IntelliMortgage Review: Canada’s Best Online Broker?

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Last Updated on February 2, 2021 by Yetty Akindele

intellimortgage is a Canadian online mortgage broker and the first of quite a few that boasts of giving Canadians the best and lowest mortgage rates available.

Buying property is not an easy task! If you’ve finally saved enough down payment money to buy a home at your ideal location, there are some hurdles to cross. Owning real estate sounds simple.

However, it can pose a complex process with multiple lengthy procedures. For instance, finding satisfactory mortgage rates are often complicated. 

Luckily, you can say goodbye to all your worries regarding the “what’s” and “how’s” of purchasing real estate in Canada, because online mortgage brokers are here to help.

An Online mortgage broker platform saves your time by finding you the best deals and purchases, usually through rate comparison software available on their websites. They are usually well connected to top lenders in the mortgage market.

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Who Is A Mortgage Broker, And What Does He Do? 

A mortgage broker is a person that either buys or sells properties for people or acts as an intermediary between lenders and borrowers. A broker’s job is to negotiate and finalize the best deals between potential buyers and sellers.

Additionally, a mortgage broker helps in collecting essential information from the borrower and providing the best loan options that meet the borrower’s needs. 

Related: How To buy a house from your RRSP

What are Online Mortgage Brokers?

Online mortgage brokers essentially do all of the functions of an actual human mortgage broker, in a similar vein to Robo advisors as opposed to Financial advisors when it comes to investing in the stock market.

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Online brokers offer a more hands-on DIY approach to getting the best mortgage rates in the market. They do this at a minimal fee compared to traditional brokers. There is usually no fee for closing a mortgage as it bypasses the middleman.

Well then, what the heck is intelliMortgage?

Not long ago, you would have to head to the bank or credit unions to get mortgage advice. The disadvantages with these options are first, there was no way to compare rates from multiple lenders. Secondly, the rates offered by them were not good.

Moreover, negotiation deals mainly depended upon your own skills, and anyone lacking knowledge about mortgages suffered. The age of the internet has made everything much more manageable. You can get the best broker services in a matter of minutes while sitting comfortably in your chair. Many platforms online offer mortgage services. In Canada, IntelliMortgage is an excellent example of an online mortgage broker.

Canada’s First Rate Comparison Site?

IntelliMortgage is Canada’s premium online broker, perhaps the best. It is Canada’s first-rate comparison site co-founded by the famous Canadian mortgage expert, Rob McLister, and his wife, Melanie.

It aims to provide the best rates and make payments of mortgage easy for Canadians. Intellimortgage as an online broker is loved by many because it is available to every resident regardless of where they reside in the country. 

How Does Intellimortgage Work?

IntelliMortgage provides you a platform to compare mortgage rates from a large number of lenders online. You are able to do this by using their mortgage builder.

There are different lenders and multiple finance options. All you have to do is select the option that suits you best and falls within your budget and then submit an application.

This site does not function as a direct lender and helps you determine the ideal mortgage value by providing rate comparisons. 

Related: How To buy a house from your RRSP

Steps For Applying At Intellimortgage

IntelliMortgage as an online broker has made everything easy through an online application system. The application process has three simple steps;

  1. Comparing rates and terms
  2. Applying and
  3. Uploading the documents.

With approvals in as few as 24 to 48 hours! Simple, isn’t it? Here is Intellimortgages ‘mortgage builder’ for a quick rate comparison;

Eligibility Criteria For Application

The eligibility criterion for application includes being at least 18 years of age, a citizen or permanent resident of Canada, and free from debt. The documents required are ID issued by the government, a bank statement, credit report, property information, proof of down payment, and a direct deposit slip. 

Benefits Of Using Intellimortgage Service

IntelliMortgage is an excellent platform for Canadians seeking mortgage services. Using them as your broker service has various benefits, including:

1. It provides the best rates 

This online platform guarantees the best mortgage rates in Canada. Should they fail to do so and you get a lower rate elsewhere, they’ll beat it or pay you $500 cash when your intelliMortgage closes.

2. High security guarantee

Security is the most crucial factor in online systems. Personal information is always at risk of being exposed, but IntelliMortgage offers high-level security and encryption for personal information. 

3. Easy application process

The application process is extremely easy. You can apply for a loan in no time by following a simple procedure.

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4. Many mortgage types

One of the reasons setting IntelliMortgage a class apart is the presence of the availability of multiple mortgage types. You can apply for different mortgages through a single platform.

5. Expert opinion

IntelliMortgage helps you connect with experts that help you with the mortgage process and give answers to all your queries. They make sure to provide the best service.

6. No-cost service

The best feature of this service is that you don’t have to pay for it. Comparing lenders and determining rates is absolutely free!

7. Many loan options

There are multiple loan options available from various lenders, including credit unions, private providers, and banks. All you have to do is opt for the one that suits you best.

