Homewise Review 2024

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Written By
G. Dautovic
July 01, 2023
Some or all of the products/services listed on this page are from our affiliate partners from which we receive commissions. This, however, does not influence the evaluations in our reviews. Learn more by reading our Advertiser Disclosure.

If you are ready to purchase your first home, you will likely need a mortgage. There is a lot to learn about mortgages, from figuring out different rates (such as variable and fixed) to comparing them among lenders. 

Rather than going directly to your bank, which might offer limited options and high costs, you could check out Homewise to tap into a wider selection of potential lenders. You can apply for a mortgage online, so read on because our Homewise review will tell you all you need to know about using this service. 

Mortgage rates:
Upon application

Dozens of lending partners

Learn More

Fortunly Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Lending partners:
Nationwide except in Quebec
Mortgage rates:
Upon application
Customer costs:
Customer support:
pros thumb up Strengths
  • Potentially high savings
  • Many mortgage learning resources
  • Dozens of lending partners
  • Homewise negotiates on behalf of its customers
  • Clients get expert assistance to finalize the procedure for free
pros thumb up Weaknesses
  • No upfront rates
  • Absence of brick-and-mortar offices

Homewise: The Basics

Homewise has assisted many Canadians in finding a mortgage that’s just right for them and helped them lower the cost. But what is Homewise exactly?

It is a digital mortgage service that can help you compare mortgage rates and lenders to find the right option that will best suit your needs. Relying on a network of over 30 lenders and banks and negotiating with them on your behalf, Homewise will not charge you anything for its involvement. 

How Does Homewise Work?

Homewise acts as an intermediary between its customers and lenders that offer deals. With Homewise, you also benefit from convenient pre-approval and approval procedures. Moreover, you can use this service to refinance a mortgage, switch to another provider, and make other changes to your plan. 

Now, let's see how Homewise works. 

  1. You create a profile by answering some questions and filling out forms.
  2. Homewise gets in touch with banks, credit unions, and other lenders in search of a deal that suits you.
  3. You opt for one mortgage.
  4. A Homewise expert assists you with mortgage finalization. 

Now, let's get to a more detailed description of the process.

Opening an Account

To open an account, you should click on the Get Started Now or Get Your Mortgage button. Then, you’ll be prompted to fill in a short questionnaire. By answering the questions that will help you qualify for Homewise digital mortgage service, you will define your preferences and finances, allowing Homewise to find the right deal.

Some additional information you'll be asked to disclose during the application process is:

  • Whether you're after pre-approval, approval, or switching to a money-saving mortgage
  • How soon you’d like to buy if you are looking for a home
  • Your desired location
  • Whether it's your first home
  • How much money you're willing to spend, your employment and financial status, down payment, etc.

Also, note that some documents home buyers need to provide are: a photo ID, pay stubs, bank statement, etc.

Generally, you should receive a mortgage pre-approval or approval within 48 to 72 hours of your Homewise application. 

Homewise Mortgage Rates and Fees

It’s important to note that Homewise doesn't charge its clients for the services it provides. Instead, the company receives a referral fee from the mortgage lender you choose for introducing you as a client. Moreover, it won't charge you for conducting a credit score check and there won’t be any other direct service fees either. 

If you apply via this mortgage broker, you'll need to wait for its response to find out the Homewise mortgage rates. This company's experts negotiate with lenders to secure favourable mortgage options based on their clients’ inputs. Thus, they can't provide the information straight away. 

Who Are Homewise’s Mortgage Partners?

Thanks to its network of partners, Homewise can provide some of the best mortgage deals on the Canadian market. Furthermore, you can get everything done from the comfort of your home or office. And you can discuss the details related to open or closed mortgages and refinancing options once you connect with the lenders who have the best offers. 

Some Homewise Canada partners are:

  • Lendwise
  • Desjardins
  • Scotiabank
  • Home Trust
  • Marathon Mortgage
  • Canadian Western Bank

Useful Homewise Features

As a Homewise client, you’ll be able to access various features, some of the most significant ones being:

Mortgage Payment, Closing Cost, and Affordability Calculators

These Homewise calculators inform you about various factors you should know about when inquiring about a mortgage. For example, the mortgage payment calculator:

  • Shows the amortization amounts for different periods
  • Reveals the interest amounts under different scenarios

The closing cost calculator shows you all the closing costs associated with your new home. Finally, the affordability calculator indicates what your maximum mortgage should be in relation to the value of your potential purchase.

