Consider Buying Your Dream Home? Get The Best Mortgage Rate With Homewisefull disclosure for further information.
Buying a house is a considerable investment, and it is worth spending your time learning about mortgage loans to avoid getting into financial trouble. You may be a homeowner or looking for ways to get preapproved for a loan or refinance. Regardless of your stage, the key is to have peace of mind knowing that you’re making a safe and wise decision.
Buying a home can be overwhelming and stressful. Many factors go into making the biggest lifetime purchase, along with many decisions. Let me introduce Homewise, your go-to expert for your housing needs.
What is Homewise?
Homewise is a company that offers simplified, fast online access to multiple mortgage products and services – all through one online account. They can help you find solutions that fit your needs.
Also, Homewise provides an alternative to banks and offers an online mortgage solution that helps homeowners buy their dream homes. They are online mortgage brokers assisting homeowners in finding the best mortgage with transparent, simple, and unbiased advice. With a highly trained team of experts and leading technology, they provide personalized guidance to help homebuyers navigate their mortgage process more manageably.
One aspect of the Homewise solution is the ability to customize your loan criteria as per your need to get more accurate mortgage results. Another aspect is the ability to research historical and latest rates using their unique rate charts, graphs, and tables.
How does Homewise work?
Homewise is a company that offers mortgage advice, using technology, data, and human expertise to scour the marketplace. To create your user profile, you must first complete an application on the company’s website. Then it will match you with one of its advisers, who will analyze your needs and search for the most suitable mortgage options. Your adviser will provide you with a range of options, and if you decide on one, they will work to get your approval or preapproval within 48–72 hours.
Three simple steps to apply with Homewise:
First, go to the Homewise website and fill out their application form. You will only need 5 minutes to finish the application. Plus, there is no credit check after. The second step is to submit your application for approval. They will reply back to you within 48 to 72 hours. Then once they approve your application, you will embrace the best mortgage rate and feature in the Canadian market.
Why get a mortgage preapproval?
Lenders preapprove you for a mortgage by saying they will lend you the money. A mortgage preapproval is also an excellent way for buyers to understand their monthly payments once they close on their new home.
Why get a mortgage preapproval? There are many reasons why you should get preapproved for a mortgage before you start looking at homes. First and foremost, it gives you a better idea of your budget to make the home-buying process more manageable.
Additionally, you can use this information when shopping for homes in your price range. You will also be able to focus on homes that meet your needs and budget instead of wasting time looking at properties that need to be within reach or meet your requirements. A mortgage preapproval also makes negotiating with sellers when buying a home easier.
Can Homewise save me money on my mortgage?
Homewise is a mortgage broker that can assist you in finding the best mortgage rate. The company has relationships with over 30 lenders, so it can save its clients up to $20,000 on the average mortgage.
To save you time and money, Homewise seeks to find you the best possible mortgage rate. As a result of the company’s existing relationships with over 30 lenders, it can offer competitive rates that you would typically have to negotiate. On top of that, Homewise uses its experience and connections with lenders to help clients save thousands of dollars.
Above all, with Homewise, you’re welcome to choose a direct lender, but you are limiting your choices. This is because when you work with Homewise, they provide multiple lender options based on your situation and needs – because they operate online and can take lower commissions from lenders to pass those savings on to you.
Why should I try Homewise when I could get preapproved at my bank?
First and foremost, getting preapproved by Homewise instead of a bank is an excellent way to have a smooth process when applying for a mortgage loan.
If you’re considering buying a home, you have probably already explored getting a mortgage. But have you considered all your options? How it differs?
You can get preapproved for a mortgage at your bank. But if you’re like most people, that’s different from where you will get your loan. The banks are only sometimes in the best position to find you the best deal on your home loan. They tend to focus on their own proprietary products, which can mean higher interest rates and fees.
Homewise is an independent mortgage broker who connects homeowners with lenders and insurance providers to ensure you get the right mortgage for each individual client — even if they have less than perfect credit or lower income.
While their lenders and insurance partners may be able to offer slightly higher rates than those offered by banks, Homewise passes those savings directly onto their clients. That means that when it comes time for closing day, they can help homeowners get into their dream homes with less stress and more money in their pockets! That means that when it comes time for closing day, they can help homeowners get into their dream homes with less stress and more money in their pockets!
