It is often not easy buying a home for most people, especially if you are a first-time homebuyer.
This explains why there has been a rise in the number of companies offering mortgage services.
But how do you know the best company to try your “mortgage luck” with? Enter Homewise!
If you’re thinking about buying a home or refinancing your current mortgage, it’s best to consider all of your mortgage options before deciding.
- 1. Apply online in only 5 minutes
- 2. Get pre-approved (or approved)
- 3. Get the best mortgage rate and feature in the Canadian market
- 1. Best rates
- 2. Access to the best customer service
- 3. Access to seasoned Canadian mortgage experts
- 4. Easy access
- 5. Free of Cost Mortgage Service with a Wide Range of Free Resources
- Is Homewise Legit?
- Is Homewise good for first-time home buyers?
- Who owns Homewise?
- Is Homewise a reputable company?
- Does Homewise check credit score?
- Is Homewise a good mortgage broker?
- Is Homewise mortgages trustworthy?
- Is Homewise regulated?
- Who backs Homewise mortgages?
- Why is Homewise mortgage service free?
- Can self-employed apply for a Homewise mortgage?
- Does Homewise offer mortgages from private lenders?
This is a credible review of the Homewise mortgage experience, and it will analyze why you should consider them.
Hop on as I delve deep into everything on Homewise.
From clueless first-time homebuyer to closing the deal: Homewise Mortgage rocks!
As a first-time homebuyer, I had no idea what I was doing. The Homewise mortgage expert was very helpful throughout the process.
They did everything they could to find us the best interest rate and ensured the mortgage close was seamless.
⭐️⭐️⭐️⭐️⭐️, Michelle F.
Twice the experience, half the hassle!
I have had two mortgages through Homewise, and my experience has been excellent both times.
They were able to offer me a better rate than my bank of many years, and the process was much smoother and quicker than I expected.
I would highly recommend Homewise to both first-time homebuyers and anyone looking for a hassle-free mortgage experience.
⭐️⭐️⭐️⭐️⭐️, Daniel A.
What is Homewise?
Homewise is a modern digital mortgage solution that provides mortgage seekers with an online mortgage platform to access and get the best mortgages from different lenders.
They offer mortgages for individuals, families, and businesses looking to buy their first home, or switch or refinance their mortgage.
Homewise is proud to be a Canadian mortgage provider with roots in the community. With them, you get access to excellent customer service from their team of mortgage experts.
How Does Homewise Work?
Pre-approval, Approval, Refinance or Switch?
Homewise negotiate with 30+ lenders so that you don’t have to!
Get started now. Free, only 5 minutes and no credit check.
If it is not obvious already, I’ll like you to know that Homewise offers some of the best mortgage rates in Canada, but how does it work? Let me shed light on how they do what they do!
Homewise Mortgage Steps
1. Apply online in only 5 minutes
To get started with your application for mortgage approval (or pre-approval or refinance or switch), all you need to do is complete an online application form.
And guess what? The online application takes only five minutes to complete, and there is no credit check.
2. Get pre-approved (or approved)
After submitting your application and the required documentation, you will typically receive a pre-approval (or approval) within 48-72 hours.
3. Get the best mortgage rate and feature in the Canadian market
Complete Homewise Easy Online Application Now and Get the Best Mortgage Interest Rates in Canada
Get Pre-Approved (or Approved) for a Canadian Mortgage in just 5 Minutes!
Yes, I Want the Best Mortgage Rates in Canada
Homewise Canada Mortgage Partners
I mentioned earlier that Homewise partners with Canadian banks and lenders to give you the best mortgage rate.
Some of the 30+ Partners of Homewise are:
- Equitable (EQ) Bank
- Canadian Western Bank (CWB)
- Home Trust
- First National
- Alterna Savings
- TD Bank
- B2B Bank
- CMLS Financial
- Effort Trust
- Haventree Bank
- ICICI Bank
- Marathon Mortgage Corp.
- RMG Mortgages
- Street Capital
- Wealth One
- XMC Mortgage Corporation
- And more!
Why Should You Choose Homewise Mortgage?
Why should you use Homewise? What makes them the best choice for your mortgage approval, mortgage pre-approval, refinance or switch?
There are several reasons Homewise would be the best option for you if you are looking to buy and own a home in Canada. Top on the list are:
1. Best rates
One significant advantage of using Homewise is that they do the “heavy lifting” for you. They match you with the best lender with the best mortgage rate based on your unique circumstances.
2. Access to the best customer service
Homewise works for you, not the lenders or banks. They are committed to providing their customers with the best possible experience. From the start of your mortgage application to the closing date and beyond, they’ve got your back!
3. Access to seasoned Canadian mortgage experts
Homewise offers access to seasoned Canadian mortgage experts who know the ins and outs of all things mortgages. Thus, you will have the best minds working on your mortgage and helping you get the best mortgage rate.
That’s what makes Homewise such an attractive proposition.
