is below 500, WiiBid might still be able to assist in your best home loan interest rate search. While credit scores are used to evaluate a customer\u2019s likelihood to pay their debts on time, some individuals may have unique circumstances that make them the right customers for specific lenders. You may want to speak to a mortgage broker directly to discuss your options further or contact us at hello@wiibid.com<\/a>, and we can look at options available.<\/p>\n

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<\/span><\/i> Is my personal information shared with all lenders bidding for my mortgage?<\/a><\/h3>
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Absolutely NOT. As part of the WiiBid auction process, we provide a de-identified profile (limited information about the property, financing needs, and credit score) to the lenders engaged in the WiiBid Auction. Only the successful lender with the best offer (the one you choose to accept) will be able to see a full application and further engage with you as part of their underwriting process.<\/p>\n

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<\/span><\/i> What happens to my personal information?<\/a><\/h3>
<\/p>\n

Lenders will only see necessary information such as property information, mortgage amount requested, credit score, and date financing needed to provide their Bids during the WiiBid Auction. Only once you accept a bid, the lender will gain expanded access to your application. If you do not declare a winning bid, we will automatically connect you with the lender that offered you the lowest rate. If you choose to assign your application to your designated broker to apply to WiiBid auction on your behalf, the mortgage broker will also have the same level access to your application as you with full visibility to act on your behalf.<\/p>\n

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<\/span><\/i> What will happen if I don\u2019t like the offers?<\/a><\/h3>
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Inform the broker or lender that you do not wish to proceed. You can use WiiBid Marketplace to create another auction and choose a different broker or lender.<\/p>\n

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<\/span><\/i> What kind of loans can you auction via WiiBid?<\/a><\/h3>
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Only residential property loans. We offer refinancing, buying, and building of home loans for both Owner\/Occupier and Investors. But if you have a request or want help on commercial or other loans, feel free to connect with us through our\u00a0info@wiibid.com<\/u><\/a>.<\/p>\n

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<\/span><\/i> Is there a minimum\/maximum amount that I can request?<\/a><\/h3>
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The minimum mortgage amount you can request through WiiBid is CAD$50,000, but there is no maximum!<\/p>\n

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<\/span><\/i> Can I apply with another person to increase my likelihood of a better bid?<\/a><\/h3>
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Yes! The application process allows you to add a co-borrower to increase your chances.<\/p>\n

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<\/span><\/i> Can I apply if I don\u2019t have a purchase agreement?<\/a><\/h3>
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Yes. You can enter your application for a pre-approval, if you are looking for financing from a bank or a prime lender.\u00a0<\/p>\n<\/p>\n

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<\/span><\/i> Common Lender Questions<\/a><\/h3>
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<\/span><\/i> I am a Lender. How do I know where my funds will go?<\/a><\/h3>
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WiiBid connects interested lenders with potential borrowers. The actual closing, funding, and transfer of funds are managed through the Lender and Borrower\u2019s chosen bar-certified lawyers. Based on the authorization outlined in the commitment letter, WiiBid fees will be deducted on closing by Lender lawyers.<\/p>\n

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<\/span><\/i> How do I know if a Lender (loan company) is legitimate? How are the brokers and lenders chosen and verified?<\/a><\/h3>
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We follow a strict process when we sign up for new lenders. Before allowing lenders to register on WiiBid, we validate their qualifications through a screening process to ensure legitimacy, credibility, and fund verification before registration. We also verify their licensing via the relevant bodies such as the BC Financial Services Authority (BCFSA). We are not incentivized for different business volume with lenders. As such, we do not favor any lenders over the other. All lenders and brokers are welcome to join us for free.<\/p>\n

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<\/span><\/i> Are borrowers obliged to take up the offers?<\/a><\/h3>
<\/p>\n

No. Borrowers are encouraged to submit their application to auction and examine the offers. They can choose not to proceed at any point if they feel that it is not right for them.<\/p>\n