The following are other reasons why you should choose Homewise over other providers:
The answer is simple: Homewise can help you get a better mortgage rate than your bank.
Homewise is the first online mortgage lender to offer the ability to instantly preapprove for a home loan without having to go through a lengthy application process.
Homewise allows you to apply for a mortgage and get approved in as little as five minutes. This makes it easy to compare rates and find the best mortgage without waiting weeks or months for your bank’s approval process.
Also, with Homewise’s instant approval process, you can compare multiple mortgages from different lenders in one place and find the best deal for your unique needs.
Access to the best customer service
If something goes wrong with your loan application, They will be there to help. If a lender rejects your application, they will help find another lender that will approve it. And if your mortgage rate goes up after you get approved, but before closing, Homewise will automatically re-evaluate your rate so that you can save money by locking in too early.
Also, the Homewise team will walk you through the process, answering any questions along the way. And if you still need to figure out whether Homewise is right for you, they will do a free analysis to show what kind of mortgage would be ideal for your situation.
Access to seasoned Canadian mortgage experts
Homewise offers access to seasoned Canadian mortgage experts who can help you find the right mortgage for your needs. Their team of mortgage professionals has access to competitive rates and products so you can get the best mortgage deal. They also take the time to explain every aspect of your mortgage application.
Free of Cost Mortgage Service with a Wide Range of Free Resources
When you apply for a mortgage, your bank may not suit your needs. You may have other options that would be more cost effective and quicker.
For instance, Homewise offers free-of-cost service, so it is 100% risk-free to try out!
Also, they have a wide range of free resources, including comprehensive guides, calculators, and videos that can help educate you on mortgages.
Homewise works with more than 30 lenders, so they match you with the right mortgage.
Homewise Canada Mortgage Partners
They have partnered with some of the biggest lenders in Canada to offer you the best rates. These lenders have access to lower rates provided by traditional banks, which means you will pay less for your home over the life of your mortgage.
Among Homewise partners are:
- Equitable (EQ) Bank
- Canadian Western Bank (CWB)
- Home Trust
- First National
- Alterna Savings
- TD Bank
- B2B Bank
- CMLS Financial
- Effort Trust
- Haventree Bank
- ICICI Bank
- Marathon Mortgage Corp.
- RMG Mortgages
- Street Capital
- Wealth One
- XMC Mortgage Corporation
- And more!
Pros and Cons of working with Homewise
It can be both exciting and stressful to purchase a home. It is so difficult to make decisions and consider so many factors. Homewise offers the following pros and cons:
- When you work with Homewise, you can relax knowing that they are doing all the hard work of finding you the best mortgage options and helping you through the process.
- Homewise helps clients save up to $20,000 on their mortgage.
- Homewise offers a free service. Your lender will only pay the company when you close your mortgage.
- Homewise application takes only 5 minutes without leaving your home. You can apply via the Homewise online website.
- With Homewise, you can get more choices and tailored mortgage options.
- Homewise provides access to resources on securing a mortgage in Canada.
- Homewise donates a portion of its commission to Habitat for Humanity.
- When you refer a friend who closes their mortgage with Homewise, you will receive a $200 gift card, and your friend will receive a $100 gift card.
- Homewise is unable to provide its online platform to residents of Quebec.
- Homewise does not have a physical location for you to speak with a mortgage specialist.
- Working with Homewise has a few downsides. First, you must be tech-savvy enough to navigate the online application and document upload process.
- Homewise is a new company, so it doesn’t have the same established presence as some of the more prominent, older mortgage brokerages.
How much do the services cost?
Homewise doesn’t charge any application or closing costs — They cover all costs associated with getting you approved for a mortgage!
Also, to help you navigate the home-buying process, they have put together some of their favorite tools, tips, and resources. Homewise hopes they will make your home-buying journey an easier one!
Is Homewise a reputable company?
Homewise is a reputable company that offers a range of mortgages, including owner-occupied and investment loans. The company’s primary goal is to provide the best mortgage experience for every home buyer in Canada. So, whether you’re about to buy a home as a young couple, a family, or a growing family, Homewise is your best friend.
Also, Homewise will consider your circumstances and recommend the most suitable option.
A dream home is a big investment. It can be tempting to go the DIY route when getting a mortgage, but the process is more involved than you might think.
So, if you want to save time and money by finding the best mortgage options, consider working with Homewise.