Wiseday Financial Inc.’s recent delivery of the first truly instant mortgage pre-approval process has permanently changed the mortgage landscape for homebuyers in Canada. Prior to this delivery, securing a pre-approval from an established bank or traditional lender was tedious and time consuming, requiring lots of paperwork, phone calls, and a wait time of up to seven days. Using Wiseday, homebuyers can now receive a shoppable pre-approved mortgage letter and begin their home search within minutes.
Based out of Montreal, Wiseday plans to utilize tech to streamline the home-buying process in Canada. Wiseday will achieve this with its newly launched online Instant Mortgage Pre-Approval product for new mortgages, refinancing’s, and renewals.
The process involves four steps:
The customer is asked a brief series of qualifying questions (3-minute process)
Identity and income are instantly (and securely) verified, powered by Plaid
Credit health is automatically assessed, with no impact on credit score
A proprietary algorithm determines how much mortgage the customer qualifies for
Homebuyers are able to see how much mortgage they qualify for immediately. This is integral to the process given the recent rate increases.
Wiseday was founded in 2021 with a mission to streamline the mortgage process in Canada. Wiseday’s improved digital mortgage process has already led to a 45 percent month-over-month growth rate. Wiseday is seeking to scale its technology team to continue to innovate the consumer experience and enhance its proprietary internal and B2B tools. Wiseday’s overall goal is to digitize the entire life cycle of the homeownership process in Canada. Instant pre-approval of mortgages is just the beginning.
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