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<\/span><\/i> Is borrower information shared with all lenders bidding for mortgages?<\/a><\/h3>
<\/p>\n

As part of the WiiBid auction process, we provide a de-identified borrower profile (limited information about the property, financing needs, and credit score) to the lenders engaged in the WiiBid Auction. Only the successful lender with the best offer (the one borrowers choose to accept) will be able to see a full application and further engage as part of the underwriting process.<\/p>\n

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<\/span><\/i> What kind of loans can you auction via WiiBid?<\/a><\/h3>
<\/p>\n

Only residential property loans. We offer refinancing, buying, and construction loans for both Owner\/Occupier and Investors. But if you have a request or want help on commercial or other loans, feel free to connect with us through our hello@wiibid.com<\/a>.<\/p>\n

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<\/span><\/i> Common Broker Questions<\/a><\/h3>
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<\/span><\/i> How much do I have to pay for WiiBid services? How is WiiBid paid?<\/a><\/h3>
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WiiBid only gets paid once an application closes successfully. All brokers and lenders are welcome to join us for free and set their respective fees and commissions.<\/p>\n

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<\/span><\/i> How do I source deals for my clients?<\/a><\/h3>
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Qualified brokers can sign up for FREE, browse deals, and submit applications on behalf of their clients or find mortgage investment opportunities for their investors. As a broker, you can set your compensation, and the system will incorporate that into the offering and will ensure you will be paid upon closing.<\/p>\n

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<\/span><\/i> How do I know if a Lender (loan company) is legitimate? How are the brokers and lenders chosen and verified?<\/a><\/h3>
<\/p>\n

We follow a strict process when we sign up for new lenders. Before allowing lenders to register on WiiBid, we validate their qualifications through a screening process to ensure legitimacy, credibility, and fund verification before registration. We also verify their licensing via the relevant bodies such as the BC Financial Services Authority (BCFSA). We are not incentivized for different business volume with lenders. As such, we do not favor any lenders over the other.<\/p>\n

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<\/span><\/i> Are borrowers obliged to take up the offers?<\/a><\/h3>
<\/p>\n

No. You are encouraged to submit their application to auction and examine their offers. They can choose not to proceed at any point if you feel that it is not right for them.<\/p>\n

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<\/span><\/i> What happens to borrower:apos:s personal information?<\/a><\/h3>
<\/p>\n

Lenders will only see necessary information such as property information, mortgage amount requested, credit score, and date financing needed to provide their Bids during the WiiBid Auction. Only once borrowers accept a bid, the lender will gain expanded access to your application. If they do not declare a winning bid, we will automatically connect you with the lender that offered them the lowest rate. Borrower assigned or independent mortgage brokers will also have the same level access to borrower application, with full visibility to act on their client's behalf.<\/p>\n

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<\/span><\/i> Can I cancel a WiiBid Auction?<\/a><\/h3>
<\/p>\n

You sure can. Just email us at hello@wiibid.com<\/a> to cancel the auction at any stage.<\/p>\n

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Still Have Questions?<\/h3>\n<\/div>\n
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Contact us at hello@wiibid.com<\/a>\u00a0or call\u00a01-888-243-0828<\/span><\/p>\n

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WiiBid is an innovative fintech company that offers a digital marketplace to borrowers with fast access to the best alternative financing deals possible.<\/p>\n

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\n\t\t\t\n\t\t\t<\/i>\n\t\t<\/a>\n\n\t\t\t\n\t\t\t<\/i>\n\t\t<\/a>\n\n\t\t\t\n\t\t\t<\/i>\n\t\t<\/a>\n\n\t\t\t\n\t\t\t<\/i>\n\t\t<\/a>\n\n\t\t\t\n\t\t\t<\/i>\n\t\t<\/a>\n\n\t<\/div>\n
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Address: 701 West Georgia Street, Suite 1500, Vancouver, British Columbia, V7Y 1C6, Canada
Email: hello@wiibid.com<\/a>
Phone :\u00a01-888-BID-0828<\/p>\n

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