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Neo Financial Mortgage Review
Compare lenders to find the best rates and earn rewards when you close your mortgage with this online bank and broker.
Get free expert advice to help navigate the mortgage process and close out your mortgage online with no commission fees. You’ll even get the chance to when you close the deal.
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30-second take
- Consider this broker if you want to apply for your mortgage online and you’d like the chance to earn rewards for signing on.
- Choose something else if you’d prefer to handle your mortgage in person or you’d rather compare a wide variety of lenders manually to find the best deal.
How does Neo Financial work?
Neo is a Canadian financial company that leverages digital solutions to help save you money. The company is well known for offering a range of financial products such as the Neo Card, the Neo Card with Credit Builder and the Neo savings account.
Now, Neo is branching out into the mortgage space by becoming a broker. This means that it operates a platform to help you compare mortgage rates from other companies. It also offers expert guidance and incentives for you to seal the deal and close your mortgage online.
How is Neo different from a regular bank or traditional broker?
Neo Financial is different from banks and traditional lenders for the following reasons:- Completely digital. Neo is 100% digital, so you can upload your mortgage documents, work with your lawyer and sign your closing papers without ever leaving your house.
- No commissions. Neo Financial mortgage representatives don’t work on commission, which means they’ll work in your best interests instead of trying to earn money off a sale.
- Best rates. The Neo mortgage platform is designed to find you the best rates possible with available partners, and you can even lock your rates in for 120 days.
- Many financial products. You can sign up for multiple financial products, including a Neo credit card or savings account, all in one place.
Who does Neo Financial partner with?
Neo Financial prides itself on working with some of Canada’s largest independently owned mortgage services companies. It works with reputable lenders such as CMLS, Strive, Home Trust, Optimum and many more. You can request a quote online or contact Neo Financial directly to find out more about which providers it partners with.What types of fees does Neo Financial charge?
You won’t pay any commission fees to shop for or close your Neo Financial mortgage. This means that using the service is completely free.
What fees will I need to pay with my lender?
You may pay different fees for your Neo mortgage based on which lender you choose. These may include the following:
- Origination fees. Fees to set up or maintain your loan.
- Closing costs. Third-party fees for services required to get a Neo mortgage, such as appraisals and title insurance.
- Early repayment fees. Fees to make early repayments on your loan.
- Late payment fees. Costs associated with making late payments or missing your payments completely.
What are the benefits of getting a Neo Financial mortgage?
Enjoy the following benefits when you use Neo Financial to compare your mortgage options:
- Fast application. Apply online in as little as 5 minutes and get pre-qualified instantly so that you know how much you can spend and at what rates.
- Best choice of rates. Neo Financial works with multiple reputable lenders to find you the best rates available and rates are guaranteed for up to 120 days.
- Dedicated support. All applicants get a human associate who doesn’t work on commission.
- No commission fees. Enjoy peace of mind knowing that Neo’s mortgage advisors are working to find you the best deal – with transparent quotes and zero commission fees.
- Completely online. Apply for and close your Neo mortgage completely online without the need for in-person appointments (only in some provinces).
What to watch out for
- Select lenders only. Neo Financial only works with a handful of select lenders, which means you could miss out on a better deal elsewhere.
- 100% digital is limited. Digital closing is currently only available in Ontario, Alberta and British Columbia.
- No in-person service. You won’t be able to visit Neo Financial in person to discuss your mortgage needs, which can be tricky if you run into any issues. It’s fully digital, so you’ll need to be comfortable with that.
How does it work?
Visit the Neo Financial mortgage main page to start your application to pre-qualify and choose from 3 different application paths:
- Just getting started. Provide information on your current loan payments and credit score along with any other details relevant to applying for a mortgage.
- Have a specific home you want to purchase. Input information about the home you want to buy as well as info about your debts and income to generate an estimation of how much home you can afford.
- Want to refinance your current mortgage. Describe your current mortgage and provide details about your credit and debt profile to see if you’re eligible to refinance your mortgage at better rates.
Steps to follow once you pre-qualify:
Once you pre-qualify, you can follow these steps to finalize your application and close your mortgage:
- Enter your personal details and any supporting documents required to finalize your application.
- Get a quote to see how much you’re approved for and start shopping for loans from multiple lenders.
- Choose the lender with the best rates and terms for your personal situation.
- Meet with your Neo mortgage specialist and lawyer over the phone or online, and sign all your mortgage documents digitally to seal the deal.
Eligibility requirements
To apply for a Neo Financial mortgage, you need to meet the following criteria:
- Be a citizen or resident of Canada
- Be at least 18 years old (and 19 in some provinces)
- Have a Canadian photo ID
- Meet credit score requirements
Required documents and information
- Government-issued ID. You’ll have to show a government-issued ID like your driver’s licence or passport to prove your identity.
- Proof of income. You may be required to prove that you can make your monthly payments using pay stubs and letters of employment.
- Credit report. You’ll need to allow Neo to pull your credit report so that it can assess your creditworthiness.
- Other financial information. You may have to provide a list of your debts and assets, along with proof that you can cover your down payment and closing costs.
Neo mortgage upcoming features
Keep checking in with Neo Financial to take advantage of these future opportunities:
- Upgraded mobile app. Full digital servicing of your mortgage in the Neo mobile app.
- Housing data. Insights into your home’s value and what prices look like in your neighbourhood.
- Cash upgrades. Increase your odds of winning a bid with 100% cash offers or pay cash upfront to lower your interest rates.
- More offers and rewards. Access one-click home insurance offers and lock in more and better rewards as Neo’s mortgage products evolve.
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