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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.

Think Financial

Finanso.Multilogin™

About lender

THINK Financial is one of Canada's newer lenders approved by the Canada Mortgage and Housing Corporation. THINK Financial is licensed under True North Mortgage. They offer mortgages to Canadians who have a history of good financial behavior. The lender claims to be committed to providing all its customers with favorable rates, whether they are first-time home buyers or seasoned real estate professionals.

THINK Financial was established in 2016 and offers Canadians with excellent credit the opportunity to get house mortgages. The mortgage brokers that the firm works with are well-known for their ability to bring in customers who have excellent credit, and the Company only sells its wares through a minimal number of these brokers. THINK Financial is conceived that customers with good credit deserve better interest rates and more straightforward pricing without additional hidden expenses. And exactly that was what the corporation aimed to give its clients and consumers in the first place.

Pros and cons

THINK Financial has some advantages and disadvantages to offer. Find below an overview of its strong and weak sides.

Pros

  1. Providing competitive mortgage terms in the market

  2. High level of flexibility

  3. Special offers

  4. Willingness to adjust to the clients' needs

  5. High level of service

  6. Have the ability to pay the mortgage without penalties conveniently

Cons

  1. Little information about the Company's loan products on the website

  2. Loan terms are not suitable for everyone

Loan conditions

THINK Financial offers several products to its clients:

  1. Standard Conventional Charge Mortgages. The main emphasis is made on the fact that it is registered for the original loan amount only, which allows the clients to attain a line of credit with another institution. Interest and fees are based only on the balance outstanding. The loan can be transferred “as is” to another lender at renewal time without incurring legal costs.

The term is up to five years. The prime rate is 3.70% plus a 1% administrative fee that does not apply to the No Commitment mortgage. It is a low-variable-rate mortgage that comes without penalties or restrictions. Depending on the qualifications, the variable rate ranges from 2.75%. At the same time, the 0.95% discount is locked in for the entire mortgage term. The product has been issued for five years. Provides for the possibility of refinancing in case it is necessary.

However, the lender notes that lending terms and conditions apply.

  1. The Works. This is a standard mortgage product, which is highly flexible. Here the client has several options to choose from:

  • Fixed-rate mortgages

The greater of either:

  1. Your Interest Rate Differential (this is the future interest on your current mortgage minus the interest on an equivalent mortgage if it were originated today).

  2. Three months interest at the current mortgage rate, plus a pro-rated portion of your original rebate and penalty covered by us (if received).

  • Floating Rate Mortgage

Three months interest at the current mortgage rate, plus a pro-rated portion of your original rebate and penalty covered by us (if received).

Under the terms of this loan product, the customer will have the option to pay up to 20% of the maximum amount in a lump sum once a year on the regular payment date, which would allow, ideally, to pay off the mortgage in less than 5 years.

Here you can find a table with the company's rates:

  • 2-Year Fixed: insured/insurable 4.79%, uninsurable 5.19%

  • 3-Year Fixed: insured/insurable 4.79%, uninsurable 5.19%

  • 5-Year Fixed: insured/insurable 4.69%, uninsurable 5.09%%

Funding a loan

Funding a loan in THINK Financial is not very fast because this lender only provides mortgage loans to customers with a good credit history, which requires checking all the essential points. But applying is easy - click on Apply on the website, fill out the application, and then click on Final Step: Review the Terms to see how quickly the application will be processed. THINK Financial states that the mortgage must fund within 40 days of the loan application date.

FAQ

What is THINK Financial?

THINK Financial is a CMHC-approved Canadian lender. True North Mortgage is a THINK Financial company.

Is THINK Financial trustworthy?

Yes. They have accredited lenders with the Canadian Mortgage and Housing Corporation and hold a license from True North Mortgage.

Company documents

Privacy Policy

At THINK Financial, we believe good credit clients deserve better rates and straight forward pricing without the hidden fees. For example, we no longer charge wire fees upon funding of a mortgage. Every bank and lender in Canada does, but to us it doesn’t seem right, so we eliminated the fee.

© THINK Financial

Calculate loan payments in Think Financial

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

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What to pay attention to when applying for a loan from Think Financial

  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 Think Financial 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 Think Financial’s reviews by September 2022
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