4. Easy access
You don’t have to travel to access and benefit from Homewise services. Their online presence makes it easier and faster to find suitable mortgages.
5. Free of Cost Mortgage Service with a Wide Range of Free Resources
Homewise receives compensation directly from its lenders once you get your mortgage, with no additional cost to you. This is why the team at Homewise works tirelessly to make sure you get the best mortgage and service possible.
Their platform also contains a wealth of mortgage-related tools and resources that you will find beneficial along the way.
More on Homewise Mortgage
How Long Does the Homewise Application Process Take?
You can complete the online application in 5 minutes. Once you have chosen the type of mortgage you want, chosen a proper home buying timeline, and provided all the other needed details, approval typically occurs within 48-72 hours.
Here are the documents you will need to ensure the application process goes as smoothly as possible.
- Employment Letter
- Photo ID
- Bank Statement
- Tax return or T4 Notice of Assessment
How Much Does the Service Cost?
You will be glad to hear that Homewise services are completely free for users. The lender will compensate Homewise for getting them a client.
How Does Homewise Help Canadians?
The running theme throughout this Homewise review has been the digital nature of the mortgage application process. That tells you that Homewise is at the forefront of harnessing technology to help more Canadians buy homes. All without sacrificing quality customer service!
Also, through Homewise you are able to get a better mortgage than the brokers and banks as they take a lower commission, saving you thousands on your mortgage.
Homewise shop around for you with over 30 banks and lenders, saving borrowers an average of over $10,000*
Downsides of Homewise
There are some downsides to deciding to go with Homewise, but overall, it’s a fantastic modern digital mortgage solution.
First, when applying for a mortgage through Homewise, you will need to complete your online application before seeing your personalized mortgage rates offered by its affiliated lenders.
Also, Homewise does not currently offer its service in Quebec.
Is Homewise the Best Option for Getting the Best Mortgage Interest Rate in Canada?
Homewise makes the mortgage process quick and simple by using world-class technology to help you get the best possible mortgage rate.
If you’re looking to save money on your mortgage, Homewise can help.
When you complete your profile on the Homewise platform, they take into account factors like your salary and job stability. If they see that your salary is increasing, they’ll make sure to include prepayment features in your mortgage.
These features can save you thousands of dollars in interest over the lifetime of your loan.
And, if you ever find yourself in a position to pay off your mortgage more quickly, you can do so without penalty. So why wait? Get started with Homewise today and start saving!
Homewise vs Bank
When shopping for the best interest rate on a mortgage, be aware that banks are only one type of lender and may not have the best rates. It’s always a good idea to shop around for the best deal.
Banks usually have posted rates, which can be higher than the rates Homewise offers because Homewise has access to wholesale rates that banks don’t offer to the general public. Thus, you’ll typically get a better rate through Homewise.
Homewise can help you compare rates from different lenders to make sure you’re getting the best interest rate possible on your mortgage.
Homewise is always looking for ways to help its customers save money. They often “buy down” rates. This means that they use the commission the banks pay them to get you an even lower rate. It’s just one of the many ways they go above and beyond to provide outstanding service.
So if you’re looking for the best interest rate on your next mortgage, be sure to start with Homewise. They’ll be happy to help you get the best rate possible.
Homewise Mortgage Rates
Compare mortgage rates in Canada and find the best mortgage rates in Canada with Homewise.
The mortgage rates displayed are supplied by Homewise’s Canadian lending partners. The mortgage rates displayed are updated daily to reflect the most recent mortgage offers from Homewise lenders.
It should be noted that Homewise does not currently provide mortgage rate options for Quebec.
Homewise vs Mogo vs Breezeful
If your goal is to find a reliable company that will offer you the best mortgage rate and excellent customer service, go with Homewise.
It does not matter if you’re buying your first home or refinancing an existing property, or anything in between; Homewise can help.
Homewise mortgage experts with extensive years of experience will hold your hands through each step of the mortgage process from start to finish.
Let’s look at how Homewise compares with alternatives:
|Nationwide Coverage||All provinces except Quebec||All regions except Quebec and Saskatchewan.||All Provinces|
|Approval Timeline||48-72 hours||24 hours||24-72 hours|
|Mortgage Options||Variety of options||Best for High Ratio Mortgages||A slew of mortgage options|
FAQs: Homewise Mortgage
Is Homewise Legit?
Yes, Homewise is legit. They are a proudly Canadian and legally licensed company that offers mortgage services. Their main office is located in Ontario at 609 Marlee Ave, North York.
Homewise has a team of mortgage experts with over 20 years of experience, helping Canadians like you get the best possible mortgage rate.
Is Homewise good for first-time home buyers?
Yes, Homewise is good for first-time home buyers. They work with Canadian residents to help them get pre-approved, approved, switch or refinance their mortgage.
Homewise is a trusted and reliable source for Canadians looking to buy their first home. Their mortgage experts have the experience and knowledge to help you through the entire process, from pre-approval to closing.
