With housing being one of the most significant monthly expenses for every household, it’s no wonder that everyone tries to land the lowest possible rates for their real estate loans.  

However, in Canada alone, about 4.9 million homeowners are still working hard to pay off their mortgages. Experts recommend that mortgage expenses should only make up about 30%-32% of one’s income.

Thankfully, this is where brokerage services like CanWise Financial come into play.

In this CanWise Financial Review, we will help you understand what CanWise Financial is to help you determine whether or not it’s the optimal option for you.

CanWise Financial – The Three-Time Canadian Mortgage Broker of the Year

CanWise Financial is a well-established online mortgage brokerage that helps Canadians find competitive mortgage rates from a network of lenders.

It was founded in 2014 and is owned by Ratehub Inc., a popular Canadian comparison platform for financial products. Over the years, CanWise has funded over $15 billion in mortgages and has earned a strong reputation for transparency, customer service, and low rates.

In 2021, CanWise officially rebranded under the Ratehub name, and as of today, CanWise mortgage services are offered directly through Ratehub.ca. Despite the rebranding, the company’s core offering and expertise remain the same.

Services and Products Offered

CanWise Financial offers a wide range of mortgage products and services to cater to the needs of various borrowers. As an online mortgage brokerage, CanWise Financial works with a decent selection of lenders, including banks and other financial institutions, to offer highly competitive rates to its customers.

Whether you are a first-time homebuyer, looking to refinance, or renew your mortgage, CanWise Financial can provide you with the right advice and assistance. The following are some of the services and products offered by CanWise Financial:

Mortgage Products

CanWise Financial offers a range of mortgage products, including fixed-rate, variable-rate, and hybrid mortgages. Fixed-rate mortgages are ideal for those who prefer a predictable payment schedule, while variable-rate mortgages are suitable for those who are comfortable with a fluctuating interest rate.

Hybrid mortgages, on the other hand, offer the best of both worlds, with a fixed rate for a certain period, followed by a variable rate for the remaining term.

Mortgage Rates

CanWise Financial works with a variety of lenders to offer highly competitive mortgage rates to its customers. Whether you are looking for a first mortgage, renewal, or refinancing, CanWise Financial can help you find the best mortgage rates available.

Pre-Approval

CanWise Financial offers pre-approval services to help you determine how much you can afford to spend on a home. By getting pre-approved, you can also lock in a mortgage rate for up to 120 days, giving you the peace of mind of knowing what your mortgage payments will be.

Mortgage Renewal

If your mortgage is up for renewal, CanWise can help you find the best mortgage rates available. By working with a variety of lenders, CanWise can help you negotiate a better rate and save you money on your mortgage payments.

Refinancing

If you are looking to refinance your mortgage, CanWise Financial can help you find the best mortgage rates available. By refinancing your mortgage, you can lower your monthly payments, reduce your interest rate, or access the equity in your home.

Mortgage Specialists

CanWise Financial has a team of mortgage specialists who can provide you with the right advice and assistance throughout the mortgage process.

CanWise Financial Website Overview

Although the mortgage rate is probably the most crucial factor to consider when applying for a loan, there are other factors that you should take into account as well.

Factors like your preferred mortgage term, as well as your preferred mortgage variability, are good examples to think over. Also, if you are a property investor already paying off a few other properties, you may find it hard to get a decent mortgage product.

CanWise offers a wide variety of mortgage products and serves a consumer pool that’s far broader than that of banks. On the CanWise website, the three features/tabs that might be of value to you are the rates, calculators, and mortgages.

1. Rates

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As you can see in the photo above, CanWise allows you to explore a wide range of fixed and variable mortgage rates in everyday terms and limited terms. You can access more information about them when you click on any of these rates.

However, please take note that it’s always possible that you won’t get these rates or the rates that you truly want. As with any lender, the final rate you land on will depend on your credit score and history.

2. Calculators

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Calculators are a relatively common feature when it comes to online mortgage brokerages. They help you figure out your options and get a comprehensive picture of your potential financial debt when you take on a mortgage.

CanWise uses the following calculators to assist you:

• Mortgage affordability
• Mortgage payment
• CMHC mortgage insurance
• Land transfer tax

3. Mortgages

This feature on the CanWise website is where you’ll find a range of mortgage products that the Canadian online mortgage brokerage offers.

