Last Updated on August 4, 2021 by Yetty Akindele
Buying a house is one of the major financial decisions you will most likely make. As with making any financial decision, it should be well thought out and savings maximized as much as possible. This is especially true if like most people, you don’t have the financial ability to pay the huge costs of home purchase out-of-pocket.
With Mortgage rates currently at a historic down low, this might be the best time for you to buy a house subject to other conditions such as you having an adequate down payment as well as a consistent means of income.
Similarly, if you already own a house you might be looking to refinance and get yourself the current best rates thereby saving you thousands of money. Luckily, Breezeful, an online mortgage broker is here to simplify the process and help you get the best rates—fast.
Considering the current social distancing measures put in place across the World due to COVID-19, it might be challenging for you to physically visit multiple banks or lenders for you to get the best rate.
Likewise, it can be time consuming having to use a Mortgage broker agent. There is also the possibility of a conflict of interest arising. All of these could make the process of achieving your dream of owning a home seem difficult.
However, fully digital mortgage brokerage platforms like Breezeful simplify this process in an efficient manner. This post is a detailed review of Breezeful as a digital mortgage broker that helps you get the best rates for financing your home within minutes!
Before I delve further, let me define a couple of terms associated with mortgage brokerage;
Bank Mortgage Agent
These are agents that typically work for one bank to give advice on that bank’s mortgage rates. This means that there is a limitation to this type of broker. They can only provide rates and products offered by that bank. As a result, a conflict of interest is an inherent possibility with Bank Mortgage agents.
It should be noted that sometimes, although rarely an agent might work for multiple banks. However, they can only provide other banks rates and products to clients only after meeting their set targets at their main Bank.
There are 3 main criteria for the payments of Bank Mortgage Agents;
- The mortgage term length
- The mortgage size
- The discount (if any) given to you
Bank mortgage agents earn higher the longer your term is, and the higher your interest rate.
Mortgage Broker
These are traditional mortgage agents. They are independent mortgage advisors working for no particular bank or lender. Mortgage brokers are professionals that help you search for different lender rates.
They are not paid salaries and earning is by way of a fee also known as a ‘finders fee’. The fee is not paid by you, but by the financial institution that you eventually sign the mortgage term with.
Related: How to buy a House from your RRSP
Mortgage brokers can get you the cheapest rates available since they do not represent one brand. They have access to a wide range of lenders such as banks, credit unions, and other financial institutions. This is therefore a huge positive for the services of Mortgage brokers when it comes to getting the best rates.
Breezeful
An online mortgage broker that helps you compare over 30 lenders to get you the best rate without delay. You do not need to visit different banks or lenders for the best rates. Similarly, it saves you the stress and time involved with consulting a traditional Mortgage broker.
Breezeful, is a fully digital platform that uses an interactive interface. This asks you a series of questions serving as a means of customization to get you the best rates available tailored to your requirements.
Additionally, the technology used on this platform is fueled by mortgage professionals. Hence, you are guaranteed the best experience in your quest for the lowest mortgage rates.
When I looked up the Breezeful platform, what struck me first was the user-friendly interface making navigation of the website so easy. On this platform, you are able to easily apply for your mortgage after getting the best rate from over 30 lenders. Additionally, you can track your mortgage approval in real-time, all from within your comfort zone!
It is noteworthy to state that the rates and loan amount provided by Breezeful are estimates based on the information provided and subject to change upon document appraisal, and lender review. You should note that this pre-qualification should not be considered as a pre-approval.
A Brief Intro
Breezeful is a platform launched in January of 2020. It is the brainchild of Ade Labinjo and Anthony De Guzman with its headquarters based in Toronto, Ontario. Breezeful is backed by Y Combinator, a company that invests in start-ups by providing seed capital needed.
This is the same company that has provided financial funding for companies like Instacart, DoorDash, and Airbnb. Similarly, GoAhead Ventures, a Silicon Valley based early-stage venture capital fund, also lends its financial investment to Breezeful.
Now Let’s take a look at some of Breezeful’s main features;
Key Highlights
- Get access to competitive rates from 30+ lenders
- Fast online mortgage shopping experience- the platform gives you instant rate quotes in minutes
- Service available in all Canadian provinces
- Requires just 1 credit check– with this platform you avoid the need to check your credit multiple times unlike if you were searching for the best rates yourself from multiple lenders!
- You get a mortgage expert dedicated to you. They will answer any questions you have regarding your mortgage shopping
- Service available for new mortgage plans as well as for existing homeowners who want to refinance.
- Excellent customer service- you get to access an advisor at any time from anywhere via a dedicated text line.
- Being fully digital, you are also guaranteed a faster response time than what you get with Banks.
- Transparent mortgage shopping experience that is also more cost-effective when compared to Banks.
What Lenders Can be Found on Breezeful?
Breezeful works with over 30 lenders to give you the best rate. Here are some of the lenders Breezeful works with;
- Scotiabank
- TD Bank
- Manulife
- EQ Bank
- Duca
- Home trust and many more.
Application Process on Breezeful
Breezeful mortgage shopping process is available for both new home buyers as well as existing home owners who want to refinance their mortgage plan. The application is a straight forward 2-minute process. You can begin by following these steps;
- Start by opening up the application page on Breezeful’s website
- Click on the ‘Apply Now’ button
- Follow the instructions by inputting the answers to questions asked, such as;
- What kind of mortgage help are you looking for?
- Where in the process are you?
- What is the property going to be used for?
- Where is the property located?
- How much down payment do you have?
- What is your estimated credit rating?
- What is the property value?
and a few other relevant questions.
- Give your online consent for Breezeful to pull up your most recent credit report
- A dedicated digital mortgage expert will be assigned to you. This digital mortgage expert will provide advice to you and help find the best rates unique to you.
- Submit the required documents such as; Paystub, Photo ID, Job verification letter, etc.
- Arrive at an agreement and decide if you want to proceed. You can also schedule a phone appointment to speak with one of Breezeful’s mortgage experts if you so desire. If you do proceed, you then get either a formal pre-approval or approval of your financing from one of Breezeful’s lending partners.
How Much does Breezeful Charge?
It is completely free to use Breezeful. This might make you wonder if there are any hidden fees. Like I stated earlier, Breezeful offers transparent shopping experience with no hidden fees.
The platform makes money like traditional mortgage brokers. They earn a fee from the banks or lenders for every successful mortgage application carried out on the platform. This is at no extra cost to you.
Geographical Regions of Service
Breezeful’s services are currently accessible across all Provinces in Canada. It is also available in the US.
Related: How to know the value of your home in Canada
Conclusion
To sum it all up, without a doubt there is a huge benefit to using an online mortgage broker like Breezeful. This is even more true considering the current situation of social distancing.
Additionally, you get the benefit associated with traditional mortgage brokers in terms of comparison of a wide network of lenders. This ensures that you get the best rates possible.
As a bonus, since Breezeful is fully online, you get these best rates fast, at any time, and anywhere. You just need an internet-enabled device! It is my hope that you can make the best financial decision for your mortgage or refinancing by using Breezeful.