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Homewise vs Scotiabank

Wednesday, August 4th

2021 Canadian Home Loan Reviews

Homewise Review 5 Star Rating

Homewise

5 Star Rating
  • No credit check required to create an account
  • Application process is simple and well-explained
  • Good mix of technology and hands-on service
  • Competitive rates from more than 30 lenders across Canada
Top Consumer Reviews Best-In-Class Blue Ribbon Award

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.

Scotiabank Review 2.5 Star Rating

Scotiabank

2.5 Star Rating
  • In business for nearly 200 years
  • Easy-to-use website
  • Helpful articles and videos to understand the home-buying/mortgage process
  • 100% digital home-buying platform available
  • Multiple types of mortgages to choose from

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.

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Where Can You Get the Best Rates and Terms on Mortgages in Canada?

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.

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Continued from above...

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:

  • Ease of Use. How hard is it to navigate the website for the mortgage service? Can you quickly find the information you need, fill out the initial application with no hassles, or even see basic rate quotes without having to jump through too many hoops?
  • Number of Lenders. If you go to a bank's mortgage site, the number of available lenders is just that one. On the other hand, if you use a brokerage service, you could access mortgage offers from 10 to 30+ different financial institutions with a single inquiry. The more partner lenders a mortgage service has, the better your chances of getting a home loan with terms you'll love.
  • Reputation. How long has the mortgage lender or brokerage been in operation? Has it been ranked by the Better Business Bureau? What do other clients have to say about their experiences, both during the mortgage process and afterwards?

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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