IntelliMortgage Reviews 2024: How to Get Canada’s Best Mortgage Rates


Are you buying your first home? Or is the end of your mortgage term approaching? Finding the best rate for you can be a hassle, especially since the top-tier lenders hardly post their best rates. This is where mortgage brokers become a viable option, and intelliMortgage should be on your checklist.

IntelliMortgage is an online broker that allows you to compare quotes from several providers, including private lenders and banks, weigh your options, and pick the best provider for you at no extra charge. When it comes to rate comparison sites, intelliMortgage is the next level, and this review explains just how. Read on! 

IntelliMortgage (Google Reviews)

This intellimortgage review will cover what the service is all about, the benefits of getting a mortgage through intelliMortgage and how to qualify for the best rates. 

About IntelliMortgage

intelliMortgage (iM) is a privately held online Canadian brokerage with a “Do-It-Yourself” (DIY) method of mortgage service. The firm’s specialty is in residential mortgages and was founded in 2011 by Robert and Melanie McLister. They have both been in the mortgage industry in some form for several years, so they know their onions. 

With intelliMortgage, prospective homebuyers can compare hundreds of mortgage products through the company’s Mortgage Builder. Then they can select the one that suits their needs and unique financial situation. 

Compared to the handful of lenders offered by most lenders, intelliMortgage (IM) is also the only Canadian mortgage broker that compares comprehensive product listings for the country’s top hundred lenders. So you’ll have access to over 1,000 mortgage products and the best possible rate and terms.

How IntelliMortgage Works

IntelliMortgage is an online platform that allows you to compare mortgage rates. You’ll receive financing options from different mortgage providers willing to lend you money and choose the best fit for you. intelliMortgage operates on higher volumes and less profit per deal to ensure borrowers get among the lowest rates on the market. 

To know how much you’re qualified to borrow, you’ll have to fill their quick online application. You’ll receive dedicated help in filling your application from a certified mortgage expert after you’ve chosen a lender.

intelliMortgage works differently from banks. While banks are direct lenders, IntelliMortage is a rate comparison site. They’ll help you find the right mortgage by allowing you to compare available rates from multiple lenders. Their rates are usually lower than you’ll get with banks because these lenders will have to compete for your business.

They remove the middlemen and save money on traditional broker commissions and costs associated with human resources. Then they reinvest the savings into buying down rates to make sure you get the lowest rates possible.

intelliMortgage doesn’t sell its financial products, and neither can you get a loan directly from them. One major upside of going through this broker is their rate guarantee. 

IntelliMortgage’s Rate Guarantee

intelliMortgage proves that they have the best mortgage rates in Canada with their multitude of rate guarantees:

Rate Normalization

They quote the lowest rate possible on every DIY mortgage. The goal is to give clients the lowest rates and earn a similar minimal profit irrespective of the lender or product.

Up-Front Rate Guarantee

They guarantee that your rate will be in the best one percent of all Canada mortgage rates. If you find a lower rate, IntelliMortgage will pay you $500 (terms apply) based on this guarantee. 

After-Approval Guarantee

Your low-rate guarantee continues even after your mortgage has been approved. After your loan gets approved, intelliMortgage will continue to monitor mortgage rate changes.

If another lender offers a rate more than one-tenth of a percent lower for a similar mortgage, and your current lender won’t match it, you can switch lenders without cost. 

Also, suppose your lender drops its rates after your approval, intelliMortgage will make sure the lower rate applies to your mortgage. However, this is only possible if the lender permits and there’s enough time to rebook the rate before your deal ends.

Closing Date Guarantee

A delayed closing date can cause complications and problems, and no homebuyer wants that. So, intelliMortgage guarantees to close your purchase financing on time, and if they don’t, they’ll pay you $500 cash when your deal closes.

If you are refinancing, iM guarantees to close your deal within eighteen days, at your option. Otherwise, they’ll cover your mortgage registration costs (legal fees, etc.).

How Much Can You Save With IntelliMortgage?

Applying for a home loan through intelliMortgage can save you thousands of dollars. Your credit score and other financial details will determine the rate you get and how much you can save. 

intelliMortgage lowers its rates at least 10-20 basis points depending on the term. Their average mortgage size is $362,700, and they estimate their customers’ savings over five years at about $1,700 to $3,400 compared to the usual borrower.

IntelliMortgage Fees

The lender pays intelliMortgage their commission directly when you sign on for your mortgage, so intelliMortgage won’t charge you any fee for using their service or closing a mortgage. The only situation broker fees may apply is in specialized mortgages (like private mortgages, sub-prime lending, and commercial lending).

These are the only fees you may need to consider: 

  1. Legal fee – This fee applies to refinances and purchases. It doesn’t apply if you are switching lenders with no changes to the mortgage.
  2. Appraisal fee – You’ll only pay this fee if your mortgage is not default insured. But intelliMortgage usually refunds it or a part of it on most conventional mortgages.
  3. Discharge fee – Your former lender charges this when you switch to a new lender.
  4. Cancellation fee – This s charged if you cancel a mortgage approval you initially requested. Note that this fee won’t apply if the cancellation is due to reasons beyond your control. For example, if your purchase offer fell apart.
  5. Mortgage penalty – This applies when you break your mortgage contract’s terms either by prepaying too much of your mortgage or by breaking it completely before maturity.

