Homewise Review: Everything You Need To Know

Homewise is a Canadian mortgage brokerage that can help you find and compare mortgage rates and terms from multiple lenders by aggregating and comparing multiple mortgage quotes through their website. According to its website, Homewise works with over 30 mortgage lenders, including some of Canada’s largest banks.

Getting a mortgage with Homewise is relatively straightforward. All you have to do is provide some information about yourself and the property you want to mortgage. Then, one of their experts will help you make it happen by finding quotes from lenders that may suit your needs.

• Step 1. Create a profile. The first step in getting a mortgage through Homewise is to create a profile on their website. You’ll be asked a few questions, like whether you’re buying or refinancing a home, how you’ll use the property and when you need your mortgage funds. You’ll also be asked to provide information about yourself, including details of your current home, income, expenses and debt obligations.
• Step 2. Homewise will find you a quote. Once your online profile is complete, Homewise will assign you a licensed mortgage agent who will be your go-to contact for arranging your mortgage. Your mortgage agent will review your profile, get clarification on any details they might be missing and compare mortgage products across dozens of lenders to find a mortgage with a rate and term that fits  your unique situation.
• Step 3. Choose an offer. Once your offers are ready, your Homewise mortgage agent will help you review the mortgages and weigh the pros and cons of each. With their advice, you’ll select the offer that makes the most sense for your circumstances.
• Step 4. Get funded. Once you’ve selected your mortgage, your Homewise agent will work with you to complete the application process. You’ll be asked to sign paperwork, as well as provide identification and financial documents. You may also be asked to visit a bank branch to sign papers in-person. Finally, you’ll need to employ the services of a real estate lawyer to close the mortgage.

Who Are Homewise’s Mortgage Partners?

Of the over 30 mortgage lenders that Homewise works with, here is a partial list that includes Big Banks, credit unions and monoline lenders that specialize in mortgage lending:

• Scotiabank
• TD Canada Trust
• Manulife Bank,
• Equitable Bank
• Duca
• Meridian
• Alterna Savings
• MCAP
• CMLS Financial
• First National Financial.

Who Is Homewise Good For?

Homewise can work  for any Canadian who needs a mortgage. The company offers a wide variety of mortgages for just about every situation.

Homewise offers mortgages for both first-time home buyers and subsequent home buyers, as well as help you refinance your existing mortgage or switch to a new provider on renewal.

In terms of properties, Homewise can help you get financing for any residential property with four or fewer units—even if you don’t plan to live on the property yourself. In terms of types of properties, you can get a mortgage for a house, condo or vacation home.

If your financial situation isn’t ideal, Homewise can help you with that, too. They have mortgage options for people who are self-employed or otherwise don’t meet the lending banks’ strict income and debt requirements. They can also help you find a solution if you have poor credit.

Homewise can also help you arrange a home equity line of credit, which allows you to borrow money using your home as collateral. If you’re a senior, they can help you access equity through a reverse mortgage.

Homewise Advantages and Disadvantages

When getting a mortgage, there are many advantages to using Homewise, such as its broad selection of lenders and technology-powered customer service. But there are drawbacks as well. Consider these pros and cons before choosing Homewise to assist you with your mortgage:

Pros

• Homewise doesn’t charge fees for its services. Because the company earns a commission on every mortgage it sells, it doesn’t charge its customers any fees for its services.
• Get offers from over 30 financial institutions. Homewise compares mortgages from over 30 banks, credit unions and other lenders to help you get the rate and terms that make sense for you.
• Self-employed and bad credit mortgages available. If you don’t meet the bank’s criteria for a mortgage, you may still be approved. Homewise works with a number of alternative and private lenders to help you find options in almost any situation.
• Get preapproved before buying a home. Homewise can help you buy a home with confidence by offering a preapproval that tells you exactly how much you can afford to spend, and locks in a mortgage rate for up to 120 days.
• Online application with human support. Homewise uses technology to make the process of getting a mortgage easier, but you’ll always have access to a licensed mortgage agent whose job it is to help you through the process.

Cons

• Rates aren’t published online. Many of Canada’s best mortgage brokers publish their rates online; Homewise doesn’t. Without applying to Homewise, there’s no way of knowing whether you’ll get the best deal with them versus another broker.
• Not all lenders are included. While Homewise works with over 30 lenders to help you find the best mortgage, some banks don’t work with mortgage brokers. Three of Canada’s largest banks—RBC, CIBC and BMO—fall into this category, so you won’t be able to access their products through Homewise.
• No in-person service. Homewise offers service online and over the phone, but doesn’t have a branch network offering in-person customer service. If you’re not comfortable working with your mortgage broker remotely, you should choose another option.

How Does Homewise Compare to a Traditional Mortgage Broker?

Homewise claims to have smart technology that makes it easier to get a mortgage, but its services are largely the same as any other mortgage broker.

No matter which mortgage brokerage you choose, you’ll have access to mortgage products from multiple lenders and work with a personal mortgage agent who can give you expert advice. Most mortgage brokers can secure a preapproval within a few days and find options for people who are self-employed or have bad credit.

Homewise vs. Nesto

Nesto is one of the best mortgage lenders in Canada, as ranked by Forbes Advisor Canada. This online mortgage company promises some of the best mortgage rates, excellent customer service and  speedy mortgage approval.

While Nesto is an excellent choice for your mortgage, Homewise may be a better option in some circumstances. Nesto doesn’t offer one-year fixed mortgages or home equity lines of credit, but Homewise does. Homewise also offers mortgage solutions for people who are self-employed and who have bad credit, whereas Nesto only works with people who match the typical profile of an ideal borrower.

Homewise vs. Dominion Lending Centres

Dominion Lending Centres is one of Canada’s largest mortgage brokerages with over 380 locations across the country. Working on a franchise model, Dominion Lending Centres lends its brand and advertising power to local mortgage brokers who work independently.

By contrast, Homewise works entirely online from a centralized office. They don’t have brick-and-mortar locations and they employ their mortgage agents directly. As such, Homewise likely has lower overhead costs and may be able to pass their savings along to you in the form of a cheaper rate  on your mortgage.

Homewise vs. Equitable Bank

If you need a mortgage but don’t quite meet the bank’s requirements for income or don’t have its  minimum credit score, Equitable Bank is one of the lenders that may give you a mortgage. They specialize in mortgages for people who are self-employed, have more debt than the major banks are comfortable with and who have less-than-ideal credit.

In fact, Equitable Bank is one of the many lenders Homewise works with. If you don’t meet the typical lending criteria, Homewise can help you compare Equitable Bank’s mortgages with offers from other alternative lenders. These partnerships make Homewise an ideal choice for people who are concerned about their odds of being approved for a mortgage.