Lendwise Mortgage Review: 2024 Rates
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Discover the methodologyLendwise Mortgage offers a variety of flexible mortgage solutions to meet the needs of Canadian homebuyers. Now part of MCAP Corporation, Lendwise benefits from strong industry backing and competitive rates. In this review, we’ll explore Lendwise’s offerings and why they might be the right fit for your mortgage needs.
Lendwise Mortgage: Key Takeaways
- Acquired by MCAP in 2021, backed by one of Canada’s largest independent mortgage companies.
- Lendwise products are accessible via registered MERIX advisors.
- Online access for managing mortgage details and making payments.
- Options include bridge financing, rental property mortgages, and second home loans.
- Lendwise maintains its own customer service contact channels for mortgage holders.
Our Lendwise Mortgage review
Lendwise mortgages Canada are specific mortgage solutions offered by Paradigm Quest (operating as MERIX Financial) and sold by MERIX registered mortgage advisors. In 2021, however, Paradigm Quest was bought by Canada’s largest independent mortgage company MCAP; so, now both Lendwise Mortgage and MERIX Financial fall under MCAP’s remit.
As part of MCAP, Lendwise mortgages benefit from all the advancements that come with big funding and countrywide coverage. From incredibly competitive rates to modern mortgage features, varied mortgage solutions and an online portal for direct mortgage access, Lendwise mortgage holders, or those considering its solutions, will be well protected.
Expert advice
Lendwise mortgage solutions have gone from strength to strength. Not only are they offered by the exceptional MERIX Financial, but now they’re also backed by MCAP Mortgage. It should be noted, however, that Lendwise mortgages aren’t offered directly to consumers. Interested borrowers must contact registered MERIX mortgage advisors.
The most important thing you can do when considering a mortgage solution is to review and compare rates. Whether you’re looking for a fixed-rate solution or a variable-rate product, the interest rate will determine your overall expenses.
Quickly identify the best mortgage solution for you using HelloSafe’s online mortgage comparison tool below. Compare multiple mortgages and get instant free quotes based on your needs and affordability.
Compare mortgage rates now
What are Lendwise Mortgage Rates?
Lendwise mortgage rates aren’t made available to the public since the mortgage solutions are only offered through registered MERIX advisors and are not marketed directly to the customer. As such, if you reach out to Lendwise directly for a mortgage, you’ll simply be advised to provide your contact details and a dedicated mortgage broker will get back to you.
However, Lendwise solutions are all conventional mortgage products, meaning that Lendwise mortgage rates will be comparable and competitive when likened to other mortgages in Canada.
Furthermore, MERIX proudly state on their website that all their products offer competitive rates alongside competitive mortgage features. This is guaranteed since MERIX, and therefore Lendwise, mortgage rates are determined using the Bank of Canada Prime Lending Rate which is the same prime rate used by all of Canada’s major banks and financial institutions.
Currently, the Lendwise Prime Rate is 6.45% but this will be adjusted as and when Bank of Canada’s Prime Lending Rate changes.
Good to know
Before you start your home search, consider your mortgage affordability. Our free, online mortgage affordability calculator makes it easy to see what you can afford, so you can focus on homes within your budget—no math required!
What do Lendwise Mortgage Solutions offer?
Lendwise mortgage solutions are offered by MERIX Financial alongside its MERIX mortgage products. These two products are exactly the same when it comes to:
- Solutions offered
- Mortgage policies
- Underwriting
- Sales
- Customer support
The only difference between the two is the way in which the mortgage advisors are compensated. Fortunately, this does not affect the end consumer. So let’s take a quick look at the Lendwise mortgage solutions on offer.
| Lendwise mortgage options | Mortgage explanation |
|---|---|
| Lendwise adjustable-rate mortgage | Lendwise’s adjustable-rate mortgage offers the borrower the flexibility of benefitting from lower short-term interest rates by allowing a change to a fixed-rate mortgage at any time. This is a closed mortgage solution. |
| Lendwise fixed-rate mortgage | The Lendwise fixed-rate mortgage is also a closed mortgage which provides the borrower with fixed, guaranteed payments throughout the term of the loan. It is a portable product with flexible pre-payment terms available. |
| Lendwise bridge financing | Bridge financing is a solution for anyone needing a short-term, temporary loan to cover the time between selling one house and buying another. |
| Lendwise flexible down payment | This flexible option allows borrowers to use funds from immediate family members as a down payment and on closing costs. |
| Lendwise new to Canada mortgage | A great Lendwise mortgage solution that allows individuals who are new to Canada to qualify for mortgage insurance with as little as 5% down. |
| Lendwise rental property | Perfect for homebuyers looking to immediately rent the property. This small rental scheme offers borrowers financing for up to 4 rental properties. |
| Lendwise second homes mortgage | With financing up to 95% loan-to-value, this program allows borrowers to purchase a second home with the caveat that the home will be occupied at some point during the year. |
Good to know
Is your mortgage term coming to an end? Visit our Mortgage Renewal page to explore your options and find the best rates to secure your financial future!
How to use Lendwise Mortgage Sign In?
Just like any good mortgage lender, Lendwise has an online portal that provides borrowers with instant access to their mortgage details. This MyLendwise mortgage login system lets customers:
- Update private details
- Review loan balance
- Organise for prepayment
- Make lump sum payments
- Manage and control property tax
- Update payment details
Good to know
Did you know that your Lendwise mortgage will dictate your Lendwise mortgage login?
If you purchased your mortgage on or after May 1, 2023, then you can login via the MyLendwise portal here: https://www.mylendwise.com/login
Meanwhile, if your mortgage was obtained prior to may 1st, 2023, then the Lendwise My Mortgage Details platform should be used: https://lendwise.mymortgagedetails.com/
If you're exploring refinancing options, don’t forget to check out our Mortgage Amortization Calculator. It’s a handy tool that helps you visualize your payment schedule and see how much you could save over time.
Still haven’t found a mortgage deal that suits you? Look no further. Compare the best mortgage solutions using our online mortgage comparison tool below and get free quotes online.
Compare mortgage rates now
How to contact Lendwise Mortgage?
Due to the acquisition of Paradigm Quest by MACP and the recent changes made to internal systems, the contact details for Lendwise customers will be determined by their mortgages.
If a mortgage was entered into prior to May 1, 2023, customers should use the Lendwise mortgage contact details in the table below. These contact details are also suitable for individuals who do not know when they obtained their home loan.
| Method of contact | Lendwise mortgage contact details |
|---|---|
| Phone | 1-866-675-7022 Monday to Friday, 8 a.m. to 8 p.m. |
| [email protected] | |
| Lendwise My Mortgage Details Login | https://lendwise.mymortgagedetails.com/ |
If a mortgage was obtained after May 1, 2023, then the Lendwise mortgage owner should use the contact details provided below.
| Method of contact | Lendwise mortgage contact details |
|---|---|
| Phone | 1-833-631-0093 Monday to Friday, 8 a.m. to 8 p.m. |
| [email protected] | |
| Lendwise mortgage sign in | https://www.mylendwise.com/login |
