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Homewise Mortgage Broker Review

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Homewise Mortgages
Interest Rate (APR)
Loan Term
Min. credit score
Provincial availability
Not available in Quebec

Our verdict

Homewise can ease the home-buying process by helping you find the best deal on your mortgage for free.

Homewise is an online team of mortgage advisers who will negotiate with lenders on your behalf to find the best mortgage options that meet your unique needs. It works with various types of clients, from first-time home buyers to experienced homeowners interested in pre-approval, approval, switching or refinancing. It guides applicants through the entire process, from approval to closing. Launched in Toronto, Canada, Homewise now has relationships with over 30 banks, credit unions and financial institutions and provides services across Canada except Quebec.

Best for: Those looking to tailor their mortgage for their needs.


  • Easy online application
  • Free service
  • Personalized choices


  • Not available in Quebec
  • No in-person service

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Through its relationships with over 30 lenders, Homewise seeks to save clients up to $20,000 on the average mortgage.

How does Homewise work?

Homewise leverages technology, data and human expertise to scour the marketplace for the best mortgage rates. As a starting point, it will ask you to fill out an application on its website to create your user profile. Then you will be matched with one of its mortgage advisers, who will analyze your needs and search for the most suitable mortgage options for you. They will provide you with a list of choices and if you decide to go ahead with one of them, your adviser will aim to get your approval or pre-approval within 48–72 hours, provided they have all the necessary documents and information.

How much money can Homewise save on my mortgage?

The amount of money you save depends on your unique financial situation as well as the size of the mortgage you need. Homewise seeks to save clients up to $20,000 on the average mortgage. Its existing relationships with over 30 lenders give it access to competitive mortgage rates that you would typically need to negotiate for yourself if you were scouring the marketplace on your own. Essentially, Homewise uses its experience and connections to find the best rates for its clients.

If you decide to go directly to a bank, you would be limiting your choices to one lender, whereas working with Homewise opens you to various choices across multiple lenders, depending on your situation. Also, since Homewise operates its business entirely online, it can take a lower commission from lenders to help pass those savings on to you – something that many bricks-and-mortar brokers would be hard-pressed to do.

How much do the services cost?

Homewise is free to use and will not charge you for its work. It will only get paid by your lender once your mortgage closes.

Pros and cons of working with Homewise


  • Reduce stress. Homewise will do the heavy lifting by finding the best mortgage options for you and guiding you through the whole process.
  • Save money on your mortgage. Homewise seeks to save clients up to $20,000 on the average mortgage.
  • Free service. Homewise will only be paid by your lender when you close your mortgage.
  • Easily apply. Apply from the comfort of your home in under five minutes.
  • More choices. Get more choices through the broker’s relationships with over 30 lenders.
  • Tailored choices. Homewise can find mortgage options customized to your needs.
  • Access to resources. Access a wealth of online resources provided by Homewise to learn more about securing a mortgage in Canada.
  • Charitable donations. Homewise donates a part of its commission to Habitat for Humanity, an NGO that builds safe and affordable homes for those in need.
  • Referral bonus. If you refer a friend who closes their mortgage with Homewise, you'll receive a $200 gift card and your friend will receive a $100 gift card.


  • Not available in Quebec. Homewise does not offer its online platform to residents in Quebec.
  • No in-person service. You won’t be able to visit Homewise in person to discuss your mortgage needs.
  • Computer-based. You’ll have to be a little bit tech-savvy to navigate the online application and document upload process.
  • New online mortgage broker. Launched in 2018, Homewise is a fairly new company, so it doesn’t have the established presence that bigger, older mortgage brokers would have.

Is Homewise a reputable company?

The Homewise team has mortgage experts with more than 20 years of experience as well as finance, technology and consumer experience experts. Homewise has built relationships with top-tier lenders like TD, Scotiabank and Desjardins and has been featured in the Financial Post, 680 NEWS and more. Homewise has also implemented bank-level security measures to protect its clients’ personal and financial information. Your data is encrypted from the moment you start your application and it is further protected by Secure Socket Layer technology. Homewise also does not share your information with third-party advertising companies.

What kind of customer experience should I expect?

When you first start your application on its website, Homewise will ask you personal questions such as your assets, debts, salary, what kind of home you want to buy and when you plan to buy a home. It asks these questions so it can understand your unique circumstances and find the right mortgage options. The application is simple to fill out and should take no more than five minutes. Once it is submitted, you will be paired with a mortgage expert, who will negotiate with over 30 lenders on your behalf.

Your personal adviser is available to walk you through the process and address any questions or concerns you may have. You can stay connected with them through phone, email or text – whichever you prefer. Their official hours are 8:30am to 9pm EST, Monday to Sunday.

Am I eligible for a loan?

Eligibility requirements

To apply for a Homewise loan, you need to meet the following criteria:

  • Be at least 18 years old (and 19 in some provinces)
  • Be a citizen or resident of Canada
  • Be free from bankruptcy or other forms of unmanageable debt
  • Have a down payment of at least 5%

Required documents and information

Homewise will not ask for any documents when you first fill out its application, but you will need to provide them further into the loan process. Be sure to prepare the following documents in advance:

  • Government-issued ID. You’ll have to show proof of ID like your driver’s licence or passport.
  • Proof of income. You’ll be required to submit documents like pay stubs and letters of employment to verify how much money you make.
  • Credit report. You’ll need to authorize Homewise to pull your credit report so it can assess your creditworthiness. Homewise will cover the cost of pulling the report.
  • Other financial and tax documents. You may be asked to provide notices of assessments, T4, a list of your debts and assets and proof that you can pay for your down payment and closing costs.

How to apply

If you think you meet all the eligibility criteria and you’re ready to start the process, follow these simple steps:

  1. Click the “Go to site” button below to visit the Homewise website.
  2. Fill out the online application to create your user profile. This should take no more than five minutes.
  3. Submit your application.
  4. Wait for Homewise to review your application.
  5. Once your application is verified, allow your Homewise adviser to find the best mortgage options for you.
  6. Choose your mortgage.
  7. Work with your adviser to finalize your mortgage.
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Bottom line

Getting a mortgage can be an intimidating process. Homewise can save you time and money by leveraging its relationships with over 30 lenders and finding the best mortgage options on your behalf for free.

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