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Lender
Rating by Finanso®
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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.

IntelliMortgage

Finanso.Multilogin™

About lender

IntelliMortgage is an online Canadian mortgage broker. The company provides mortgages with beneficial rates by comparing the offers from the country’s major financial institutions like banks, lenders, credit unions, etc. Also, the company has a vast network of partners to offer the best solution for the client. IntelliMortgage has closed over $1 billion worth of mortgages since its foundation. The company has offices only in Toronto, Vancouver, and Calgary.

Features

One of the most significant features is that IntelliMortgage is a mortgage broker connecting customers to other lenders and financial institutions. As a result, the company has a vast network of partners so they can offer the most suitable solution for the customer.

The company lets its clients check their rates to find the best mortgage conditions by using an online mortgage calculator on its website. The customer must insert the wanted amount, term, amortization period, and rate to use the calculator.

Also, IntelliMortgage’s tool called Let Us Beat Your Quote is designed to search for offers with better terms and rates than those quoted by its clients. To take advantage of this service, customers must fill out the required form on the company's website, and then IntelliMortgage will connect to them within 24 working hours to offer the new solution.

Moreover, the company provides mortgages with fixed and variable rates. The fixed rates start from 4.09% up to 5.39%, and the range of variable rates is 2.55% - 2.60%.

IntelliMortgage is the only mortgage provider in Canada to track every prime lender that publicly advertises mortgage rates, more than 350. However, unlike most mortgage providers, they give back a chunk of their compensation to “buy down” their clients’ interest rates. That’s how the company guarantees the customers’ rates are among the lowest rates in Canada.

Pros and cons

However, it is essential to note that cooperation with IntelliMortgage has pros and cons that can change customers’ decisions.

Pros

  • IntelliMortgage works with many Canadian lenders and banks to find the best solution for the client ;

  • The company analyzes the rates of a vast number of lenders to reduce their rates as much as it’s possible ;

  • The company can reduce the rate if the customer finds another company that provides a mortgage with a lower rate;

  • Straightforward application form which can be filled in several minutes;

  • Usually, customers are approved in 24-48 business hours;

  • The whole process can be performed online;

  • The company provides mortgages with fixed and variable rates;

  • The customer can use an online mortgage calculator on the company's website to simplify the process.

Cons

  • The approval can take much longer than 48 hours as different lenders require different documents;

  • There is no information about limits of borrowable amount on the website;

  • The company has offices only in 3 cities across the whole country and doesn’t work 24/7.

The company has a vast network of partners so that they can offer their customers the most attractive mortgage options. Also, they can reduce the rate if the customer finds a company providing a mortgage with a lower rate. However, there are some disadvantages. For example, the approval can take more than 48 working hours as some lenders require specific documents. Also, they do not mention limits of borrowable amounts.

Loan conditions

A customer needs to pass three simple steps to apply for a loan. Firstly, they must pick the most suitable rate option depending on their needs. Secondly, they need to fill out the application form on the website. Finally, they need to upload all the necessary documents so the company can check them. The client can connect to IntelliMortgage by calling them at their general phone number, emailing, or visiting one of their offices.

To be approved by IntelliMortgage, the customer must comply with some requirements mentioned on the company’s website. For example, customers must:

  • be 18 years old or older;

  • be a Canadian citizen;

  • have at least two years of excellent established credit;

  • their income is provable to common lender standards;

  • their monthly required payments are less than 40% of their income;

  • the property is owner-occupied;

  • the property is marketable and not rural, farmland, or a cottage.

In addition, after filling out the application form, the customer must provide some required documents such as a personal photo ID, proof of income, proof of down payment, a void cheque, an MLS listing, and a signed purchase agreement. After that, a customer should wait until the company says whether they are approved or not.

Methods of loan funding

IntelliMortgage operates through mortgage brokers. Thus, loan funding depends on them and contract details.

FAQ

What is IntelliMortgage?

IntelliMortgage is a mortgage brokerage company. They work with different financial institutions such as lenders, banks, etc. As they have a vast network of partners, they can offer the best mortgage solution for a borrower. Moreover, if a client can prove that they found a company providing a mortgage with a lower rate, IntelliMortgage will try to “buy it down.” 

Who owns IntelliMortgage?

Kanetix Ltd. announced in 2019 that it acquired the Canadian digital mortgage broker intelliMortgage Inc. Financial terms were not disclosed.

How do you qualify for IntelliMortgage?

To be approved by IntelliMortgage, a customer must be older than 18; be a citizen of Canada; have at least two years of excellent established credit; their income is provable to common lender standards; their monthly obligatory payments are less than 40% of their income; the property is owner-occupied; the property is marketable and not rural, farmland or a cottage. 

How much can you borrow from IntelliMortgage?

Unfortunately, the maximum borrowable amount is not mentioned on the website. This is because the company deals with different lenders, and the borrowable amount depends on them.   

Is it a legitimate company?

IntelliMortgage is a legitimate company. They have an A+ accreditation by BBB, and their FSCO license number is 12326.

Company documents

Terms of use
Privacy Policy

Want a really low mortgage rate, without the sales spin?…IntelliMortgage… checks for the best rate from among banks, credit unions and wholesale lenders who don’t deal directly with the public.

© IntelliMortgage

Calculate loan payments in IntelliMortgage

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

Loan amount
i

Enter the desired loan amount

CAD
CAD
100000 $
1000000 $
Loan term
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Specify the loan term for the calculation

years
months
5
30

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

  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 IntelliMortgage 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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