intelliMortgage Review

  • 4 min read

Thinking about buying a new home? The lowest mortgage interest rate can make all the difference when it comes to payments, savings, and choice of mortgage company. Many people tend to go directly to the financial institution they bank with, which often can be one of the five big Canadian banks. While it’s understandable to want to conduct something so important with a big bank, you may not get the best rate there. This is why some reach out to mortgage brokers for financing, as they can offer lower interest rate options because they work with multiple lenders, including major and reputable credit unions and banks.

This is where IntelliMortgage may be a good option for those looking for a new mortgage, to refinance their current mortgage, or to switch their mortgage from where it is currently. It’s a website that offers a comparison of mortgage rates for a wide variety of lenders, all in one spot. Touted as an “online mortgage broker”, intelliMortgage promises the lowest mortgage rates across the country, and if you can find one that is lower, they will either match that rate or give you $500.

With that said, it’s not only the mortgage “rates” they look at. IntelliMortgage reviews rates along with contractual terms that are offered. To them, “mortgage features matter” and, while a low interest rate is great, they also look at mortgage terms to ensure they align with client needs. Things they consider include portability limits, refinancing restrictions, high penalties, high rates on mid-term financing, high rates on variable conversions, collateral charges, reinvestment fees, as well as insufficient prepayment privileges. IntelliMortgage.com also promises no “surprise” or extra fees around closing a mortgage. The lenders pay them to process mortgages, and they take approximately two-thirds of that fee to give it back to their clients via cash rebates and rate buy downs.

The best part is, you can instantly review mortgage rates provided by several financial institutions, including non-traditional lenders, all in the comfort of your own home by simply visiting their website. You simply log onto IntelliMortgage.com, plug in some information, review the interest rates, and once you’ve found one that meets your needs, you can apply for it online. Approvals can take about 24 to 48 hours if there are no issues with your application. Once everything is approved, intelliMortgage handles all the paperwork and requirements needed to set up your mortgage on time. In fact, if they fail to do so, they’ll pay you $500 after your mortgage is established. 

When it comes to applying for a new mortgage, refinancing, or switching, you’ll need some documentation. It’s important to note that because everything is done through their website, documents are needed in electronic format. To apply for a mortgage through intelliMortgage.com you’ll need to upload six documents, which include income verification (i.e. a Notice of Assessment, job letter, pay stub, etc.), the MLS listing of the home you plan to purchase, proof of a down payment (e.g. deposit receipt, bank statement, etc.), your Purchase Agreement, a government-issued photo ID, and a void cheque. Added documentation may be needed, depending on the situation. Every case is different.

The IntelliMortgage.com is licensed in Ontario, Alberta, Newfoundland and Labrador, British Columbia, and New Brunswick. They are owned by Kanetix Ltd., a digital client acquisition platform for financial services and insurance. They work with a variety of lenders, including Scotiabank, TD, National Bank of Canada, First National, HSBC, MCAP, as well as Street Capital Financial Corporation. To date, intelliMortgage has set up over $1,117,400,000-worth of mortgages across Canada. Clients that have any questions or concerns about their mortgage can reach out via phone, email, or an online chat available on their website.

Buying a new house or moving your mortgage is a major decision; therefore, you want to do all you can to make sure you get the best rate possible, while also ensuring you go with a mortgage provider that will suit your overall needs. IntelliMortgage.com offers a great alternative for those looking for the lowest mortgage rates, and who are open to the idea of conducting all their mortgage business online and over the phone, versus person-to-person.

While some may feel a little nervous about the entire process, intelliMortgage uses advanced technologies when it comes to firewalls, authentication, anti-penetration technology, and encryption to ensure all the personal information that their clients use and submit on the site is secure and safe.

For more information visit IntelliMortgage.com.

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Christopher - BSc, MBA

With over two decades of combined Big 5 Banking and Agency experience, Christopher launched Underbanked® to cut through the noise and complexity of financial information. Christopher has an MBA degree from McMaster University and BSc. from Western University in Canada.