CanWise Financial Review 2021

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If you’re looking for a mortgage at the lowest possible rate, you might find this CanWise Financial review useful.

One crucial feature of a mortgage is the interest rate. As a result, you’d have to do a great deal of research to find the best home loan.

You might consider working with CanWise to cut down on the time it takes to research multiple lenders. CanWise is an established mortgage broker. Home equity lines of credit, purchase plus improvements, and mortgage pre-approvals are their specialties. And they have over sixteen lending partners. These range from large banks like Scotiabank to credit unions.

In this CanWise Financial review, I’ll go over their mortgage solutions. I’ll also cover the benefits, drawbacks, and price of using their service.

Let’s get started.

What Makes CanWise Financial a Good Option?

When searching for a mortgage, the most common piece of advice you’ll hear is to do your homework before choosing a lender.

There are many mortgage lenders out there, and consulting each one can take some time.

That’s where a mortgage broker like CanWise can help. They can find you a mortgage with ideal terms. You can also get far better rates than if you went to a lender directly. This is because of their relationships with their lending partners, which gives them access to discounts and special offers.

They perform one credit check and consider multiple lenders in a single query. Furthermore, their tailored service is entirely free.

You can save thousands of dollars during the home-buying process by working with a mortgage broker. Also, you will have a dedicated mortgage expert by your side until you settle into your new home.

The next section of this CanWise Financial review will examine the benefits and pitfalls of using this provider.

The Pros & Cons of CanWise Financial

The Pros

Here’s what users love about CanWise Financial.

Free To Use

They provide a service at no cost to you. And they don’t charge clients because the lender from which you get your mortgage compensates them.

Wide Range of Mortgage Solutions

They cater to a broader consumer pool compared to other lenders and mortgage brokers.

Remote Service

There are no in-person dealings. You apply for their service online, and from then on, you communicate with a mortgage expert by email or phone.

Ample Customer Testimonials

According to over 5,000 reviews on Facebook and Google Business, CanWise has a good reputation when dealing with customers.

Broad Range of Mortgage Options

They provide different home loan solutions for nearly any situation. They can find a mortgage that fits your goals and budget, whether you’re a first-time homebuyer, going through a divorce, or have poor credit.

The Cons

Canwise Financial could improve on these few things.

Limited Lender Options

They consider a small pool of lenders. As a result, if you’re looking for a mortgage with a specific lender, you might not get it through CanWise.

Computer-based Application

To complete the online application and upload your documents, you’ll need to be a little tech-savvy.

CanWise Financial Service Quality

Judging from customer reviews of CanWise, they have a strong reputation for offering high-quality service.

Working with them is seamless and efficient, according to reviewers on Google Business and Facebook. They’re transparent about their rates and mortgage options as well.

Many reviewers praised the reliability, timeliness, and professionalism of their mortgage advisors.

CanWise Financial Services

CanWise is a mortgage broker and a lender that works with over sixteen lenders to find you the best mortgage. Their lending partners include Equitable Bank, Desjardins, and Verico.

If you want to secure a mortgage directly from CanWise, you’ll need to speak with one of their mortgage brokers. Interest rates range from 2.23% to 4.4%, with lower rates available on a limited basis.

Compared to their closest competitors, they cater to a broader range of consumer needs. They provide thirteen different mortgage options, which I’ll walk you through below.

Purchase

Most people can afford to buy a house or property with a mortgage rather than paying cash. To ensure you can afford your mortgage payments and interest, secure the best terms possible. CanWise helps homebuyers find a suitable mortgage. They also negotiate with lenders on your behalf.

Pre-approval

With a mortgage pre-approval, you can determine how much you can borrow and secure a rate with a specific lender. CanWise can connect you with a lender that offers the best mortgage terms for your situation. In addition, they can help you lock in a rate.

Refinance

At some point, you may consider swapping out your current mortgage for a new one. This could be to get better terms or access the equity in your home. If you’re looking to refinance your mortgage, a CanWise home loan expert can assist you.

Renewal

As your mortgage approaches the end of its term, CanWise can guide you through the renewal process. They can assess your current mortgage and compare it to those offered by other lenders. They will then advise you on what is best based on your situation.

