Homewise ⎯ Harnessing Technology to Help Canadians Become Homeowners

Homewise ⎯ Harnessing Technology to Help Canadians Become Homeowners

Written by Caitlin Wood
Last Updated September 4, 2020

Homewise is changing the way Canadians are shopping for and choosing their mortgage. Their online platform means that consumers can apply for a mortgage and receive multiple options, tailored to their unique needs, all from the comfort of their own home. We spoke with the Homewise team about making the home buying process more attainable and transparent for all Canadians, regardless of what stage of life they’re in. 

Can you explain exactly what Homewise is? How do you help Canadians get the best mortgage?

Homewise makes the mortgage process easy while working to get Canadian borrowers the best mortgage in the market. Clients apply online in only 5 minutes, then we scan the market of over 30 banks and lenders to find and secure them with the best mortgage for their unique needs. Further, each client is set up with a personal Homewise Advisor, to provide unbiased advice and transparency in the process, while dealing with all of the admin work and confusing processes. In the end, our goal is to make the process faster and easier, while saving borrowers the most money on their mortgage, without losing the personal touch. Best of all, our service is free. 

Where did the idea for Homewise come from? Has personal experience helped guide the development of Homewise?

I worked with one of Canada’s largest banks with a new property purchase and witnessed first hand how confusing they make the mortgage process. The process was archaic and overall, I saw first hand why it left so many home buyers and owners confused as to if they made the right decision. When I bought my first home, I found the rate aggregation sites online were just confusing, and they just passed me off to a lender who would then tell me I chose the wrong mortgage. I was then introduced to a classic broker who then barraged me with phone calls, paperwork and in-person meetings. When I was finally told who my lender would be, there was no explanation. Just a rate and a name. The whole experience left me thinking, there has to be a better way! That’s why we started Homewise. 

Why should Canadians, looking to purchase a home, choose Homewise over working with their local bank?

If you go to one bank, you only get one biased option. On top of that, you have to wait in line, have in-person conversations, and overall, still be confused if you made the right decision or not. With Homewise, all you have to do is apply online in 5 minutes, have a few quick calls, then you can sit back and relax while we do the work for you, negotiating with over 30 banks and lenders to find you the best mortgage. You’ll also be set up with an unbiased Advisor from our team to guide you at each step to ensure you get your mortgage with confidence. 

Are you able to connect a consumer with a variety of home loan products? Or do you specialize in first mortgages?

We specialize in all mortgage types, including approval, pre-approval, refinance, and switch. We also have Prime A-lenders, B-lenders and private lenders – all with the goal of finding the best solution for all clients across Canada. 

Are there any requirements to work with Homewise? Are there any specific documents or information a consumer should have before starting the process?

When initially applying online, no documents are needed. Once you speak with an Advisor and are ready to move forward, standard documents will be needed to provide to the lender, such as tax documents, pay stubs, a job letter and identification. 

What is the process like when a consumer uses Homewise? What happens after an application is completed?

Once you apply, you will be set up with your personal Homewise Advisor in minutes who will reach out to set up a 10-minute call. Clients can actually select the best time for them directly through the email. Once the call is made, options will be discussed. Once the client is ready to move forward, we manage the experience with the lender and help clients at each step. 

Do your partnerships with different lenders and banks affect the deals your clients are offered? How do they benefit customers?

We have great relationships with lenders. This enables us to have strong products, find multiple solutions and have great rates. This is very beneficial to customers as we are able to have a view of the market to save them the most possible money on their mortgage. 

On average how much money can a client expect to save when they work with Homewise? And how much faster can they expect to get approved?

At Homewise our goal is always to save clients thousands of dollars. That isn’t just by getting a great rate, but also by finding the right features and ensuring they don’t end up with the wrong mortgage – which can cost tens of thousands of dollars in penalties. The process with Homewise is very fast. Clients tell us that we are days faster than any other option, and lately, even weeks faster than their bank.  

Rating of 3/5 based on 6 votes.

Caitlin is a graduate of Dawson College and Concordia University and has been working in the personal finance industry for over eight years. She believes that education and knowledge are the two most important factors in the creation of healthy financial habits. She also believes that openly discussing money and credit, and the responsibilities that come with them can lead to better decisions and a greater sense of financial security. One of the main ways she’s built good financial habits is by budgeting and tracking her spending through the YNAB budgeting app. She also automates her savings so she never forgets to put aside a portion of her income into her TFSA. She believes investing and passive income is key to earning financial freedom. She also uses her Aeroplan TD credit card to collect Aeroplan points so that she can save money when she travels.

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