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Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

CanWise

Finanso.Multilogin™

About lender

CanWise Financial is a Canadian mortgage broker and lender operated by Ratehub Inc. The company was founded in 2014 and works with over a dozen lenders, from big banks to small financial organizations. The company has funded over $8 billion in mortgages.

Currently, CanWise has rebranded to Ratehub.ca as an in-house mortgage brokerage of Ratehub Inc.; CanWise is now responsible for lending services, while Ratehub.ca represents the brokerage and the lender marketplace.

Features

Now operating as Ratehub.ca, CanWise offers solutions for purchase, refinance, or renewal with a wide range of mortgage and lending options.

The company offers comparison tables to choose the option which best fits your needs. Over the decade, it helped millions of Canadians. Nowadays, the company operates in British Columbia, Alberta, Manitoba, Saskatchewan, Ontario, Northwest Territories, Quebec, and Yukon.

Pros and cons

Before applying for a loan or mortgage in CanWise, it’s worth considering the advantages and disadvantages of the borrowing process.

Pros

  • Volume discounts.

  • Wide range of mortgage solutions from dozens of lenders.

  • Remote service with a broker by phone or email.

  • Free service with no charge.

  • An opportunity to choose weekly, bi-weekly and monthly payments.

  • Several calculators are available on the company’s website.

Cons

  • Limited lender options.

Loan conditions

CanWise Financial provides a dozen different mortgage options with fixed and variable interest rates ranging from 2.50% to 5.68%. It also offers lower rates on a limited basis.

Next, take a closer look at the company's methods of loan funding to obtain a complete view of the company’s activities.

Methods of loan funding

There is a transparent application structure. The application process can be completed online in less than 15 minutes.

The applications process has five stages:

  1. Selection of the preferred loan and filling in the required information about the mortgage type.

  2. Filling in additional information like full name, email address, the number of applicants, and current property.

  3. Providing additional personal information: employment history, address history, and existing mortgages

  4. Filling in additional information about personal finances.

  5. A phone consultation with one of CanWise’s mortgage experts.

CanWise’s experts help homebuyers find a suitable mortgage and negotiate with lenders.

FAQ

What is CanWise?

CanWise Financial is a mortgage broker based in Canada. It has funded over eight years over $8 billion in mortgages.

Who owns CanWise?

CanWise Financial is operated by Ratehub Inc. Nowadays, CanWise has rebranded to Ratehub.ca to represent the brokerage and the lender marketplace. 

What do you need to apply for a CanWise mortgage?

For applying for a CanWise mortgage, the client should provide the required documents, including:

  • A copy of a valid driver’s license.

  • Proof of income. The required information includes two recent pay stubs for clients with a regular source of income and the notice assessment for the past two years for self-employed. 

  • The current mortgage statement, renewal offer, or agreement from the client’s lender.

  • The property tax bill for the current year.

How does the mortgage approval process work?

The lender has the right to require information about the client’s finances, employment, and the type of house considered to purchase. Therefore, the client should provide the following documents:

  • Proof of income

  • The source of the down payment

  • The home address and its property taxes

  • A copy of the purchasing offer and the offer price

  • The closing date of the purchase

  • A copy of the real estate appraisal and listing.

  • The client’s lawyer’s full name and contact information

Is CanWise Financial legitimate?

CanWise Financial is approved by the Canada Mortgage and Housing Corporation (CMHC). It has been operating as a mortgage broker since 2014. It’s monetarily safe and legit to work with this company because a client doesn’t need to pay for the search for loans. The lender pays for these actions, and the use of the company's service is also free for the client. The client’s personal information on the website in the application form is encrypted, so only CanWise can view the client’s data.

How much can you borrow from CanWise?

The company’s financial regulations stipulate that any mortgage on the home can't exceed 80% of the home's value.

Company documents

Privacy Policy
Terms and Conditions

CanWise is both a mortgage brokerage and a CMHC-approved mortgage lender.

© CanWise

Financial products

CanWise
Mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$50,000-$1,000,000
Rate
i

Effective interest rate on the product

up to 5.68%
Term
i

Loan term for the financial product

up to 10 years

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Rate
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Effective interest rate on the product

starting from 1.05%
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up to 30 years

Calculate loan payments in CanWise

CanWise calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
i

Enter the desired loan amount

CAD
CAD
50000 $
1000000 $
Loan term
i

Specify the loan term for the calculation

years
months
1
10

What to pay attention to when applying for a loan from CanWise

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes CanWise from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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All CanWise’s reviews by August 2022
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