Lower Financial Review (June 2024)

This Lower Financial review covers everything you need to know about the mortgage brokerage. Finding a mortgage can be an intense and arduous process.

You have to consult multiple lenders before settling on one. Read our Lower Financial review to discover more about this mortgage broker including the benefits, drawbacks, quality, & cost of their service.

Editorial Note: Comparewise is supported by our readers. When you find products and services through links on our site, we may earn commission.

Last Updated: Jun 16, 2024

Lower Financial

  • Get $500 referral bonuses
  • Utilise 85% of your home equity
  • Access competitive mortgage rates

Receive A Referral Bonus Of $500 When You Refer A Friend & Close A Deal. - Claim this offer

Luckily, mortgage brokerages like Lower Financial exist to ease the burden of finding a mortgage.

Lower Financial (lower.ca) is a mortgage brokerage that offers various home loan solutions in Canada. The company has a vast network of lending partners comprising banks, credit unions, and other financial institutions. Lower Financial (Lower) also offers a variety of mortgage programs.

Top Features of Lower FinancialRequirements for Lower Financial
⚡ Superfast and it’s free
– Utilize up to 85% of home equity
– Convenient process
– Have a steady income
– Low credit requirements

And this includes first-time home buyers’ home loans, refinancing, and renewals. That said, they boast a simple online application process and guided service.

It’s never a bad idea to take advantage of services that simplify the home buying process. They’ll save you time and the hassle of dealing with multiple mortgage lenders. This Lower Financial review will provide detailed information about this mortgage brokerage. Read on to capitalize on this free mortgage solution.

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Why Choose Lower Financial?

Most people can’t afford to buy a property with cash, so they opt for a mortgage instead. When you get a mortgage, you have to make sure it has a reasonable interest rate and excellent terms. Otherwise, it’ll negatively affect your financial health down the road.

Finding a suitable lender is a significant challenge, especially for first-time homebuyers. You can scour the internet or drive around your city searching for a lender for hours, to no avail. What started as an exciting journey can quickly become tiresome.

Mortgage brokerages like Lower Financial can save the day. Think of Lower Financial as a personal shopper but for mortgages. They’ll search through their vast network of lending partners for a suitable mortgage for your situation and home-buying needs.

Lower Financial can find a suitable solution for you based on the information you provide in your application. They also set you up with a mortgage specialist who will guide you while deciding between quotes. This way, you can decide with expert advice and get the best terms possible.

Getting started with Lower Financial is easy. All you have to do is fill out a straightforward online application. What’s more, Lower Financial has solutions for newcomers to Canada, first-time home buyers, and self-employed individuals. They can help you find a suitable mortgage for you regardless of your credit score.

Mortgage brokerages like Lower Financial are a great asset for anyone who’s received a mortgage before. They can help you find a better lender when it’s time to renew your mortgage. Or they can assist with securing a lower interest rate for your current mortgage.

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Pros and Cons of Lower Financial

This part of our Lower Financial review covers the benefits and drawbacks of their mortgage broker service. Consider these when deciding to get a mortgage through Lower Financial.

Pros of Lower FinancialCons of Lower Financial
– Free service
– Online process
– Simple application
– Quick service
– Access lots of lenders
– Personalized service
– New to the market
– Limited customer reviews

The Pros of Lower Financial

Here’s what Lower Financial review customers had to say about what they liked:

  • Free service
  • Online process
  • Simple application
  • Quick service
  • Access lots of lenders
  • Personalized service

Free Service

You don’t have to pay for Lower Financial’s mortgage broker service. Their service is completely free, making it accessible to almost all Canadians.

Simple Online Application Process

You can apply for one of Lower Financial’s mortgage programs online. All you have to do is fill out a short application form that’ll take you less than five minutes to complete.

Reduces Decision Making Time

When you shop around for a mortgage lender on your own, you have to weed out the good from the bad. This can take a lot of time and effort. With Lower Financial, they’ll handle all the heavy lifting for you.

Considering the information you provide in your application, they’ll find suitable lenders for you. That way, you can make a faster decision based on the quotes they provide from different lenders.

Access to Several Lenders

Lower Financial works with over 350 lenders to provide their clients various mortgage solutions. These lenders include credit funds, banks, and other financial institutions. Finding the best solution for your home-buying needs and financial situation is easier with such a vast pool of lending partners.