8. More Savings

IntelliMortgage allows you to save a massive amount on your rates. It is the only platform that offers the highest saving amount by way of giving you the best 1% of rates in the market. See below an image excerpt from intellimortgages site showing how much potential savings can be achieved;

9. Mortgage financing is closed on time

Mortgage financing is closed on time if you have provided all your documents. Most importantly, intelliMortgage guarantees to close your purchase financing on time. If they fail to do so, they’ll pay you $500 cash when your intelliMortgage closes.

Similarly, if you’re refinancing, your mortgage will be closed in no more than 18 days, at your option, or they’ll pay your mortgage registration/legal fees.

Things To Look Out For

Despite multiple benefits, there are things you need to look out for while obtaining any service online. Though IntelliMortgage is safe, you need to be aware of the following factors to keep yourself safe from inconvenience, including:

  1. Strict criteria

The criterion of application on IntelliMortgage is strict. If you do not meet the requirements, your request won’t be registered.

  1. Unknown brokers

One of the many problems people face while working with online service is that the brokers are not known.

  1. Lack of Personalization

There is no person-to-person interaction, and everything is online, making understanding terms a bit difficult.

Related: How To buy a house from your RRSP

Customer reviews

Overall, the Canadian public is all praises for IntelliMortgage. One of the reasons this site has gained popularity among Canadians is that it is free of deal closing costs and offers the best services. This site has highly qualified staff members who work hard day and night to make the mortgage process stress-free for their clients. 

The mortgage rates offered by IntelliMortgage are much more reasonable as compared to banks and are competitively priced. The best lenders are assigned to the clients that meet all their needs. Client satisfaction is the priority at IntelliMortgage. Their fantastic service has earned them five stars by most of their clients. 

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Mortgage tips – 15 Questions to ask for the best rates

Determining the best mortgage rate is not simple. With the changing mortgage rules, it is essential to ask specific questions to know your mortgage value in the market. These questions include the following

1. What is the mortgage length? 

The first question to be asked by you is about the length of the mortgage because it majorly impacts your rate.

2. Is the mortgage for residential or commercial purposes?

You have to pay more if you the property is going to be for commercial purposes.

3. Do you have proof of your income?

If you don’t have proof of income, getting the lowest rates is nearly impossible.

4. What is the location of your property?

The location of your property matters a lot. The rates differ by province likewise by city. Rural area real estate typically has a higher mortgage rate despite the properties being cheaper. This is because lenders consider such properties to be high risk. Take, for instance, it is usually difficult to resell real estate in rural areas.

5. What date does it close at?

Knowing the closing date is essential. You’ll have to pay extra for extended date guarantees.

6. Are you comfortable with prepayment and refinance restrictions?

Lenders charge more if you want to prepay or if you’re going to be free from refinancing.

7. Can you handle the penalty?

If you want to end the mortgage contract earlier, you might have to pay an extra penalty. 

8. What is the property type?

The lenders charge more for specific types of properties.

9. Do you require reasonable rates?

Lenders often trick customers with their special offers when they renew. Competitive lenders charge more than the market rate.

10. Are you under any debts?

If you’re under debts, you can consider getting reasonable rates impossible. This is were having an excellent credit score comes to play. The higher your credit score the better your chances of getting the lowest mortgage rates.

According to Loans Canada, the minimum credit score needed to get approved for a mortgage is 640, Lenders stay away from people who have already taken loans.

11. Do you have a pre-approval?

The best rates are not available if you don’t have the property’s address yet. A pre-approval allows you to secure the best mortgage rate while shielding you from possible rate increases due to inflation.

12. What is the ratio of mortgage to the value of your home?

If you qualify as a borrower, the loan value to the value of home plays a significant role in determining the rates you pay. Consequently, If the loan percentage is higher, you’ll have to pay more than the actual market rates.

13. Can you afford the government benchmark rate?

The government’s benchmark rate for insured mortgage eligibility at the time of writing this post is less down 20% downpayment of the value of the house. Having an insured mortgage implies lower interest rates.

Therefore, you will avoid paying higher rates to lenders. On the other hand, in the absence of an insured mortgage, owning a certain percentage of equity can save you.

14. Do you have your mortgage insured?

If you have insured mortgages, they help you save yourself from lenders’ overpricing. 

15. What is the property’s price?

If the purchase price of your property is higher than a million, lenders will charge you more.

Final Thoughts

In conclusion, handling properties can be stringent. Making use of the services of an online mortgage broker such as Intellimortgage could offer as a solution, a stress-free mortgage process. More importantly, online mortgage brokers give convenience at a fast pace. If you haven’t utilized the services of an online broker in the past, make a note to consider it for future real estate investments.

If you’re looking for the best online mortgage broker in Canada, IntelliMortgage has got your back. With easy steps using their mortgage builder, and simple requirements, they connect you with the most suitable lenders in no time.

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