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Homewise Mortgage at a glance
Homewise is a fully licensed, online mortgage brokerage based in Ontario, Canada, that partners with over 30 Canadian banks and lenders.
- Provides direct mortgage services in 8 provinces, and co-brokers with partners to serve customers elsewhere in Canada.
- Offers a typical selection of mortgage types, including renewal and refinance, and mortgages for self-employed folks and commercial properties.
- Claims to offer online pre-approval within 72 hours of a completed application.
The Homewise website doesn’t have much information about the variety of loan types that may be available from its partner lenders. However, it does mention:
- Fixed and variable-rate mortgages.
- Refinance mortgages.
- Reverse mortgages.
- Mortgage renewals.
- Mortgages for the self-employed.
- Mortgages for commercial properties.
Pros
- Convenient, because you can get access to rates and offers from 30 lenders across Canada.
- Offers online pre-approval.
- Will work with self-employed borrowers.
Cons
- Does not publish mortgage rates on its website.
- Offers very limited information about the types of mortgages offered by partner lenders.
- Isn’t available in all provinces and territories.
Homewise mortgage review
Homewise is a fully licensed, online mortgage brokerage based in Ontario, Canada. Founded in 2018, Homewise helps Canadian mortgage shoppers browse and compare the best mortgage rates from a broad range of banks and lenders.
Homewise says that it partners with over 30 Canadian banks and mortgage lenders, including some B lenders, negotiating with them on behalf of consumers to offer the most competitive rates possible.
Who is Homewise best for?
Homewise may be a good choice for any home buyers or refinancers who prefer working with a broker who will negotiate on their behalf and are comfortable with a virtual application process.
Homewise doesn’t have physical branch locations and there isn’t much information about its loans and lenders available online. This is because Homewise wants you to submit information about your mortgage needs so it can connect you directly with a broker who will facilitate the process.
Homewise mortgage feature overview
Mortgage variety
Homewise appears to offer a typical mix of mortgage products, but its website does not provide a clear list of all loan types available.
The company says it works with lenders that offer fixed- and variable-rate mortgages, mortgages for first-time home buyers and self-employed borrowers, mortgages for commercial properties, and renewal and refinance mortgages.
Ease of application
Homewise specializes in providing a digital mortgage application process. Users start their pre-approval or mortgage application process by tapping the “Get your mortgage” button and answering a series of questions
- Online pre-qualification: No. Homewise doesn’t advertise a pre-qualification process.
- Online pre-approval: Sort of. You can start the pre-approval process with Homewise’s online form, but you’ll have to speak directly with one of their brokers to finish it.
- Online mortgage application: Sort of. Answering basic questions about your mortgage online enables Homewise to connect you with a mortgage expert who will assist you through the process to approval and closing.
- In-person option: No. Homewise does not operate branch locations.
Mortgage rate transparency
Homewise does not appear to publish any current mortgage rates on its website. Instead, it encourages mortgage shoppers to submit an application if they want to see what rates are available from Homewise partners.
- Posted rates: No. Unlike some other lenders and brokerages, Homewise doesn’t publish posted rates for its lenders and loan products.
- Special rates: No. Homewise doesn’t cite discounted rates on its website.
- APR: No. Without posted rates, there’s no opportunity to view or compare annual percentage rates on Homewise’s website.
Other details
Because the Homewise website lacks specific details about mortgage rates and loan types, its hard to know exactly what options you’ll have when it comes to prepayment penalties, rate holds, range of terms, mortgage portability, and mortgage assumability. It’s probably best to start and application, or contact a Homewise broker directly, if you have questions about these or other specifics.
Customer satisfaction ratings
It’s difficult to gauge how satisfied Canadians are with Homewise as a mortgage provider. Customer review websites can be helpful, but keep in mind that the reviews aren’t verified and may not accurately reflect the average option of Homewise customers; for example, unhappy customers may be overrepresented or their experience may not be mortgage-related. Nevertheless, these sites are one way to learn about possible downsides to consider.
- Homewise had a Trustpilot rating of 3.8 out of 5 possible stars based on just two customer reviews, at the time of this writing.
- Homewise had a rating of 4.8 out of 5 possible stars based on over 500 Google business reviews, at the time of this writing.
Homewise mortgage eligibility requirements
To qualify for a prime mortgage with Homewise, as with any lender or brokerage, you’ll need to meet certain eligibility requirements. These include:
- Minimum credit score: Typically 680, but lower-score options exist.
- Credit history: Established accounts in good standing, no recent negative marks.
- Income: Amount of income needed will vary depending on how much you want to borrow.
- Down payment amount: At least 5% for a home under $500,000. For homes between $500,000 and $999,999, you need 5% of the first $500,000 and 10% of the amount above $500,000.
- Debt service ratios: Your gross debt service ratio must not exceed 39%; your total debt service ratio must not exceed 44%.
- Type of employment and employment history: You must be able to demonstrate at least two years of consistent employment.
How to apply for a mortgage with Homewise
You can apply for mortgage pre-approval and start a full mortgage application on Homewise’s website. Both forms have around 10 questions to answer, and you may be required to provide supporting documentation.
If you prefer, you can start the process by calling Homewise directly at 1 (866) 846-9473.
Homewise’s website is rife with opportunities to start the mortgage application process. Just click any of the many blue buttons that say “Get Started Now” or “Get your mortgage.”
After clicking one of the blue buttons, you’ll see this screen, which is the beginning of Homewise’s application flow.
The application will lead you through a series of questions. Among other things, the application asks:
- Where you are in your home buying or refinancing journey.
- How soon you’re looking to purchase a house or refinance your existing mortgage.
- The province and city in which you’re looking to buy.
- Your budget and down payment.
- How you’ll use the home.
- The type of house you hope to buy.
The information you provide will be used to connect you with a mortgage expert, as well as loan and rate options from Homewise’s partner lenders.
Alternatives to Homewise mortgage
| RBC Mortgage | True North Mortgage | Butler Mortgage | |
|---|---|---|---|
| Lender type | Big Bank lender. | Mortgage Brokerage. | Mortgage Brokerage. |
| Service area | National. | National. | National. |
| In-person service? | Yes. | Yes. | Yes. |
| Ease of application | Easy (online, phone, in-person). | Easy (online, phone, in-person). | Moderately easy (start online, via phone, or by fax). |
| Mortgage variety | Average. | Above average. | Above average. |
Frequently asked questions about Homewise mortgage
The rates and loan options you’ll see during the application process are provided to Homewise by its lender partners across Canada. Note that at this time, Homewise does not provide mortgage rate options in Quebec.
Founded in 2018, Homewise is a fully licensed, online mortgage brokerage based in Ontario, Canada.