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Find A LenderMortgage Intelligence: Overview
Mortgage Intelligence is a mortgage brokerage that helps Canadians access financial products to realize their dreams of homeownership. The company is partnered with over 50 national, regional, and private lenders and has more than $190 billion in funded mortgages. Over 785,000 clients have been serviced in all provinces of Canada since the company’s inception over two decades ago.
Why Work With Mortgage Intelligence?
It’s tough to afford a home purchase when housing prices and mortgage rates are through the roof.
Inflated listing prices already make it tough to buy a home. But rising interest rates thrown into the mix further drag down your purchasing power. This is a recipe for disaster when it comes to passing the mortgage stress test, which is a crucial component of getting a mortgage.
The good news is that there are ways to avoid having to take the mortgage stress test. Private mortgage lenders aren’t regulated the same way traditional banks are, so they don’t have to subject their clients to the stress test. That’s one less thing you need to worry about when you apply for a mortgage with a private lender.
Moreover, with the help of a mortgage broker from Mortgage Intelligence, you can find a private lender that you can easily qualify for based on your financial and credit profile.
What Does Mortgage Intelligence Offer?
Mortgage Intelligence offers different financing options, including the following:
Mortgages
Mortgages are available to help buyers purchase a home, whether as their primary residence, vacation home, or investment property. Each type of purchase has its own unique financing requirements, and Mortgage Intelligence’s financing options can be tailored to suit specific needs.
Mortgage Renewals
If you currently hold a mortgage that is approaching the end of its term, you’ll need to either pay it off in full or renew it for another term. While you can renew your mortgage with your current lender, you can also make the switch to Mortgage Intelligence. Doing so will give you an opportunity to negotiate a better term, lower interest rate, and more convenient repayment schedule.
Refinance
Refinancing means replacing your current mortgage with a new one with different terms, interest rate, and principal amount. The refinancing lender pays off the existing mortgage with the funds from the new mortgage.
You may consider refinancing your mortgage to extend or shorten your amortization period, lower your interest rate, or convert to a different type of mortgage, such as switching from a variable-rate mortgage to a fixed-rate mortgage (or vice versa).
How Does Mortgage Intelligence Work?
To apply for a mortgage from Mortgage Intelligence, follow these steps:
Step 1: Add In Your Mortgage And Down Payment Details
To start the mortgage application process, you’ll need to provide details about your mortgage requirements, including the type of mortgage you need, the property value, and the closing date. You must also include information about the amount and source of your down payment.
Step 2: Provide Your Personal Information
The second step involves entering details about yourself, including the following:
- Full name
- Email address
- Phone number
- Mailing address
- Birthdate
- Social Insurance Number (SIN)
Step 3: Provide Your Employment Information
Next, you’ll need to provide details about your job, including the following:
- Employer name
- Industry
- Job title
- Annual income
- Other non-employed income
Step 4: Tell Them About The Property You Want To Buy
Describe the property you’re looking to buy and finance, including its address, size, age, type, and so forth.
Step 5: Other Property Information
If you own any other property, you’ll be asked to describe it, including the address, property value, and mortgage details (if applicable).
Step 6: Financial Information
Any information about your assets and liabilities will be entered in this step. If you have any assets, you’ll be asked to describe the type of assets and their overall value. If you have any liabilities, you’ll need to describe the type of debt you carry and the outstanding balance amount.
Step 7: Consent And Submit
Make sure all the information you enter is accurate and up-to-date. Then, check off the box to consent to the information provided, then submit your application.
Which Lenders Does Mortgage Intelligence Work With?
As a mortgage broker, Mortgage Intelligence connects borrowers with mortgage lenders and looks for the best lender for the borrower’s needs. Mortgage Intelligence has over 50 lending institutions within its vast network, including big banks, credit unions, trust companies, regional lenders, and private lenders. With so many options to choose from, Mortgage Intelligence can easily find the best personalized and affordable mortgage solutions for borrowers.
The following are just some of the lenders within Mortgage Intelligence’s network:
- Alterna Savings Credit Union
- ATB Financial
- Bridgewater Bank
- Desjardins
- DUCA
- First Ontario Credit Union
- First West Credit Union
- First National
- Home Trust
- ICICI Bank
- Lendwise
- MCAN Home Mortgage Group
- MCAP
- Manulife Bank
- Meridian Credit Union
- Merix
- RMG Mortgages
- Scotiabank
- TD Canada Trust
- Wealthline
What Makes Mortgage Intelligence Advantageous?
There are many benefits to working with the team at Mortgage Intelligence:
- Large network of lenders. Mortgage Intelligence works with dozens of trusted Canadian lenders to connect you to the right professional who can give you the most affordable loan based on your needs.
- Low rates. With plenty of experience in the mortgage sphere and a vast network of lenders. Mortgage Intelligence will negotiate on your behalf to get you the best rates possible. The company can often help you take advantage of interest rate promotions that aren’t posted online.
- Pre-qualification without impact on your credit score. Within minutes, you can find out how much you can afford on a home purchase based on your creditworthiness. With no negative effect on your credit score.
- Mortgage product specialties. Mortgage Intelligence not only offers traditional mortgage products. But, the company also specializes in unique loan products, including loans for the self-employed, newcomers to Canada, and investors.
- Unbiased help. As your mortgage broker, Mortgage Intelligence will do all the legwork for you to find the most suitable lender. They work for you, and not the lender. That means you’re getting unbiased advice and assurance that your best interests always come first.
- Customized solutions. Your mortgage broker will tailor your mortgage to best suit your financial situation.
- Integrity in the industry. Mortgage Intelligence has developed an excellent reputation among regulators in the mortgage industry. You can rest assured knowing that you’re working with trusted experts.
Can You Get Pre-Qualified With Mortgage Intelligence?
Yes, you can get pre-qualified for a mortgage with Mortgage Intelligence. A pre-qualification is conditional and involves the lender assessing your creditworthiness before you get pre-approved for a mortgage. With Mortgage Intelligence, you can complete an online questionnaire that takes only a few minutes. Once complete, you’ll know what you can qualify for.
Getting pre-qualified will not have an impact on your credit score since this only involves a “soft” credit inquiry. As such, there’s no credit risk. It’s often the first step in the mortgage process and gives you an idea of what you can qualify for.
Does Mortgage Intelligence Have An App?
Download the MOPOLO app for Android, iPhone, or Blackberry to find out what your credit score is and how much your home is worth for free. The app can also be used to apply for a mortgage or personal loan, as well as to find out what type of interest rates are available.
Mortgage Intelligence App Features
PropertyTracker. Find out how much your home is worth with a free monthly property evaluation report. Knowing your home’s value will give you an idea of what you can sell your home for.
CreditTracker. Keep tabs on your credit score every month to help you get a clear idea of where you stand when you apply for a mortgage. MOPOLO will send you a free credit report every month without negatively affecting your credit rating.
InventoryTracker. For an extra nominal fee, you can use MOPOLO’s InventoryTracker to access real-time interest rates or apply for a loan product with a couple of clicks.
Final Thoughts
Mortgage Intelligence will assign a professional mortgage broker who will work on your behalf to match you to the perfect lender. With so many lenders in their network, Mortgage Intelligence can help you get a fully customized mortgage product that you can qualify for based on your credentials. You may just find better luck securing a home loan with Mortgage Intelligence rather than going the traditional route.
