Consider Buying Your Dream Home? Get The Best Mortgage Rate With Homewise

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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.

Homewise The best mortgage rate in canada

What is Homewise?

Homewise is a company that offers simplified and fast online access to multiple mortgage products and services—all through one convenient online account. They help you find solutions tailored to fit your needs.

Homewise provides an alternative to traditional banks by offering an online mortgage solution that empowers homeowners to buy their dream homes. As online mortgage brokers, they assist homeowners in finding the best mortgage with transparent, simple, and unbiased advice.

With a highly trained team of experts and advanced technology, Homewise provides personalized guidance to make the mortgage process easier for homebuyers.

One key feature of the Homewise solution is the ability to customize your loan criteria to get more accurate mortgage results. Additionally, you can explore historical and current rates using their unique rate charts, graphs, and tables, giving you a clear understanding of your options.

How Does Homewise Work?

Homewise is a company that offers mortgage advice by combining technology, data, and human expertise to search the marketplace for the best options. To get started, you need to complete an application on their website to create your user profile. Once submitted, Homewise matches you with an adviser who will analyze your needs and find the most suitable mortgage options. Your adviser will present a range of choices, and if you pick one, they’ll work to secure your approval or preapproval within 48–72 hours.

3 Simple Steps to Apply with Homewise:

  1. Fill Out the Application: Visit the Homewise website and complete their application form. It only takes about 5 minutes, and there’s no credit check required.

  2. Submit Your Application: After submitting your application, Homewise will review it and get back to you within 48–72 hours.

  3. Get Approved: Once your application is approved, you’ll gain access to the best mortgage rates and features available in the Canadian market.

Homewise 3 easy steps

Why Get a Mortgage Preapproval?

Lenders preapprove you for a mortgage by confirming that they are willing to lend you the money. A mortgage preapproval is also a helpful way for buyers to understand their monthly payments once they close on their new home.

There are many reasons to get preapproved for a mortgage before you start looking at homes. First and foremost, it gives you a clearer idea of your budget, making the home-buying process more manageable.

Additionally, preapproval helps you focus on homes within your price range. This saves time by ensuring you only look at properties that meet your needs and budget, avoiding those out of reach or unsuitable.

Finally, a mortgage preapproval can strengthen your position when negotiating with sellers, making the home-buying process smoother and more efficient.

Can Homewise Save me Money on my Mortgage?

Homewise is a mortgage broker designed to help you find the best mortgage rate. The company works with over 30 lenders, allowing its clients to save up to $20,000 on an average mortgage.

To save you time and money, Homewise searches for the best possible mortgage rate. Thanks to its established relationships with a wide range of lenders, Homewise can offer competitive rates that typically require negotiation. Additionally, the company’s expertise and connections help clients save thousands of dollars.

Above all, while you can choose a direct lender, it limits your options. By working with Homewise, you gain access to multiple lender choices tailored to your needs and situation. Since Homewise operates online, it takes lower commissions from lenders, passing those savings directly 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 offers a smoother process when applying for a mortgage loan. If you’re thinking about buying a home, you’ve probably already started looking into mortgage options. But have you explored all the possibilities and how they differ?

Sure, you can get preapproved for a mortgage at your bank. However, for most people, that’s not where they end up securing their loan. Banks often focus on their own products, which may come with higher interest rates and fees. They may not always be in the best position to find you the most competitive deal.

Homewise is an independent mortgage broker that connects homeowners with lenders and insurance providers to find the right mortgage tailored to each client’s unique needs—even if they have less-than-perfect credit or lower income. Unlike banks, Homewise prioritizes its clients and ensures savings are passed directly to them.

When closing day arrives, Homewise helps homeowners move 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:

Best Rates
The answer is simple: Homewise can help you get a better mortgage rate than your bank.

Easy Access
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. The Homewise team will walk you through the process, answering any questions along the way. If you’re still unsure 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! They also 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.

Virtual Staging Solutions

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:

  • 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!

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: 

Pros

  • 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.

Cons

  • 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.

Bottom Line

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.

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About the Author

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Linhy Banh

I'm Linhy, a proud mom, business owner, and content creator (UGC) based in Quebec. I love sharing my passion for travel, lifestyle, and entrepreneurship with others, hoping to inspire families to explore, connect, and find ways to build fulfilling lives. Whether it’s tips for memorable family trips, insights on business growth, or lifestyle inspiration, I'm here to help make the journey a little easier and a lot more fun!

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