You can rest assured that you’ll walk away with a great deal.

Personalized Service

Once you submit an application, Lower Financial sets you up with one of their mortgage specialists. They’ll guide you as you decide between the quotes they provide. Also, they’ll stick around to answer any questions you have once you settle on a lender.

This perk of Lower Financial’s mortgage broker service is especially ideal for first-time homebuyers.

The Cons of Lower Financial

Some things can still be improved, here’s what our Lower Financial review found:

  • Limited reviews
  • Not yet widely available

Limited Customer Reviews

There aren’t as many public customer reviews of Lower Financial online as other mortgage brokerages. This may be a downside for you if you’re keen to know different customer experiences before settling on them. The few reviews they have are on Google My Business.

They don’t have any Trustpilot reviews, nor do they have a BBB ranking.

Not Widely Available

Lower Financial’s mortgage broker service isn’t available in Canada. It’s available in British Columbia and Ontario.

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Lower Financial Mortgage Programs

Lower Financial provides mortgage solutions to Canadian property owners. They don’t directly offer mortgage products. Instead, they help you get quotes from various banks, credit unions, and other financial institutions. Lower Financial is partnered with over 300 lenders, so you can get as many quotes as possible.

Their solutions are tailored to your situation and mortgage needs. They match you with a lender based on the information you provide in your application. Therefore, you can choose a lender that offers the best home loan for you.

Lower Financial has various mortgage programs in place. This includes home loans for first-time homebuyers, mortgage renewals, and mortgage refinancing. In the following sections of our Lower Financial review, we’ll go through each solution.


Buying your first property is a significant step. There are several considerations to make, and one of these is getting a mortgage. A mortgage is a contractual agreement you enter into with a lender when acquiring real estate. This contract details everything about the property’s purchase.

Whether you’re planning to use your property to grow your family or to earn rental income, finding the best home loan is vital. Lower Financial helps first-time home buyers and seasoned property owners secure a mortgage.

They’ll navigate the complexity of the mortgage process for you and perform the necessary due diligence.

You can benefit from a 5% down mortgage solution if you have a stable source of income and strong credit. Lower Financial can help those who don’t meet these conditions find a suitable mortgage solution.

Mortgage Refinance

It’s possible that when you get a mortgage, you don’t end up with the best terms. A mortgage lender may stick you with a high interest rate, making your home loan expensive. This can put a damper on your financial health.

The good news is you don’t have to live with unfavourable mortgage terms. You have the option of refinancing your home loan. Refinancing reduces your borrowing costs by locking in a lower interest rate. You can also refinance your mortgage to access the equity in your property.

Lower Financial can help you find a mortgage lender that offers more favourable terms. Thanks to their vast network of lending institutions, they can find the best solution for you. Therefore, their team will assist you with all your refinancing needs and help you improve your financial situation.

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Mortgage Renewal

Every mortgage has a term where a lender grants you financing at a specific interest rate. The term is typically set between six months and five years. When your mortgage term ends, you will have to renew your home loan.

Since you can renew your mortgage with the same lender for another term, you might consider renegotiating the terms. This will allow you to get a better interest rate. If your negotiations don’t work in your favour, you can get a new mortgage from another financial institution.

Lower Financial helps you secure a mortgage at a more competitive rate. Whether you’re looking to be pre-approved for renewal or get an early renewal, their service is available. Remember to start the mortgage renewal process at least three months before the term ends.

Lower Financial Service Quality

Lower Financial prides itself on being a trustworthy mortgage brokerage in Canada. Therefore, for this Lower Financial review, we investigated the quality of their service. Our search led us to several Google My Business reviews written by previous clients.

A few reviewers noted the excellent customer service offered by the company. Some went as far as claiming the service was exceptional. According to other reviewers, Lower Financial’s mortgage brokers are professional and great communicators.

They also commended the thoroughness of the mortgage brokers, who addressed all client’s concerns promptly.

Although there aren’t thousands of Lower Financial reviews on Google My Business, the few we found gave a well-rounded image of their service. Therefore, we can conclude that Lower Financial has something going for it.