Home Equity Line of Credit

Tap into the equity you’ve built up in your property with a home equity line of credit (HELOC). While you can go to your current mortgage lender to get a HELOC, you can find a lender with CanWise instead.

Divorce

You and your former partner will have to decide how to deal with the house you bought jointly with a mortgage when going through a divorce. You have a few options, which CanWise can assist you in evaluating.

Purchase Plus Improvement

If you want to buy a house and renovate it, you might have difficulty getting the financing you need. CanWise can connect you with a lender that can give you funds to repair a fixer-upper.

Investment Property

To buy a rental property, you’d have to secure an investment property mortgage. This type of mortgage is one of CanWise’s specialties.

Vacation and Second Homes

It can be challenging to get a mortgage for a vacation home or second property. Some lenders may be hesitant to lend you the money you need. They may also charge you a high interest rate if they believe this is a high-risk purchase.

You can entrust CanWise to find a lender that’ll give you the money you need to buy your vacation or second home.

New to Canada

While you’re building your credit as a newcomer in Canada, it’s possible to find a mortgage lender with CanWise.

First-time Home Buyer

Getting a mortgage to buy your first house is one of the most significant investments you’ll ever make. Therefore, ensure you get the best possible terms for your situation. CanWise helps first-time homebuyers find a lender that best suits their needs and budget.

Business for Self

Specific lenders may view self-employed mortgage applicants as a higher risk than those with a traditional source of income. Fortunately, some lenders will approve mortgages for freelancers and self-employed individuals.

While you can search for lenders on your own, CanWise can help you narrow down suitable lenders.

Bad Credit

Your credit score can determine the simplicity of purchasing a home or property. If you have bad credit, you may be required to meet additional criteria. For instance, you could need a co-signer to avoid them rejecting your mortgage application altogether.

CanWise evaluates your position and assists you in finding alternative lenders that will give you a mortgage, even if you have poor credit.

Cost of Using Their Services

It will not cost you anything to use their mortgage broking service. Because the lender you choose for a mortgage pays them a finder’s fee, they don’t charge you. As a result, you can be confident that you won’t receive any bills months after using their service.

How Safe and Legit is Canwise Financial?

It’s important to know that the financial services provider you’re working with provides a secure and legitimate service. This is why I’ve included this section in my CanWise Financial review.

CanWise has been operating as a mortgage broker since 2014. They have funded close to eight billion dollars in mortgages.

It’s safe to work with them because no money changes hands when you use their service.

As for the personal information you enter on their online application, it’s encrypted. This means only CanWise can view your data.

Their direct lending arm is approved by the Canada Mortgage and Housing Corporation (CMHC).

CanWise Customer Support

There’s more to CanWise than a simple online application and low mortgage rates. After you apply with them, they connect you with a mortgage advisor.

Your advisor will walk you through your options. And they will provide guidance from lender comparison to closing on your house.

If you’re contemplating using CanWise’s service but have some questions, you can reach them by phone and email. Their contact information is available on their website’s ‘contact’ page.

How to Get Started with CanWise Financial

In this portion of the CanWise Financial review, we’ll delve into the process of submitting an application for their services.

Applying for a CanWise mortgage and for their mortgage brokerage service involves the same process.

You’ll begin by filling out an online application. You can access it by clicking the ‘apply for a mortgage’ button on their website. According to CanWise, it takes up to 10 minutes to complete.

The application involves the following five steps:

1. Select your preferred home loan and provide the required information about:

  • The mortgage type
CanWise Financial Review - Mortage Type - comparewise

2. The purpose of your chosen mortgage

  • How many applicants there are
  • Your personal information, such as your full name and email address
  • Your current property (if applicable)

3. Provide additional personal information, which includes:

  • Your employment history
  • Your address history and existing mortgages
CanWise Financial Review - Employment History - comparewise

3. Enter information about your personal finances.

CanWise Financial Review - Personal Finances - comparewise

4. Make a phone appointment with one of CanWise’s mortgage experts.

5. Upload the required documents, which include:

  • A copy of a valid driver’s license to confirm your identity.
  • Proof of income. If you have a job with a regular source of income, upload two recent paystubs. And if you work on commission or are self-employed, a notice of assessment for the past two years will do.
  • Your current mortgage statement or mortgage renewal offer/agreement from your current lender (if applicable)
  • Your property tax bill for the current year

They may request additional documentation, depending on your case.