Benefits of Getting a  Mortgage through IntelliMortgage

  • Best Rate Guarantee: They guarantee that their mortgage rates are usually the lowest in Canada and in the best 1%. Besides, if you find a lower rate with another broker, they promise to match it or pay you $500 cash when your mortgage is finalized. 
  • After-Approval Rate Guarantee: You can switch lenders at no cost if you find another lender offering a rate lower by 0.1% or more. 
  • Closing Date Guarantee: They guarantee to close your mortgage financing on time, else they will pay you $500 after closing. 
  • Huge Savings: Getting the lowest possible mortgage rates means you get to save money (up to thousands of dollars) compared to other brokers and banks. According to intelliMortgage’s estimates, you can save up to $5,485 on a $300,000 mortgage and a 5-year fixed rate. You can use their mortgage calculator to compare savings across different rates. 
  • Quick and easy application and approval: In just a few minutes, you can apply for a quote online, and it will be approved within 24 to 48 hours.
  • More loan choices: intelliMortgage offers several loans from different providers such as banks, credit unions, and private lenders.  
  • High-level Security: They secure your information with encryption and bank-level security. 
  • Several mortgage types: They offer different mortgage types, including mortgage renewals, new loans, refinancing, and home equity lines of credit (HELOC).
  • Qualified professionals: An expert will help you navigate the mortgage process, and according to intelliMortgage reviews, the customer service is top-notch.
  • No-cost mortgage service: You won’t be charged any fees to compare lenders through this platform. 
  • Available across Canada: The service is available anywhere in Canada. You’ll be connected to local lenders ready to finance you wherever you are.

Downsides of Getting a Mortgage through IntelliMortgage

  • No in-person service: intelliMortgage is an online mortgage broker, so you can’t negotiate your mortgage term in person. 
  • Strict eligibility requirements for best rates: You have to meet certain requirements to be approved for the best rates.
  • Computer-based process: You need to be computer literate to navigate the online application and document upload processes.

How to Qualify for an IntelliMortgage Loan

Eligibility Requirements

You have to meet these criteria before you can apply for an intelliMortgage loan:

  • Be a Canadian citizen or permanent resident.
  • Be at least eighteen years old (in some provinces, it’s nineteen)
  • Have no unmanageable debt and be free from bankruptcy.

Required Documents and Information

  • Government-issued means of Identification. 
  • Credit Report. intelliMortgage has to check your credit to assess your eligibility to borrow.
  • Income Verification. You may have to provide evidence of your income using bank statements, pay stubs, or other documents from your employer.
  • Property Information. They’ll need information about the property you own already or the home you want to buy.
  • Down Payment Confirmation. If you’re getting a new mortgage, you may need to provide evidence that your money to cover your down payment.
  • Void Cheque. You’ll need to submit a void check or direct deposit form or void cheque so they can take your withdrawals directly from your bank account.
  • MLS Listing

Eligibility Criteria for Getting the Best Rates

You have to meet these criteria to be considered for the best rates on your mortgage:

  • Be a Canadian resident for tax purposes.
  • You must have a minimum of two years of excellent established credit.
  • Provide evidence that your income and monthly mortgage payments will work out to less than forty percent of what you earn.
  • You will be occupying the property,  and it’s not regarded as a cottage or farmland.

How to Apply for an IntelliMortgage Loan

After meeting all the eligibility requirements, follow these steps to start your loan application.

Step 1: Go to the firm’s website and click the ‘Find My Rate’ button. You will be safely redirected to the online application process.

Step 2: Enter your criteria where needed and choose the option that works best for you. 

Step 3: Click “Apply Now,” and it’ll direct you to the online application page, where you will provide your personal information like name, email address, proof of ID, and other necessary documents.

Step 4: Review your application, and submit it.

Step 5: Get verified and negotiate your mortgage terms with intelliMortgage.

Frequently Asked Questions

What is IntelliMortgage?

IntelliMortgage is an online Canadian mortgage broker that allows prospective home buyers and mortgage borrowers to compare rates across several lenders on a portal.

Is it better to use a mortgage broker or go direct?

The decision of whether to go through a mortgage broker or a direct lender lies with the consumer. 
To make it easier, you can call both to compare their mortgage rates and then judge which option is better. If you don’t want to go through the stress of contacting different banks, mortgage brokers are a better choice. 

Can a mortgage broker get a better deal?

Using a mortgage broker will probably save you money. Mortgage brokers have access to thousands of lenders and can find you the best deals out of the varieties.

Some mortgage brokers are linked to specific lenders, and they can help you negotiate an exclusive deal. Overall, you are likely to get better rates with a mortgage broker than without.

Is it worth refinancing for 1 percent?

Yes, refinancing for a 1 percent lower rate is worth it. One percent is a valuable rate drop, and it will lead to significant monthly savings. For example, if you drop your rate 1 percent from 3.70% to 2.70%, you can save up to $250 monthly on a $250,000 loan.

Does refinancing hurt your credit?

Refinancing is basically replacing a current loan with another of virtually the same amount. So, even though taking on a new debt should cause your credit score to dip, refinancing will only have a little effect on your credit score.

Bottom line

Homeownership is the average Canadian dream, but it comes with significant monthly expenses in mortgage payments. However, getting the lowest rates possible can lower your monthly payments considerably and allow you to pay off your mortgage faster. 

This is where intelliMortgage comes in. They allow you compare rates from a wide array of lenders at no cost so you can pick the best one. They also work with dedicated experts who’ll get you the best deal on your mortgage. 

Your mortgage is a part of your personal finance and life, so you have to do your due diligence and read the fine prints to get the best deal. Personal finance can be confusing but we are here to help you navigate this journey easily by making accessible all the resources you need.

RELATED -> Homewise Mortgage Reviews: Get Canada’s Best Interest Rates Online


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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