Promotions and Discounts

Lower Financial offers a referral bonus of $500. The person you refer must close a deal for a mortgage through Lower Financial to receive this offer.

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How to Get Started With Lower Financial

In this part of our Lower Financial review, we’ll walk you through applying for their mortgage programs. Finding a suitable mortgage lender is already a stressful activity. When you’re faced with an equally challenging application process, it can add to the stress of it all. 

Lower Financial offers a convenient way for all Canadian property owners to access the financing they need. The straightforward and simple sign-up process is one of the most appealing aspects of their service.

You can say goodbye to lots of paperwork and waiting in queues at your lender of choice. Follow the steps below to apply for a Lower Financial mortgage program.

  1. Go to the website
  2. Fill out an application
  3. Submit and wait
  4. Application complete!

Step 1: Go to the Website

To get started, visit the Lower Financial website. Click the ‘Apply Now button in the upper right-hand corner, and you’ll be redirected to the application page.

Step 2: Fill Out the Application Form

The application form contains about ten questions, which will give Lower Financial a clear understanding of your needs. Begin filling out the form by clicking ‘start.’ You’ll be required to provide information about your situation and needs. First-time home buyers are required to provide the following information:

  • When you plan to purchase your home
  • The estimated price of your new home
  • Your estimated down payment
  • Your credit rating

If you’re looking to refinance your current mortgage, you’ll need to provide a reason. They provide options such as paying off your mortgage faster and changing from a variable to a fixed interest rate. You’ll also need to estimate your home’s value, your current mortgage balance, and your property’s address.

Step 3: Submit and Wait for Feedback

Submit the application once you’ve completed all the necessary fields. A Lower Financial mortgage specialist will get in touch with you with quotes based on your information. They’ll be with you every step of the way, guiding you towards the best solution for your financial situation and goals.

Step 4: Complete the Application Process

Once you choose a suitable quote, you’ll need to complete the application process. Lower Financial will require you to submit additional supporting documents during this step. Once you do that, you’ll have secured your mortgage.

Alternatives to Lower Financial

The great thing about Lower Financial is its wide variety of lenders. However, their service is not for everyone. If you want to explore more mortgage brokerages before settling on them, this part of our Lower Financial review is for you.

You’ll be glad to know that online mortgage brokerages aren’t rare. A couple of Canadian companies offer this service. Consider the alternatives to Lower Financial listed below.


  • Get approved anytime, anywhere
  • Flexible qualifications
  • Unbiased mortgage advice

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Breezeful is a Canadian mortgage brokerage that operates 100% online. They have over 30 lending partners, including major Canadian banks, monoline lenders, and small banks.

While this falls short of Lower Financial’s 350+ lenders, Breezeful makes up for it with its suite of services.

They specialize in mortgage pre-approvals, second mortgages, and refinancing and renewals. What’s more, Breezeful offers alternative ways to become a homeowner in Canada.

This is achieved through their rent-to-own program, where you rent a property with the option of purchasing later. They also give you access to private mortgages.

Therefore, if you have irregular income or can’t get a loan from a bank, Breezeful has you covered. Their service is free and available Canada-wide. Beyond Ontario, they work with licensed co-broker partners to offer their services.


  • Get the best mortgage in Canada in minutes
  • They negotiate with these lenders so that you don’t have to
  • Pre-approval, approval, refinance or switch

They shop around for you with over 30 banks and lenders, saving borrowers over $10,000 on average - Get started now


Homewise is another digital mortgage brokerage you can consider. Their pool of lending partners isn’t as comprehensive as Lower Financial, with only over 30 lenders available to you.

However, they have unique home loan solutions, including pre-approvals and reverse mortgages.

Their application process is straightforward as well.

They also offer a personalized service. This means you’ll be assigned a mortgage expert. They’ll guide you every step, from choosing a quote to closing on your home.


  • 2018, 2019, 2020 & 2021 Canadian Mortgage Brokerage of the Year
  • The highest-rated and most reviewed mortgage company in Canada
  • Let the experts at Canwise Financial negotiate a better mortgage rate for you

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To round up our recommendations of mortgage brokerages for this Lower Financial review, meet Canwise. This mortgage brokerage has about sixteen lending partners, including trust firms, major banks, and credit unions.

