Finding the best mortgage rate, especially as a first-time home buyer, can be challenging in Canada. The price of homeownership is continuously on the rise because of higher prices.
Not having access to a wide range of suitable mortgage loan products makes the process even more difficult.
Homewise is a digital mortgage service that claims that it can save you thousands of dollars on your mortgage.
It is a free service that lets you get unbiased assistance in finding a home loan, provides you with information that can help you make a better investment decision, and negotiates the best rates from lenders for you.
My Homewise review can help you find out everything about this digital mortgage solutions provider, what it offers, and the benefits to help you determine whether it is worth using.
Digital Mortgage Solution
Homewise is an interesting tech solution to the age-old problem of finding a suitable mortgage loan for Canadians.
Pros of Homewise
- You get free education on mortgage-related topics through the platform
- A genuinely free-to-use service.
- Exceptional customer service.
- Wide range of free resources.
- Makes suitable finding mortgages easier and quicker.
Cons of Homewise
- Homewise does not offer its services in Quebec at the time.
- You can’t view the rates offered by lenders until after submitting an application.
What is Homewise?
Homewise is a modern online mortgage platform created to make the process of finding and getting the most suitable mortgage loan product faster and more convenient for first-time home buyers. Even experienced homebuyers will find the process faster because of the wealth of information available through Homewise.
Founded in 2018 by Carlos Medeiros and Jesse Abrams, Homewise has become quite successful in a relatively short time. Canadians have used the platform to obtain mortgages that are more than $3.65 billion and growing.
The company provides you with direct and brokered mortgage services throughout Canada, with the exception of Quebec. Currently, it only co-brokers mortgages in Quebec.
Features and benefits of Homewise
Homewise is a fantastic mortgage platform suitable for first-time and experienced home buyers in Canada. Sites like Homewise have made it easier to find the best rates by finding you the most relevant products to narrow down your options, all without leaving the comfort of your home.
You do not need to visit several locations, talk to different people, or haggle for better rates. You can go to Homewise’s website, fill in a short application form that takes less than five minutes, upload the relevant documents, and decide on the options hand-picked by Homewise’s in-house experts based on your requirements.
Homewise works with several top lenders that include banks, credit unions, and private lenders. It can offer you mortgage loan products with features that match your needs and help you secure competitive rates by dealing with the vendors for you.
Ideal mortgage rates
With several of the top lenders partnering with Homewise, the platform can offer you access to some of the best mortgage rates available whenever you are shopping for mortgage loans. Instead of approaching each lender individually, you get all of the lenders on one platform.
Save thousands of dollars
A low mortgage rate can save you money in both the short- and long-term. Homewise can find you mortgage rates that are competitively priced and help you shave off basis points from your approved mortgage rate to help you save thousands of dollars over a five-year term. The company itself claims that its goal is to help clients save up to $20,000 on average through its service.
Free of cost mortgage service
The service is entirely free because the business is compensated directly by its lenders when you close mortgages. The company offers its lenders a better rate than traditional mortgage brokers, allowing it to attract banks and lenders, and affording you a free-of-cost service.
Excellent customer service
Homewise is not a mere mortgage brokerage. The comprehensive digital mortgage solutions provider also offers you expert help. Signing up with the service entitles you to support through Homewise’s in-house mortgage experts dedicated to offer you support. You can reach out to them through chat, phone, or email to discuss your options and ask any queries. You get unbiased advice on the best rates, regardless of the lender.
In addition to helping you through great customer support, Homewise is a complete platform that is full of information about the process to purchase homes. You also get access to a blog packed with information and the latest news regarding mortgage rates in Canada, along with mortgage calculators to help you make the most well-informed decision.
Is Homewise Safe and Legit?
While it may sound too good to be true for some people, Homewise is a legitimate business. It has been operating since 2018 and garnered a good reputation for itself. Based in North York, Ontario, it is licensed as a mortgage broker in Ontario, British Columbia, Manitoba, and Alberta, along with brokering mortgages in other locations throughout Canada except Quebec.
I’ve tried to include as much information regarding the mortgage solutions provider in my Homewise review so far. But here are some of the most commonly asked questions people have regarding the platform that might cover anything else.
Q. How can Homewise help me save thousands of dollars on my mortgage?
A. Homewise helps you save thousands of dollars on your mortgage by a careful selection of lenders and partners for its marketplace. The broker effectively has a wide range of options available, and it can pair each client with the best possible deals for them.
Homewise finds the best deals for you by asking you a series of questions to determine the products that can offer you better value for money in the long run based on your circumstances, saving you a significant amount in interest payments.
Q. How does Homewise make money if its services are free?
A. Homewise is a completely free service for its users. It might sound too good to be true for you, but it actually does all the work it does for you without charging you a cent. Of course, Homewise needs to make money like any other business. The company accomplishes that by getting paid by mortgage lenders when you close the deal with them.
Homewise only gets paid once you get your mortgage. It means that their business model also motivates Homewise to try and find you the best service and mortgage possible so they can generate revenue.
Q. Should I just go directly to my bank to get a mortgage?
A. Many people go to their banks to get a mortgage in hopes of getting a good deal for being loyal to their bank. Unfortunately, financial institutions offer limited mortgage products, while Homewise provides you with a much wider range of options, matching you with products that are hand-picked for your needs.
Q. Is there a fee for pulling my credit score?
A. There’s no fee that you incur for pulling your credit score because Homewise covers the cost for you.
Q. I’m self-employed. Can Homewise help me secure a good mortgage?
A. Homewise works with several lenders offering different types of loan products. The provider can find you products that can suit your unique requirements, including a commission based salary.
Homewise Alternatives and Competitors
Finding mortgages that give you good rates and suitable terms and features used to be very challenging until brokers like Homewise came along because typical brokerages could only help so much. Homewise is one of the best in the business, but there are a few alternatives that are worth considering.
intelliMortgage vs Homewise
intelliMortgage is another atypical mortgage broker that can help you compare all mainstream mortgage lenders simultaneously to find the best deal for you. Like Homewise, it makes finding a good mortgage for your home convenient and quicker. It has a 5-star Google Review rating and has been around longer than Homewise, created by a mortgage expert with a good reputation in Canada.
Ratehub vs Homewise
Ratehub has also been around longer than Homewise, offering a similar service. Unlike Homewise, Ratehub is a broader financial comparison platform by providing its clients with tools, advice, and the best rates in the market to help them make smarter financial decisions – including mortgage rates.
RateSpy vs Homewise
RateSpy is another leading provider in Canada for mortgage-related news, rate comparisons, and interest rate analysis to help its clients find the best deals.
It monitors all the top mortgage lenders in Canada that advertise mortgage pricing, trust companies, wholesale lenders, and online brokers to find you the best rates. It is a mortgage-focused product by Kanetix Ltd., the largest online insurance and financial comparison company in Canada.
Investing in buying a home is a significant milestone that many Canadians hope to achieve. It is unfortunate that homeownership costs continue to rise.
As home prices keep increasing, it is becoming increasingly challenging to find mortgage products that can match your needs while providing you with favourable features. Many Canadians don’t even have the right information about mortgages.
Homewise comes in to resolve that problem. It is one of the best platforms I’ve come across when it comes to mortgage-related concerns because it addresses all of those issues.
I would highly recommend checking it out Homewise to see if it works for you.