Homewise Mortgage Reviews: 2024 Canada's Best Interest Rates (2024)

It is often not easy buying a home for most people, especially if you are a first-time homebuyer.

This explains why there has been a rise in the number of companies offering mortgage services.

But how do you know the best company to try your “mortgage luck” with? Enter Homewise!

If you’re thinking about buying a home or refinancing your current mortgage, it’s best to consider all of your mortgage options before deciding.

This is a credible review of the Homewise mortgage experience, and it will analyze why you should consider them.

Hop on as I delve deep into everything on Homewise.

Homewise Reviews

From clueless first-time homebuyer to closing the deal: Homewise Mortgage rocks!

As a first-time homebuyer, I had no idea what I was doing. The Homewise mortgage expert was very helpful throughout the process.

They did everything they could to find us the best interest rate and ensured the mortgage close was seamless.

⭐️⭐️⭐️⭐️⭐️, Michelle F.

Twice the experience, half the hassle!

I have had two mortgages through Homewise, and my experience has been excellent both times.

They were able to offer me a better rate than my bank of many years, and the process was much smoother and quicker than I expected.

I would highly recommend Homewise to both first-time homebuyers and anyone looking for a hassle-free mortgage experience.

⭐️⭐️⭐️⭐️⭐️, Daniel A.

What is Homewise?

Homewise is a modern digital mortgage solution that provides mortgage seekers with an online mortgage platform to access and get the best mortgages from different lenders.

They offer mortgages for individuals, families, and businesses looking to buy their first home, or switch or refinance their mortgage.

Homewise is proud to be a Canadian mortgage provider with roots in the community. With them, you get access to excellent customer service from their team of mortgage experts.

How Does Homewise Work?

Pre-approval, Approval, Refinance or Switch?

Homewise negotiate with 30+ lenders so that you don’t have to!
Get started now. Free, only 5 minutes and no credit check.

If it is not obvious already, I’ll like you to know that Homewise offers some of the best mortgage rates in Canada, but how does it work? Let me shed light on how they do what they do!

Homewise Mortgage Steps

1. Apply online in only 5 minutes

To get started with your application for mortgage approval (or pre-approval or refinance or switch), all you need to do is complete an online application form.

And guess what? The online application takes only five minutes to complete, and there is no credit check.

2. Get pre-approved (or approved)

After submitting your application and the required documentation, you will typically receive a pre-approval (or approval) within 48-72 hours.

3. Get the best mortgage rate and feature in the Canadian market

Homewise Canada Mortgage Partners

I mentioned earlier that Homewise partners with Canadian banks and lenders to give you the best mortgage rate.

Some of the 30+ Partners of Homewise are:

• DUCA
• Equitable (EQ) Bank
• Desjardins
• MCAP
• Canadian Western Bank (CWB)
• Home Trust
• First National
• Alterna Savings
• Scotiabank
• TD Bank
• B2B Bank
• CMLS Financial
• Effort Trust
• Haventree Bank
• ICICI Bank
• Lendwise
• Marathon Mortgage Corp.
• MERIX
• NPX
• RMG Mortgages
• Street Capital
• Wealth One
• XMC Mortgage Corporation
• And more!

Why Should You Choose Homewise Mortgage?

Why should you use Homewise? What makes them the best choice for your mortgage approval, mortgage pre-approval, refinance or switch?

There are several reasons Homewise would be the best option for you if you are looking to buy and own a home in Canada. Top on the list are:

1. Best rates

One significant advantage of using Homewise is that they do the “heavy lifting” for you. They match you with the best lender with the best mortgage rate based on your unique circ*mstances.

2. Access to the best customer service

Homewise works for you, not the lenders or banks. They are committed to providing their customers with the best possible experience. From the start of your mortgage application to the closing date and beyond, they’ve got your back!

3. Access to seasoned Canadian mortgage experts

Homewise offers access to seasoned Canadian mortgage experts who know the ins and outs of all things mortgages. Thus, you will have the best minds working on your mortgage and helping you get the best mortgage rate.

That’s what makes Homewise such an attractive proposition.

4. Easy access

5. Free of Cost Mortgage Service with a Wide Range of Free Resources

Homewise receives compensation directly from its lenders once you get your mortgage, with no additional cost to you. This is why the team at Homewise works tirelessly to make sure you get the best mortgage and service possible.

Their platform also contains a wealth of mortgage-related tools and resources that you will find beneficial along the way.