There are a total of 13 products, and each of them suits a different type of borrower:

1. Purchase: This is the most common type of mortgage and is ideal for homebuyers who have a decent income source, a good credit score, and enough money saved up for a down payment. Practically all mortgage lenders and brokers offer this product. The CanWise advantage here, however, is that they promise to help you find the best mortgage rate and negotiate on your behalf.
2. Pre-approval: Pre-approval is another buyer-centric product that allows potential home buyers to negotiate property prices. Pre-approved buyers are always taken seriously in the real estate market because they rarely “window-shop” and are usually in the market to find and close the right property.
3. Refinance: Refinancing can be tricky. Not only do you have to find a low enough interest rate that would justify the potential cost of refinancing, but you also have to run a cost-benefit analysis to ensure that it would be the right choice in the long term. CanWise can help you in this by finding the right refinancing option for you and helping you decide whether refinancing is a good option.
4. Renewal: Renewing your mortgage under different terms is a regular part of the process, and CanWise promises you the best possible rates from a wide bouquet of mortgage lenders. 
5. Home Equity Line of Credit (HELOC): Most HELOCs are straightforward because most lenders go to their primary mortgage lender for HELOC. But it might be possible to obtain HELOC from a different lender. If this is what you’re going for, CanWise can help you with some options. They may also be able to get you better rates and return terms.
6. Divorce: Divorce can be a messy financial business, especially if it involves a mortgage that you both are paying. CanWise promises to help you with untangling your mortgage out of the divorce.
7. Purchase Plus Improvement: Banks and traditional lenders don’t see fixer-uppers as viable properties, especially when they have to pay for the improvements. But, that’s where non-traditional lenders like CanWise and some of its partners shine.
8. Investment Property: It’s difficult for investors to find good-term loans when they already have a few properties on their tab. If you’re one of them, CanWise can also help you find lenders who don’t mind lending you money even if you have multiple investment properties.
9. Vacation and Second Homes: Most lenders see vacations and second homes as risky investments. So, if that’s what you are looking for, contacting services with access to multiple lenders—such as CanWise—can ease the process of finding one that might be the right fit for you.
10. New to Canada: CanWise promises to help newcomers with little to no credit history find the right mortgage.
11. First-Time Home Buyer: This mortgage product overlaps with the purchase one, albeit it has certain benefits that CanWise can help you take advantage of.
12. Business for Self: Self-employed individuals have fluctuating incomes and inconsistent credit history, making them potentially risky investments for some lenders. With CanWise, freelancers and self-employed individuals can connect with lenders who might have mortgage deals specific to their situations.
13. Bad Credit: Finding the best mortgage rates when you have a bad credit history can be nearly impossible. Instead of going through lenders one by one, working through a brokerage service like CanWise can be less time-consuming (and less soul-crushing).

To sum it up, CanWise offers a wide variety of mortgage products and options to a broader array of potential property buyers than traditional lenders tend to do in their capacity as an intermediary.

Partnerships and Associations

CanWise Financial has established partnerships with several entities in the Canadian mortgage industry to provide better services to its clients. Here are some of the notable partnerships and associations:

Ratehub

CanWise Financial is owned and operated by Ratehub Inc., a leading online financial comparison website. Ratehub offers a range of financial services, including mortgage brokerage, credit card comparison, insurance, and investing. As a subsidiary of Ratehub, CanWise Financial benefits from Ratehub’s extensive network of lenders and competitive rates.

CMHC

The Canada Mortgage and Housing Corporation (CMHC) is a federal crown corporation that provides mortgage insurance to Canadian homebuyers. CMHC-approved lenders are authorized to offer mortgage loans insured by CMHC. CanWise Financial is a CMHC-approved lender, which means that it meets CMHC’s standards for financial stability and mortgage expertise.

MCAP

MCAP is a leading Canadian mortgage lender that provides a range of mortgage products and services to its clients. CanWise Financial has partnered with MCAP to offer its clients access to MCAP’s mortgage products and services. MCAP’s products include fixed-rate and variable-rate mortgages, home equity loans, and lines of credit.

Awards and Recognitions

CanWise Financial has been recognized for its outstanding services and commitment to its clients. The company has won several awards, including the Best Newcomer, Mortgage Broker Firm at the Canadian Mortgage Awards in 2017.

This award recognizes the best mortgage broker firm that has been in business for less than five years. CanWise Financial stood out among its competitors due to its exceptional customer service, innovative mortgage products, and overall success in the industry.

Leadership Team

CanWise Financial has a strong leadership team that brings a wealth of experience and expertise to the table. The team is led by Mike Bricknell, who serves as the President of CanWise Financial. Bricknell has over 25 years of experience in the financial services industry and has held senior positions at several leading financial institutions. He is responsible for the overall strategy and direction of the company.