Educational Resources

Comprehensive educational materials are also among the Homewise features that users can benefit from. These materials can help you gain a better understanding of mortgage terminology and concepts.

Furthermore, you can keep up with all the latest news about the mortgage market and get advice from the Mortgage Academy video tutorials regarding:

  • Mortgage price and savings
  • Common mortgage mistakes
  • Required income for a mortgage, etc.

Homewise Customer Service

You can contact Homewise customer service by email or phone at 1 (866) 846-9473. The mortgage experts who respond are reliable and knowledgeable, so clients can get prompt assistance following their application. Our Homewise review also found that the company's employees will complete the required paperwork for their clients. 

Does Homewise Operate Everywhere in Canada?

At present, Homewise is available in Ontario, but it has been working on expanding its availability countrywide. The company can also engage in brokering activities in Saskatchewan, Newfoundland and Labrador, New Brunswick, and Nova Scotia. However, it boasts a network of co-brokers in other provinces, so you can submit an inquiry wherever you are.  

Homewise Advantages and Disadvantages

Using the services provided by this mortgage broker brings many benefits and a few potential downsides to its customers. So, let's review all the Homewise pros and cons. 


  • The Homewise partner network consists of dozens of partners, which increases the chance of finding the best possible deal for each customer.
  • Online application.
  • Various mortgage products, including refinancing and switching.
  • Homewise assistance comes at no cost to clients; the company finances itself through referral bonuses.
  • Useful educational sources such as video tutorials and written guides for people new to mortgages.
  • Buyers looking to find a new home can benefit from highly efficient Homewise customer service. Company experts negotiate with lenders on the customers’ behalf, take care of the paperwork, and complete other steps necessary to finalize the procedure. 


  • You can't obtain mortgage rates before applying.
  • The company doesn't operate in Quebec at present.
  • Homewise is an online platform without brick-and-mortar subsidiaries. Thus, you won't be able to schedule a face-to-face meeting. 

Is Homewise Legit?

Homewise has a mortgage brokerage license in Ontario, British Columbia, Manitoba, and Alberta. Moreover, it can conduct activities in Saskatchewan, New Brunswick, Newfoundland and Labrador, and Nova Scotia. Hence, Homewise mortgage is a completely legit provider. 

How Does Homewise Compare to Other Mortgage Brokers?

Looking for a reasonable mortgage rate and acceptable terms and features used to be a challenging task. However, several brokers like Homewise have started providing intermediary services that can help you find the right solution for your housing needs. 

These brokers have been gaining popularity as nowadays over two thirds of homebuyers prefer to complete their mortgage online. Many users find Homewise the best option, however, there are a few other platforms worth considering.

For example, Breezeful is pretty similar to Homewise, but the latter boasts more positive user reviews. On the other hand, Mogo responds within 24 hours, but cooperates with fewer partners. As for some other Homewise alternatives, these are their features:

  • IntelliMortgage, run by a Canadian mortgage expert, compares over 100 lenders.
  • RateSpy gives you an idea of what your fixed and variable rates may look like; fixed rates are 3.99%-4.54%, depending on the length, while variable rates fluctuate between 2.50% and 3.40%.

Bottom Line

Reaching out to Homewise is a great way to save money on your mortgage. You can get the best rates quickly without worrying about the particulars of the application process. Our Homewise mortgage review also revealed that you could save thousands of dollars over the life of your loan. 

What's more, you benefit from expert assistance guiding you from beginning to end, which is something few banks can manage. And, best of all, dealing with this broker won’t cost you anything!


What is Homewise Canada?


Homewise is a platform that helps clients find affordable mortgage rates for new homes. It compares rates offered by more than 30 lenders, including banks and credit unions. 

What are the mortgage rates that Homewise offers?


The Homewise digital platform doesn't specify mortgage rates upfront. To learn the details, you must complete the application form and wait between 48 and 72 hours for a response. In the meantime, Homewise reaches out to dozens of lenders searching for favourable deals that you can then browse, selecting the one you find most suitable. 

What is a Homewise mortgage calculator?


Our Homewise review revealed that the platform's mortgage payment calculator helps clients learn what interest rates, amortization, and other related costs would amount to in different scenarios. Some of those are based on bi-weekly, semi-monthly, and accelerated bi-weekly payment frequency during five-year, 10-year, and other amortization periods, for example.