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You might think that the smartest route is going to your local bank and applying there - and that's what most of us do. But, will it get you the lowest possible interest rates and the terms you need? Increasingly, the answer is "no" .
Would it surprise you to know that Canadian homeowners are behind their peers around the world when it comes to applying for mortgages online - or even just using the internet to do some initial research to see what current rates might be? According to a survey conducted by HSBC, just under 40% of Canadians had ever switched lenders - compare that with 53% of American homeowners and 44% of mortgage holders worldwide - and only 50% of the Canadians surveyed had even looked at rates on bank or brokerage websites.
Thursday, February 9th
Homewise has only been brokering mortgages online in Canada for a few years, but the company has quickly risen to the top. Their platform makes it almost error-proof to learn about, pre-qualify for, and get approved for a home mortgage, even for home buyers that are new to the experience. Using Homewise gives you one-stop access to more than 30 different lenders throughout the country, plus a team of home advisors who will work to get you the type of mortgage you prefer. This service earns our highest ranking among providers of mortgages in Canada.
RatesDotCa gives you just about everything you could want in a mortgage referral service: upfront quotes with no personal information required, helpful information for understanding mortgages in general, and the ability to connect with vetted lenders in their network. The company has a proven track record for getting homebuyers the best rates and terms available in real time - but be aware that you'll have to take the extra step of applying with any lender you select through RatesDotCa. This is an all-around good choice for finding a home loan with competitive rates in Canada.
Since 2019, Canadian fintech company Breezeful has been working to simplify the mortgage process with their online-only process that takes you from preapproval to closing as smoothly and quickly as possible. You can get competing offers from over two dozen lenders, even with mortgages of $2 million or more. There's not a lot of client feedback for Breezeful yet, and a few glitchy spots during the application process left us feeling like this brokerage is still a bit of a work in progress - but one that shows strong potential to be a contender in the Canadian home loans marketplace.
Since 2012, Loans Canada has been helping people comparison shop for home mortgages and other products. They've earned accreditation and an "A+" rating from the BBB, and their website is particularly informative for first-time homebuyers. Their lender network consists mostly of smaller banks and financial institutions, and you can't get any rate quotes without submitting all of your personal information first. Loans Canada gets a "good enough" rating from us, but there are better options available.
Mogo is a solid option for getting your credit score for free, but are they worth looking at for your home mortgage? Maybe not quite yet. Their brokerage services are only available in select provinces, and you're only eligible if your credit score is at least 640 and your down payment will be less than 20%. While the BBB gives Mogo an "A+" rating, customers with other types of loans don't rate the company nearly as high. MogoMortgage has potential, but better options are out there.
Scotiabank has millions of customers throughout Canada and the rest of the Americas, so it's no surprise if they're one of the first lenders that come to mind for your mortgage. But, are they the best option? Probably not. An "F" rating from the Better Business Bureau should give you pause, and remember that big banks like Scotia have little incentive to negotiate with you on rates and terms.
Be a trendsetter: start your mortgage-hunting process online. Why? The big banks have zero reason to compete for your business, because millions of customers walk through their doors every year to get the money they need to buy their new homes. On the other hand, smaller banks, credit unions and other financial institutions are highly motivated to get your attention with lower rates, more favorable terms, and greater emphasis on customer service after the mortgage is put in place. Plus, if you're still interested in being a mortgage client of one of the bigger banks, you can easily get rate quotes online for those institutions as well - without having to go in person.
But, how can you determine which services are reputable and reliable? A mortgage is no small commitment, and you want to ensure that your financial information is protected and that your home loan is 100% above-board.
As you consider various canadian mortgage lending sites, here are several criteria that can guide your decision:
TopConsumerReviews.com has reviewed and ranked the best online providers of home mortgages in Canada. We're confident that this information will help you get the loan you need to buy your "home sweet home" .
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