The Vice President of Mortgage Operations is Ahjaz Mussa. Mussa has over 15 years of experience in the mortgage industry and is responsible for overseeing the day-to-day operations of CanWise Financial’s mortgage business. He works closely with the company’s mortgage agents to ensure that clients receive the highest level of service and support.

Khursheed Ahmed is the Vice President of Real Estate Secured Lending at CanWise Financial. Ahmed has over 20 years of experience in the financial services industry and is responsible for managing the company’s lending portfolio. He works closely with the company’s mortgage agents to ensure that clients receive the best possible loan products and terms.

Brian Sloman is a Mortgage Agent at CanWise Financial. Sloman has over 10 years of experience in the mortgage industry and is responsible for helping clients find the best mortgage products and terms to meet their needs. He works closely with clients to understand their financial goals and objectives and provides personalized advice and guidance.

Canwise Customer Reviews

Customer reviews for CanWise (now operating as Ratehub Mortgages) remain overwhelmingly positive. On Google, the mortgage services team under Ratehub maintains a strong 4.9 out of 5 rating, with over 2,500 reviews from satisfied clients.

Customers frequently highlight excellent customer service, personalized guidance, and smooth application processes. Ratehub’s platform has also won praise for offering transparency in rates and fees.

While occasional mixed experiences appear on platforms like Reddit or Yelp, the overall sentiment is strongly positive, with most users confirming that they received lower rates than offered by traditional banks.

Is Ratehub Mortgages (formerly CanWise Financial) Safe and Legit?

Yes, Ratehub Mortgages (formerly CanWise Financial) is safe and legitimate. It is CMHC-approved and operates under Ratehub Inc., a well-established and respected name in the Canadian financial services industry.

As a broker, it earns commissions from lenders, not from clients, meaning there are no direct fees for using their service. The company has a strong reputation for transparency and customer satisfaction, backed by thousands of positive online reviews and multiple industry awards.

Ratehub Mortgages Alternatives and Competitors

If Ratehub Mortgages (formerly CanWise Financial) doesn’t suit your needs, here are a few reputable alternatives to consider:

1. nesto
   nesto is a digital mortgage brokerage offering low rates and fast online approvals. It provides a fully transparent digital platform and claims to offer “no-commission” advice by paying their mortgage advisors a salary rather than a commission. It’s a good choice for those who want a streamlined, no-pressure experience.
2. Pine
   Pine is a newer online mortgage provider that offers competitive rates, an entirely digital process, and excellent customer service. While not as established as Ratehub, Pine is growing quickly and known for simplicity and speed.
3. Homewise
   Homewise works similarly to Ratehub, helping users find competitive mortgage rates by shopping across multiple lenders. It’s known for user-friendly tools and a more personalized experience that caters to unique borrower profiles, including self-employed individuals and first-time buyers.

Conclusion

Finding the ideal mortgage product, especially if you don’t have the perfect lender profile, can be challenging. It takes up a lot of time and effort to go through lenders one by one, so people prefer to go with brokerages.

When it comes to online mortgage brokerages, CanWise outshines the competition by a significant margin in terms of the number of loans processed and the number of consumers it has helped.

They also have a strong national presence and seem to be trusted by many consumers.

FAQs About CanWise Financial (Ratehub Mortgages)

Is CanWise Financial the same as Ratehub Mortgages?
Yes, CanWise Financial was rebranded as Ratehub Mortgages. It continues to operate with the same team and offers the same range of mortgage products under the Ratehub brand.

Is CanWise/Ratehub Mortgages a direct lender or a broker?
It operates as a mortgage brokerage. This means it shops across multiple lenders to help you find the best available mortgage rates and products based on your financial profile.

How does CanWise/Ratehub Mortgages make money?
They earn a commission from lenders when a mortgage is successfully funded. There is no direct cost to the borrower for using their service.

Can I use CanWise/Ratehub Mortgages if I have bad credit?
Yes, Ratehub Mortgages works with a range of lenders, including some that offer products to borrowers with less-than-perfect credit. They can help you find the most suitable lender based on your situation.

Is the process fully online?
Yes, the mortgage application and approval process is designed to be completed entirely online, making it convenient and accessible from anywhere in Canada.

What provinces is Ratehub Mortgages available in?
Ratehub Mortgages is licensed and operates in all Canadian provinces and territories except for Quebec.