If you’re thinking of buying a home soon, you’ll likely need a mortgage to help cover this big expense. But rather than heading to your bank or credit union, there are other faster and simpler ways to apply for a home loan.
Homewise can be a great alternative to the traditional bank route when taking out a mortgage, especially if you don’t have the pristine credentials that conventional lenders are looking for.
Let’s take a closer look at Homewise and how the company works to make mortgages easier to apply and secure in Canada.
Who Is Homewise?
Homewise is an online mortgage platform that automates the mortgage process with speed and convenience in mind. The company is made up of experts in the fields of technology and finance who also have plenty of experience in the mortgage industry.
The goal of Homewise is to improve and modernize the mortgage process while ensuring the homebuyer’s best interests remain at the forefront.
The Homewise mortgage application process can be completed entirely online within 5 minutes. Based on your application, Homewise will find the best mortgage product for you from the company’s vast lender network. You can also get access to a personal advisor who can provide unbiased guidance throughout the process.
How Does Homewise Work?
Applying for a mortgage with Homewise is very easy and requires a few simple steps for you to follow:
Step 1. Create A Profile
Answer a few simple questions to build your profile, which will make it easier for Homewise to match you to the right mortgage for you.
Step 2. Homewise Will Find The Best Deals
The mortgage experts behind Homewise will shop around on your behalf with various lenders within their network to find the best mortgage products based on your profile. They’ll negotiate on your behalf to ensure you get the lowest rate and optimal terms and conditions, with no charge to you.
Step 3. Choose The Best Offer
You’ll have a variety of options to choose from after Homewise has narrowed down the best products for you. You’re then free to choose which mortgage offer best suits your needs. Homewise will also guide you along the way to help you save.
Step 4. Get Funded
Homewise will help finalize your mortgage approval by working with the lender. Once the mortgage is all wrapped up, the funding will go through shortly after to cover the purchase of your new home.
Who Are Homewise Partners in Canada?
Homewise has teamed up with over 30 Canadian lenders. Here are just a few:
- TD Bank
- First National
- Home Trust
- ICICI Bank
- Equitable Bank
- Alterna Savings
- B2B Bank
- Haventree Bank
- CMLS Financial
- Effort Trust
- WealthOne Bank Of Canada
- Canadian Western Bank
- RMG Mortgages
Benefits Of Homewise
There are plenty of reasons to use Homewise services to get the mortgage you need for a home purchase:
- Free Of Charge – There are no fees associated with using Homewise. The team of mortgage experts will take care of everything for you to find the best mortgage product suitable for your financial and credit profile, at no charge to you.
- No Negotiation – Rather than applying with multiple banks and trying to negotiate a lower rate, Homewise will search and negotiate with their 30+ partners to find you the best mortgage.
- Expert Help. The team at Homewise is made up of industry experts, who are available to help guide you through the mortgage process.
- Easy Application. Rather than visiting individual banks and credit unions within business hours to apply for a home loan, you can use Homewise’s online portal to apply remotely, saving you time and hassle. Moreover, no credit checks are required when you fill out Homewise’s application.
- Save Time. Instead of hopping from one lender to another to find the right mortgage for you, Homewise will do all the comparison shopping for you. With one application, you could apply with several lenders until you find the right mortgage, rather than filling out individual applications for each lender.
- Referral Rewards. If you refer friends or family to take out a mortgage with Homewise, you’ll both receive gift cards.
- Free educational resources. The Homewise website is filled with educational articles that cover just about every question you may have about mortgages.
Learn more about the benefits of a mortgage broker.
Drawbacks Of Homewise
Along with the long list of perks, there are a couple of drawbacks to Homewise that you may want to consider:
- Limited lender partners. While Homewise works with more than 30 lenders across Canada, there may be a specific lender you’d like to work with that isn’t under their umbrella of lenders.
- No upfront rates and mortgage options. The mortgage rates available through Homewise can’t be accessed online. You’ll need to go through the Homewise mortgage application process to find out what mortgage options and interest rates are available to you.
How To Apply With Homewise: Step-by-Step Guide
Submitting an application on the Homewise website is completely free, straightforward, and can be done from the comfort of your home. And no credit check is required. Below is a step-by-step guide for navigating the application.
Visit the Homewise website and click on the “Get Started Now” button, this will take you to the first step of the application.
You’re shown a greeting and three short points that explain what you can expect from the application experience, click “Let’s get started”.
Tell Homewise what type of financing option you’re looking for. Which ones you choose will depend on where you are in the home buying process. Are you looking for a house to purchase, have you already found a house, or are you looking to refinance?
Next Homewise wants to know if you’re looking to purchase immediately or if you have more time. This tells them whether there are any time limitations they should consider.
Next indicate whether you are a first-time buyer or not. This will tell Homewise if you’re eligible for any first-time buyer benefits or rebates.
Now choose the locations where you want to purchase a house. You can choose a specific town or street, or keep it more general and simply choose a city.
Now you’ll need to provide an estimate for how much your house costs and how much you have for a down payment. If you haven’t found a house to purchase yet, just provide a guess based on what you can afford and the average price of houses in your area.
For this step, all you need to do is tell Homewise how you plan to use the house. Whether the house will be your principal residence or act as a rental may affect the outcome of the offers you receive.
Next, indicate the style of house you plan to purchase. Are you looking for a single-family home, a condo, duplex, or townhouse?
Next, provide your basic personal information.
Provide your date of birth.
Provide your marital status.
And finally, your citizenship status.
Next, Homewise wants to know where you live and your current living situation, for example, do you own or rent?
Now, tell Homewise what your primary employment type is, you’ll have eight different options to choose from. This information will help Homewise match you with the right lenders for your needs.
Next, you’ll be asked to provide details about your job. When you started, your employer’s name, your job title, and finally how you’re paid.
Here, indicate your annual income (exclude any bonuses or commissions) and also whether or not you have additional sources of income.
In this optional step, Homewise wants to know more about your future financial situation and how long you plan to live in the house. Answering these questions will help Homewise tailor the options they provide to you even further.
Next, indicate any debts and assets you have.
For the final step, Homewise wants to know if you have any requests or extra information they should know about you.
Once you click submit, you’ll see a loading screen.
Step Twenty -Two
Next, you’ll see your mortgage options page. This is where you’re shown the top three options tailored specifically to your needs from Homewise’s list of more than 30 bank and lender partners.
On this page, you can also click on each option to see more details.
And finally, make a choice about which lender best suits your needs.
The Homewise Dashboard
Once your application is completed and submitted you’ll have access to your Homewise Dashboard. This is where you can see updated options, the status of your progress, upload documents, etc.
How much money can I save through Homewise?
Why should I use Homewise instead of just applying with my bank?
What type of home loan products does Homewise offer?
What documents do I need to use Homewise?
Is Homewise safe?
If you like the idea of saving time and money, then Homewise is a lender to consider. With low mortgage rates and an online application process, Homewise can help you save time and potentially thousands of dollars when all is said and done.
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