Once you’ve completed all the steps above, they will process your application and approve it.

After the approval process, you’ll work alongside a mortgage advisor who’ll guide you through the entire process.

Alternatives to Canwise Financial

Perhaps, after reading this CanWise Financial review, you’re still not sure if their services are for you. In that case, it may be time to consider an alternative.

When looking for a mortgage, look into as many lenders as possible. It’s also a good idea to explore different mortgage brokers. Below are some CanWise alternatives to consider.

Breezeful

A 100% online mortgage brokerage, Breezeful provides similar but fewer mortgage options than CanWise.

They cater to a vast pool of consumers as well. Their specializations are mortgage pre-approval, refinancing and renewals, home equity lines of credit, and second mortgages.

They differ from CanWise in that they offer other ways to become a homeowner. You can apply for their rent-to-own program. This will allow you to rent a property with the option of buying at the end of the lease term. You can also get a mortgage from a private lender through them.

These two solutions are especially beneficial if you have irregular income or can’t get a bank loan.

Breezeful works with over thirty lenders, which include monoline lenders and some of the big five banks.

Their service is free to use, and you will have a dedicated mortgage expert guide you through the entire process.

Homewise

Another alternative mortgage brokerage to consider is Homewise. They have over thirty lending partners, but their mortgage options are much more limited compared to CanWise.

They help consumers with new mortgages, pre-approval, refinancing/switching, and reverse mortgages.

They also provide personalized service. You’ll be assigned to a mortgage expert who will walk you through choosing a lender and closing on your home.

True North Mortgage

True North Mortgage has the most comprehensive mortgage solutions compared to other brokerages. They deal in similar home loans as CanWise, including foreign home purchases and reverse mortgages.

You can access their services online, over the phone, or in person. If you can’t make it to their offices during business hours, they have mobile mortgage brokers who can come to you.

They find you the best and lowest rates for your needs. And if they can’t match the lowest mortgage rate you find, they’ll give you $500.

CanWise Financial Review Conclusion

Perhaps you’re having issues securing a mortgage from a traditional lender because of your credit score. In that case, you might want to look into CanWise. They can also assist you if you’re going through a divorce or if you want to buy a rental property.

Remember to start the process early on with them to avoid complications when your property’s closing date approaches.

Also, check the fine print of your contract to make sure you understand what you’re getting into when you get a mortgage with them.

Explore our CanWise Financial review covering the services of one of Canada’s leading mortgage brokers. We detail the pros, cons, & much more.

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FAQs about CanWise Financial

What is CanWise?

CanWise is a mortgage broker that is very established, they specialise in home equity lines of credit, purchase plus improvements and mortgage ore-approvals. CanWise has over sixteen lending partners which gives them access to better rates and special offers.

What Makes CanWise Financial a Good Option?

CanWise Financial is a good option as they can find you a mortgage with your own terms and better rates compared to a lender. It’s relatively simple as everything is done in one query. CanWise will perform one credit check and then provide you with multiple lenders to choose from.

What are the advantages of using CanWise?

The advantages of using CanWise include: it’s free to use, range of mortgage solutions and remote service. CanWise services are free and can provide you with a broader mortgage pool. The application is all done online where you can communicate with a mortgage expert via email or phone.

How do I start with CanWise?

You can start with CanWise by speaking to one of their mortgage brokers so that you can secure a mortgage directly. The application involves:

  1. Selecting your preferred home loan
  2. Provide the purpose of your chosen mortgage
  3. Provide important personal information
  4. Provide an overview of your finances
  5. Speak with a CanWise mortgage expert
  6. Upload the right documents
What are the costs of using Canwise?

The costs of using Canwise remains free. It will not cost you anything to use their mortgage broking service as the lender you choose will be paid for the finder’s fee by Canwise.

October 1, 2021
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