Best Mortgage Lenders in Canada in 2024 – CanWise Financial
CanWise is widely recognized as one of Canada’s leading mortgage brokerages. With approval from the Canada Mortgage and Housing Corporation (CMHC), this lender has successfully facilitated mortgage rates for transactions totaling $7.5 billion.
In acknowledgment of its outstanding mortgage offerings and services, CanWise achieved the prestigious title of Mortgage Broker of the Year for three consecutive years, namely in 2018, 2019, and 2020.
Types of Mortgages
CanWise offers two kinds of mortgages – fixed and variable. Let’s dive into the interest rates:
Fixed Mortgages
1 Year Everyday 2.49% – Limited 1.84%
2 Year Everyday 2.29% – Limited 1.53%
3 Year Everyday 2.19% – Limited 1.53%
4 Year Everyday 2.39% – Limited 1.74%
5 Year Everyday 2.49% – Limited 1.64%
7 Year Everyday 3.09% – Limited 2.39%
10 Year Everyday 3.49% – Limited 2.99%
Variable Mortgages
3 Year Everyday 3.95% – Limited 2.45%
5 Year Everyday 1.89% – Limited 0.98%
Home Equity Line of Credit(HELOC)
Everyday 4.45% – Limited 0.9%
Key Features
Here’s a quick review of the noteworthy perks of CanWise mortgages:
There’s bridge financing available if you are selling a house and purchasing another.
If you sell one home and buy another, you can transfer your current mortgage to the new home without penalties.
CanWise registers mortgage as a normal charge (rather than a collateral fee), which makes switching lenders easier in the future.
You are allowed to make extra lump sum payments each year, the total of which cannot exceed 20% of your initial mortgage principal.
You have the option of increasing your regular payment by up to 20% of the original payment amount.
Approval Process
To avail of the mortgage interest rates that CanWise offers as a Canadian citizen, you’ll have to apply for pre-approval by submitting the following information:
Income
Credit score
Current assets and liabilities
The size of your intended down payment
Permanent Resident
If you have a good credit score and can make a down payment of 5% or more, you qualify for a regular mortgage, the same as a Canadian citizen.
If you have a 5% or more down payment but your credit score is weak, you may still qualify for the New to Canada Program offered by the three mortgage default insurance providers.
Not a Permanent Resident
You’re not a permanent resident yet, but you’ve submitted your application and also have a valid work permit, a good credit score, and a down payment of 5% or more, you qualify for a regular mortgage.
You’re not a permanent resident, but you have a 10% or more down payment (your credit score can be good/fair or weak), you qualify for the New to Canada Program.
Verdict
CanWise is a trusted mortgage brokerage with a huge national presence. It offers a vast array of services ranging from mortgages, renewal, and divorce financial assistance to investment plans. CanWise is especially popular because of its remarkably low rates and time-tested authenticity.