More on Homewise Mortgage

How Long Does the Homewise Application Process Take?

You can complete the online application in 5 minutes. Once you have chosen the type of mortgage you want, chosen a proper home buying timeline, and provided all the other needed details, approval typically occurs within 48-72 hours.

Here are the documents you will need to ensure the application process goes as smoothly as possible.

• Employment Letter
• Photo ID
• Payslips
• Bank Statement
• Tax return or T4 Notice of Assessment

How Much Does the Service Cost?

You will be glad to hear that Homewise services are completely free for users. The lender will compensate Homewise for getting them a client.

How Does Homewise Help Canadians?

The running theme throughout this Homewise review has been the digital nature of the mortgage application process. That tells you that Homewise is at the forefront of harnessing technology to help more Canadians buy homes. All without sacrificing quality customer service!

Also, through Homewise you are able to get a better mortgage than the brokers and banks as they take a lower commission, saving you thousands on your mortgage.

Homewise shop around for you with over 30 banks and lenders, saving borrowers an average of over $10,000*

Downsides of Homewise

There are some downsides to deciding to go with Homewise, but overall, it’s a fantastic modern digital mortgage solution.

First, when applying for a mortgage through Homewise, you will need to complete your online application before seeing your personalized mortgage rates offered by its affiliated lenders.

Also, Homewise does not currently offer its service in Quebec.

Is Homewise the Best Option for Getting the Best Mortgage Interest Rate in Canada?

Homewise makes the mortgage process quick and simple by using world-class technology to help you get the best possible mortgage rate.

If you’re looking to save money on your mortgage, Homewise can help.

When you complete your profile on the Homewise platform, they take into account factors like your salary and job stability. If they see that your salary is increasing, they’ll make sure to include prepayment features in your mortgage.

These features can save you thousands of dollars in interest over the lifetime of your loan.

And, if you ever find yourself in a position to pay off your mortgage more quickly, you can do so without penalty. So why wait? Get started with Homewise today and start saving!

Homewise vs Bank

When shopping for the best interest rate on a mortgage, be aware that banks are only one type of lender and may not have the best rates. It’s always a good idea to shop around for the best deal.

Banks usually have posted rates, which can be higher than the rates Homewise offers because Homewise has access to wholesale rates that banks don’t offer to the general public. Thus, you’ll typically get a better rate through Homewise.

Homewise can help you compare rates from different lenders to make sure you’re getting the best interest rate possible on your mortgage.

Homewise is always looking for ways to help its customers save money. They often “buy down” rates. This means that they use the commission the banks pay them to get you an even lower rate. It’s just one of the many ways they go above and beyond to provide outstanding service.

So if you’re looking for the best interest rate on your next mortgage, be sure to start with Homewise. They’ll be happy to help you get the best rate possible.

Homewise Mortgage Rates

Compare mortgage rates in Canada and find the best mortgage rates in Canada with Homewise.

The mortgage rates displayed are supplied by Homewise’s Canadian lending partners. The mortgage rates displayed are updated daily to reflect the most recent mortgage offers from Homewise lenders.

It should be noted that Homewise does not currently provide mortgage rate options for Quebec.

Homewise vs Mogo vs Breezeful

If your goal is to find a reliable company that will offer you the best mortgage rate and excellent customer service, go with Homewise.

It does not matter if you’re buying your first home or refinancing an existing property, or anything in between; Homewise can help.

Homewise mortgage experts with extensive years of experience will hold your hands through each step of the mortgage process from start to finish.

Let’s look at how Homewise compares with alternatives:

FAQs: Homewise Mortgage

The Verdict! Homewise Mortgages

Getting a mortgage doesn’t have to be stressful. Homewise makes it easy by shopping around for the best interest rates with over 30 banks and lenders, saving borrowers over $20,000* on average.

And the best part is that it only takes 5 minutes, with no credit check required.

So why wait? Get started now and save yourself time and money – get the best mortgage rates in Canada.

AUTHOR

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Charity (Charee) Oisamoje is the founder of TheFinanceKey - TFK. She leads the editorial team, which is comprised of subject-matter experts.

Her professional competencies and expertise make her qualified on this topic. She is an expert at collecting details, verifying facts, and making complex subjects easy to understand.

Backed by Solid Credentials: MBA in Finance Canadian Investment Funds (IFIC) Graduate Masters Degree in International Business Chartered Professional Accountant (CPA) Candidate ✔️Chartered Insurance Professional (CIP) ✔️BSc Accounting

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