Although you’ll have limited lenders to consider, their mortgage solutions are much more comprehensive than Lower Financial’s.

You can get a pre-approval, purchase plus improvement, and an investment property mortgage. They can also help you get a home loan for a vacation home or second property.

Canwise has unique products catered to those going through a divorce, freelancers and self-employed individuals, and those with bad credit.

Canwise can secure a mortgage solution for you with an interest rate ranging from 2.23% to 4.4%. Lower interest rates are available, but they’re often only there for a limited time. And the best part is their service is entirely free.

Suppose you rely on customer reviews to get a fair image of a company. In that case, there are several public remarks about Canwise. These are available on Facebook and Google My Business.

Other mortgage brands

Lower Financial Review Conclusion

Now it’s time to wrap up our Lower Financial review. Lower Financial is a gift for seasoned property-owners and first-time home buyers. They can help you secure your first mortgage. Alternatively, they can assist with mortgage renewal and refinancing.

What’s excellent about Lower Financial is its access to over 300 lending institutions. You’ll be spoiled for choice and be able to choose a lender that’s ideal for your situation. If you’re looking to streamline the home buying process, you should take advantage of Lower Financial’s service.

Their service is free to use, and you’ll have a mortgage expert by your side to answer any questions you have. You’ll have a mortgage with exceptional terms in no time, all without the hassle.

Thanks for checking out this Lower Financial review!

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FAQs about Lower Financial

What Is Lower Financial?

Lower Financial is a mortgage brokerage that serves British Columbia and Ontario clients. They provide various home loan programs, including first-time home buyer loans, mortgage refinancing, and mortgage renewals. Their mortgage programs are suited for newcomers to Canada, self-employed individuals, those with poor credit ratings, and more. Therefore, they assist anyone, regardless of their financial situation and income source. They are partnered with over 350 lending institutions. This includes banks, credit funds, and other financial institutions. In addition, Lower Financial is licensed by the Financial Services Regulatory Authority of Ontario (FSRA). This permits them to provide mortgage broker services in Canada.

Can I Get a Mortgage Directly from Lower Financial?

No. Lower Financial doesn’t provide any mortgages. They are a mortgage brokerage, meaning they work as independent agents for their clients. Lower Financial helps you find the best mortgage with competitive interest rates. They do this by consulting various lending partners. In addition, mortgage brokerages like Lower Financial can negotiate with lenders on your behalf. They are undoubtedly a convenient way to find a home loan. You can capitalize on their relationships with multiple lenders to gain favourable mortgage terms. What’s more, they can assist with completing your paperwork. You’re often assigned a mortgage specialist who helps you from your first application to final approval.

How is Lower Financial Different from My Bank?

Banks are direct lenders, meaning they offer their own financial products. They have mortgage specialists who work as agents to sell their products to clients. These agents sometimes don’t give clients a fair deal because they work on commission. The more they upsell a mortgage, the more money they make. This can leave you with a mortgage that’s not suitable for you. Mortgage brokerages exist to solve this problem. Lower Financial doesn’t directly offer home loans. Instead, they provide mortgage products from various lenders in their network. They give unbiased recommendations that leave clients with the best interest rates and terms.

Is Lower Financial Worth It?

It depends on what you’re looking for. Lower Financial can be a great asset if you're a first-time homebuyer. If you're new to Canada or have a low credit rating, the same goes. Lower Financial caters to every credit profile, income level, and financial situation. What's more, their service is free, so you don't have to worry about not redeeming value from your investment. They set you up with a mortgage specialist who guides you during your search for the best lender. With Lower Financial, you can make finding a mortgage a pleasant experience again. They'll have you covered, so you don't have to go to different lenders directly and risk weakening your credit score.

What Does Lower Financial Cost?

Lower Financial doesn’t charge clients for using their service. Like most mortgage brokerages in Canada, you won't be charged a fee when working with them. Instead, your chosen mortgage lender will often shoulder the cost. They pay the mortgage brokerage a commission once you close the deal. This makes Lower Financial all the more useful for first-time home buyers and seasoned property owners. Their free service will put you in touch with the best lender for your financial situation and home buying needs. If you're a stickler for saving money, then a mortgage brokerage like Lower Financial is your best bet.


Lower Financial

October 6, 2022
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