motusbank Mortgage review
- Interest Rate (APR)
- 5.81%
- Provincial availability
- AB, BC, MB, NB, NL, NS, NT, NU, ON, PE, SK, YT
Summary
From the comfort of your own living room, secure the mortgage you need for your future house with this online-only Canadian bank.
If you’re busy and struggling to find time to think about securing a mortgage, you’re not alone. Now, with motusbank, you can shop for a mortgage plan online and find one that is customizable to your financial needs.
motusbank, one of the youngest banks in Canada, is owned by Ontario’s largest credit union, Meridian. motusbank competes with other online banking services, and offers mortgages through an entirely online process.
The obvious advantage of a motusbank Mortgage is its convenience. Mortgages can be a complicated matter and can often feature extensive meetings with different mortgage specialists.
motusbank eliminates this time-consuming process by offering low mortgage rates and the convenience of purchasing a mortgage online.
What types of mortgages does motusbank offer?
motusbank offers the following mortgage terms and interest rates:
- 3 year fixed mortgage with a 6.73% interest rate
- 5 year variable mortgage with a 7.02% interest rate
What makes motusbank unique?
The ability to purchase all financial products and services directly online sets motusbank apart from traditional banks or credit unions. While the idea of purchasing mortgages online may seem foreign to some, it can be a time-saver for others. People that wish to look into securing a mortgage online with motusbank will be glad to know that motusbank offers very competitive and low rates.
Do I qualify for a motusbank Mortgage?
A list of eligibility criteria for a motusbank Mortgage is not available on its website. The basic requirements are usually that you are the age of majority and a citizen or resident of Canada.
Unfortunately, the only way to know if you qualify is to apply. Before submitting an application, consider the following pointers and do what you can to better your financial position.
Factors that might affect your ability to get a mortgage
- Debt to income ratio. When your outstanding debt is low, it’s easier to qualify for a mortgage.
- Down payment. Individuals who make a large down payment are more likely to qualify for a mortgage.
- Size of mortgage. The amount of money you’re applying for affects whether you’re qualified. The lower the amount, the better.
- Credit score. Your credit score plays a big role in your mortgage application. However, some lenders care about credit scores more than others.
What are the benefits of getting a mortgage with motusbank?
- Convenient. Purchasing your mortgage online can save you a lot of time and is very convenient.
- Low rates. motusbank offers competitive low fixed and variable mortgage rates.
- No meetings. You do not need to have in-person meetings with mortgage specialists to go over your financials and mortgage options. Instead, you can meet with a motusbank mortgage representative over the phone.
- 20/20 prepayment privileges. motusbank allows you to pay up to 20% of the original principal per year or increase your monthly payment by up to 20% of your original payment plan every year without penalty.
- Legitimacy. While motusbank may be new to the online banking world, it is backed by Meridian, the largest credit union in Ontario and the third largest in Canada.
- Friends and Family. motusbank allows you and three other people the opportunity to pool your resources and money together and collectively purchase a mortgage.
- Lock in rate. motusbank lets you lock in your preferred rate for a period of up to 90 days.
What to watch out for
- Customer service. When dealing with an online-only service, you’re more likely to have hiccups in communication, which can lead to frustrating customer service experiences.
- New company. motusbank is a new company and there may not be enough customer reviews out there for you to determine whether you want to use its services.
- No meetings. Mortgages can be a very complicated topic with lots of subtle nuances. Many people prefer having the reassurance of an in-person meeting with a mortgage specialist to go over all of the mortgage details and to have their questions answered.
Eligibility requirements
- Be the age of majority in your province or territory
- Be a citizen or resident of Canada
Required documentation
- Personal information. You’ll be required to provide personal information, such as your name, phone number, email, date of birth and government issued ID among other details.
- Credit report. motusbank will ask for consent to pull your credit report to assess your creditworthiness.
- Proof of income. In order to verify your income, motusbank may request pay stubs, letters of employment or other documentation that proves your income.
- Other financial information. You may be asked to provide details of outstanding debts, owned assets and other financial information.
Property information. motusbank will ask for details of the property you’d like to purchase.
How to apply
If you’re ready to apply for a motusbank Mortgage, follow these simple steps:
- Visit motusbank‘s website and navigate to the mortgages page
- Click Apply now
- Provide the information requested during the online application
- Review and submit your application
I got the loan. Now what?
If you’ve been approved for a mortgage with motusbank, a representative from its Member Services team will contact you regarding the next steps of your mortgage. This could entail verifying the details of the information you submitted along with confirming the mortgage plan you want to enter into. You can then specify which mortgage payment plan fits your lifestyle and budget: weekly, bi-weekly, monthly, bi-monthly, accelerated weekly or accelerated bi-weekly.
Compare other mortgage lenders
Bottom line
motusbank offers convenient mortgage packages for those that don’t have the time to shop around in person for comparative mortgage plans. Through its online-only service, you can pick a mortgage plan with low rates and can pay it off with a flexible payment schedule that meets your current financial situation.
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