Your Unique Story Deserves a Custom/ Digital Mortgage Solution

Did you know that mortgage rates are sold at a premium? Simply put, all brokers and bank mortgage specialists have wiggle room regarding the mortgage rates they offer you.

For the same mortgage product from any institution, there are usually 3 tiers for rates:

• A floor rate: the absolute minimum rate the bank can offer a given client.
• A middle rate: the rate you will likely be offered first – not great, but not too bad either. Brokers and mortgage specialists usually offer this first, and hope you’ll accept it without much thought. 
• A high rate: this is posted on most big banks’ websites. They may offer you this rate if they see you as a risky borrower, but their posted rate will always be used to calculate your penalty if you break your mortgage.

In order to offer you the floor rate, a broker or mortgage specialist would have to give away a portion or all of their commission. Few are willing to go there… Hence why you normally have to go bank-to-bank, broker-to-broker to finally get close to the floor rate.

At borrowise, we believe in offering you the best rate from the start. Home ownership is one of the costliest endeavours of your life, why should you pay an additional premium?

Yes, borrowise makes less than the average broker or mortgage specialist, but we also get the peace of mind of knowing that we helped you save thousands of dollars on your mortgage.

Borrowise saves you time and money by

• Offering the lowest applicable rate for your situation from the onset of your application process. 
• We provide a 100% digital mortgage application process.
• All our mortgage experts are accredited mortgage professionals in multiple provinces.
• We offer a 1% cashback option on all our mortgage solutions.
• We offer our low-rate guarantee with a $500 cash payout if you find a lower rate elsewhere.
• We offer a 150-day rate hold option on most mortgage solutions.

Other lenders may

• Require you to negotiate or take on additional products to get the lowest rate.
• Require a visit to their branch or location.
• Are not required to have accredited mortgage professionals.
• Not offer cashback options throughout the year.
• Not offer a low rate guaranteed.
• Only offer a maximum of 120-day rate hold option.

There are differences between borrowise’s mortgage experts and traditional brokers.

• borrowise is a direct lender with multiple solutions

There are differences between borrowise’s mortgage experts and a traditional bank’s advisor.

• A bank’s advisor requires you to negotiate rates and take on additional products to qualify for better rates. Borrowise provides the most suitable rate for your mortgage situation without negotiating. We only sell mortgages.
• Banking advisors are generalists. While borrowise’s mortgage experts concurrently hold mortgage industry designations from multiple provinces.
• Banking advisors receive a salary plus a bonus based on the rate or type of solution their clients choose. They are additionally measured on cross-selling targets to solidify the relationship making it more difficult for clients to shop around and diversify their financial relationships. While borrowise’s mortgage experts are salaried and may receive a quarterly performance bonus. This performance bonus is not tied to rates or mortgage solutions chosen by our clients.

There are differences between borrowise’s mortgage experts and a bank’s mortgage specialist.

• A bank’s mortgage specialist requires you to negotiate rates and take on additional products to qualify for better rates. Mortgage specialists can receive an extra commission for cross-selling products – that you may or may not need. While borrowise provides you with the most suitable rate for your mortgage situation without negotiating. We only sell hopes and dreams in the form of homeownership.
• Mortgage specialists at banks do not have additional mortgage industry education requirements or regulations. While borrowise’s mortgage experts concurrently hold mortgage industry designations from multiple provinces.
• Mortgage specialists at banks receive a commission based on the rate or type of solution their clients choose. While borrowise’s mortgage experts are salaried and may receive a performance bonus. This performance bonus is not tied to rates or solution types chosen by our clients.

Neither borrowise nor any other lender will cover payment penalties for breaking an existing mortgage contract; however, depending on the details of your current mortgage, it may still be that the savings made by switching to a lower rate are advantageous over these fees. Through a cost analysis, your borrowise advisor can help evaluate whether those penalties are worth the returns.

Beware of any professional or lender who asserts that they could cover your penalties as likely it will be in exchange for a higher rate or cashback you receive on the new mortgage.

Borrowise has strict lending guidelines that require a minimum credit score and no recent missed payments.

At this time, borrowise cannot assist in situations with a previous consumer proposal or bankruptcy.

Can borrowise finance residential properties?

Borrowise can finance residential properties with up to 4 doors where at least 1 unit is owner-occupied.

Can borrowise finance rental properties?

Borrowise currently does not offer to finance rental or investment properties. However, borrowise can finance owner-occupied rental (OO+R) residential properties with up to 4 doors where at least one unit is occupied by the owner(s) as their (primary or secondary) residence.

Can borrowise finance alternative cases such as mobile homes, auto-construction or self-build projects and/or land purchases?

Currently, borrowise does not offer financing options for these types of situations.

Please note: an Auto-Construction/Self-Build is essentially owning the land and building a home by yourself or hiring a contractor to build it for you. Not to be confused with a purchase of a new “key-in-hand” house, where standard financing applies.