Get started today to see how Homwise can help you buy your first home.
Who owns Homewise?
Homewise was founded by Jesse Abrams, who is also the Chief Executive Officer (CEO).
Is Homewise a reputable company?
Yes, Homewise is a reputable company that Canadians can trust to get the best mortgage interest rates and terms.
They offer an easy online profile setup for Canadians applying for a mortgage, which uses understandable language and simple examples. This takes the guesswork out of the application process and makes it simpler and more straightforward.
Their team of tech-powered mortgage experts will work hard to find you a great rate and tailored features from one of the multiple lenders they work with.
So why not give Homewise a try? We’re confident you won’t be disappointed.
Does Homewise check credit score?
No, Homewise does not check credit scores during the application process.
Wondering what your credit score currently is? Check your credit score for free with Borrowell. Getting your free credit score through Borrowell does not affect your credit score.
Is Homewise a good mortgage broker?
Yes, Homewise is a good mortgage broker for Canadians. They are like a traditional mortgage broker and more!
By utilizing smart technology, they are able to streamline the process and search through all of their lender partners to find the perfect fit for your financing needs.
Homewise takes the hassle out of finding a mortgage by doing all the legwork for you. With just a few clicks, you could be well on your way to homeownership.
So why wait? Get started with HomeWise today.
Is Homewise mortgages trustworthy?
Yes! Canadians looking for a trustworthy mortgage broker can feel confident in choosing Homewise. They work for you, not the lenders or banks, and always have your best interests in mind.
In addition, Homewise makes the mortgage experience fast, transparent, and simple by bringing it online. Plus, the goal of Homewise is to save you the most money possible.
For these reasons, Canadians can be sure that they are making a wise choice by choosing Homewise for their mortgage needs.
Is Homewise regulated?
Yes, Homewise is regulated as they’re a licensed mortgage broker. The regulatory framework – Mortgage Broker Regulators’ Council of Canada (MBRCC) National Code of Conduct (Code) – promotes high standards of business conduct and consumer protection in the mortgage brokering industry.
Who backs Homewise mortgages?
Homewise mortgages are backed by some of the leading financial institutions in Canada. They partner with 30+ lenders, including TD Bank and Scotiabank.
Homewise is a Canadian mortgage brokerage licensed in Ontario, British Columbia, Manitoba and Alberta. They can also pursue mortgage brokering activity in Saskatchewan, Newfoundland and Labrador, Nova Scotia, and New Brunswick. They have great Canadian partners and co-broker across Canada.
Why is Homewise mortgage service free?
Homewise mortgage service is free because they get paid by the mortgage lenders when you get your mortgage, meaning that they only make money once you are successful in securing a mortgage.
This business model gives you confidence that Homewise is working hard to ensure you get the best service and mortgage possible.
Additionally, because Homewise is a digital company, they have lower costs which are passed on to you in the form of a lower commission from lenders. This results in getting you a better mortgage than what you would be able to find through banks or brokers.
For Canadians looking for help with their mortgage, Homewise is an excellent option.
Can self-employed apply for a Homewise mortgage?
Yes, self-employed individuals can apply for a Homewise mortgage.
They work with multiple lenders to find the one that best serves your needs – including if you are self-employed or on a commission-based salary.
If you are self-employed, most lenders require that you have owned your business for at least 2 years. However, Homewise will work with you to find a mortgage solution that meets your needs.
So don’t hesitate to get started today and see how Homewise can help you get the mortgage you need.
Does Homewise offer mortgages from private lenders?
Yes, Homewise offers mortgages from private lenders. Homewise understands that not everyone will qualify for a mortgage from a tier 1 or tier 2 lender. That’s why they work with partners who provide mortgages from private lenders.
Homewise believes that everyone deserves a chance to own their own home, and they’ll do everything they can to help you achieve that goal.
So, if you’re looking for a mortgage from a private lender, go ahead and complete the Homewise online application (Free, only 5 minutes and no credit check).
The Verdict! Homewise Mortgages
Getting a mortgage doesn’t have to be stressful. Homewise makes it easy by shopping around for the best interest rates with over 30 banks and lenders, saving borrowers over $20,000* on average.
And the best part is that it only takes 5 minutes, with no credit check required.
So why wait? Get started now and save yourself time and money – get the best mortgage rates in Canada.
Charity (Charee) Oisamoje is the founder of TheFinanceKey - TFK. She leads the editorial team, which is comprised of subject-matter experts.
Her professional competencies and expertise make her qualified on this topic. She is an expert at collecting details, verifying facts, and making complex subjects easy to understand.
Backed by Solid Credentials: MBA in Finance Canadian Investment Funds (IFIC) Graduate Masters Degree in International Business Chartered Professional Accountant (CPA) Candidate ✔️Chartered Insurance Professional (CIP) ✔️BSc Accounting
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