Last Updated on January 7, 2022 by Yetty Akindele
Generally, for most of us, becoming a homeowner is one of the biggest financial investments we might have to make. As such, we are on the lookout for the best mortgage rates and any means to save maximally. Homewise a modern digital mortgage solution is a platform available to Canadians to make your dream of becoming a homeowner a seamless one.
Maximum savings is not only achievable for new homeowners. You can avail yourself of cost savings opportunities if you already own a home. This can be through refinancing as a way to get you better mortgage rates.
Homewise is one of the best platforms available in Canada to help you save on your mortgage. It doesn’t matter what your situation is- purchase approval, approval, refinance or switch.
Homewise gets you the best mortgage rates by comparing rates across over 30 lenders. I particularly like the fact that as a client, you get a personal Homewise advisor who will help ensure your home purchase approval goes smoothly. These advisors provide you with unbiased advice while ensuring that you get a mortgage solution tailored to your specific needs. Just as is with all the other great features you enjoy with Homewise, getting a personal advisor is completely free!
Being a modern digital mortgage solution, you can avail yourself of the service of Homewise from your couch 24/7. You do not need to be present in a physical office. Ways to make use of Homewise services are; online, by phone, or in text. Talk about a hassle-free process that will not cost you any additional money.
What is Homewise?
Homewise is a modern digital mortgage solution with the sole aim to simplify mortgage processes for both first-time homebuyers, as well as existing homeowners looking to refinance or switch.
Established in 2018 by Jesse Abrams and Carlos Medeiros. Since its inception, they have successfully closed mortgages totaling over $2.6 billion. This is quite impressive especially when you also consider the average rating of 4.7 on Google reviews.
Homewise services are offered across all Canadian provinces except for Quebec. In the last few years, there has been an increase in the popularity of online mortgage brokers in Canada. This can be attributed to the ease a single online mortgage application offers.
Using a combination of interactive technology and excellent customer service Homewise is able to deliver the best custom-made mortgage rates to you. You only need to fill an online application form that literally takes 5 minutes to complete and submit. The technology on this platform works by comparing rates across 30+ lenders to bring you the best. It’s amazing how much time (and headaches) you can save as opposed to visiting a traditional Mortgage broker.
- A comparison of rates from over 30 lenders to bring you the best
- An ultra modern digital platform with an easy to use interface
- Fast, online application available 24/7
- No credit check– the platform has bank level security and does not pull your credit during application.
- Dedicated Homewise advisors to guide you in your mortgage shopping experience
- Options for prospective home buyers with low credit
- Options for prospective home buyers who are new Canadians via private mortgages
- Service available for pre-purchase, approval, refinancing or those who want to switch
- Reliable and transparent mortgage shopping experience over traditional mortgage brokers and banks
- Digital calculators- mortgage, closing costs and affordability calculators to help you in research while preparing to buy your home.
What Lenders Are Available on Homewise?
Homewise has partnered with some of Canada’s financial giants. Some of which are listed below;
- Equitable Bank
- TD Canada
- First National
- Home Trust
- Canadian Western Bank
- WealthOne Bank of Canada and many others
How Homewise Works
To get started, fill out the online application form by visiting Homewise. Click on ‘Get Your Mortgage’. Follow the series of steps which include;
- Choose the type of mortgage you want
- Choose how soon you are looking to buy
- Indicate the following; if it is your first home to purchase, where you are looking to buy, the anticipated price of your home and down payment, for what purpose you will use the home, and type of property
- Give information regarding your bio data, current financial position and employment.
At any time during your mortgage approval process, you can get in touch with support (your dedicated advisor) via phone or email if you have any questions or concerns.
Following your submission of the online form, your mortgage approval or pre-approval occurs within 48 to 72 hours. You should also note that lenders usually require certain documents such as;
- Photo ID
- Proof of employment
- Pay stubs
- Bank statement
- T4, Notice of Assessment or Tax Return
Other documents which you need to provide before funds are released will be communicated to you.
What Does It Cost To Use Homewise?
It is completely free to use the services of Homewise. Homewise makes its money by being paid a commission directly by lenders upon the closing of a mortgage
Pros of Using Homewise
Below are some of the key reasons you should use Homewise;
Free Mortgage Service
What do you stand to lose when Homewise service is free? As a matter of fact, you stand to gain more in terms of the best rates. Homewise is compensated directly by lenders when a mortgage closes. Since Homewise is a fully digital mortgage service provider, they have a lower overhead which allows them to offer you the best rates.
Best Mortgage Rates
By comparing rates from over 30 lenders, Homewise is a great platform to get the best mortgage rates. You do not need to visit the individual websites of each lender.
Save Money Now, and Over time
Undoubtedly, a low mortgage rate will save you money now and potentially over several years. It’s a case of a drop of water makes a mighty ocean. This is what Homewise aims to help you achieve. They have stated on their website that
Save Time & Effort
Save on time which you will otherwise spend manually visiting each lender or having to use the services of a Mortgage Broker. Homewise service is available 24/7 and you can access it from the comfort of your home. It takes just 5 minutes to fill the online application form. You also get the best rates from over 30 lenders.
Dedicated Mortgage Advisor
Honestly, what can be better than having a guide to see you through all the technicalities associated with getting a mortgage? Perhaps the fact that you are getting this service for free? Homewise assigns you a Mortgage advisor with industry expertise. This will help ensure a hassle-free mortgage experience.
The website has good educational content regarding mortgages. The mortgage calculators present on the website are also useful to help you make appropriate budget plans.
Downsides to Using Homewise
- Rates are not immediately available. You might have to wait up to 72 hours in order for you to get the rates
- Being a fully digital mortgage solution, there is no face-to-face interaction with lenders/mortgage brokers
How Does It Compare?
Online mortgage platforms are relatively new in Canada, even though they are steadily gaining popularity. This free mortgage rate comparison service provided by Homewise is also being provided by a few other platforms. Two notable ones being intelliMortgage and Breezeful.
However, the key difference amongst these platforms is in the lenders with which they have partnered. You might want to compare the different lenders available on each platform to find one that suits you best.
Is Homewise Legit?
Yes, Homewise is a legit company established in 2018. Their head office is located at 609 Marlee Avenue, North York, in Ontario. It is a Mortgage Brokerage licensed in Ontario, British Columbia, Manitoba, and Alberta. It can also carry out mortgage brokerages in Saskatchewan, Newfoundland and Labrador, Nova Scotia, and New Brunswick.
Is My Information Secured on Homewise?
To conclude, buying a home is a huge financial investment. Making use of the free mortgage service of digital platforms such as Homewise could help you save thousands on the cost of your home purchase.
Additionally, with a single online application, rates from over 30 lenders are compared. Homewise will help you save on the time it will otherwise cost you to visit each lender.