Smarter Loans Mortgage Review for 2024
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Did you know that the average cost of a home in Canada now exceeds $686,650? Not only that, but in major cities like Vancouver and Toronto, the average price of a home is over $1 million?
But with so many different lenders across Canada, how do you find the best deal and verify that the offer you have found is the best available?
Smarter Loans is a great tool for finding the best mortgages available in Canada. In this review, we will take you through how their mortgage tool works and its advantages and disadvantages and how to get started.
For example
Smarter Loans: the basics
- Launched in 2016 in Toronto
- It is a free-to-use comparison and education site
- Smarter Loans' founders are Rafael Rositsan (Co-Founder & CEO) and Vlad Sherbatov (Co-Founder & President).
- Works with 50+ financial brands in Canada
- Help consumers find the best value loans available
- Specializes in personal loans, mortgages, business loans, car loans and debt consolidation loans
Our Smarter Loans mortgage review
Smarter Loans is an intuitive loan and financial comparison website in Canada, which allows borrowers to learn about a wide variety of offers from lenders and lays out deals to suit specific situations and financial needs. Smarter Loans has a simple-to-use website which allows mortgage borrowers to find the best mortgage rates and products for their individual financial situation.
Smarter Loans has a variety of educational resources available to borrowers, which inform about the different types of loans available on the website as well as researched profiles of lenders that give mortgage borrowers peace of mind when looking for a lender.
Smarter Loans Pros
- Works with 50+ financial brands
- All types of loans including personal, business, auto, mortgage and more
- Builds your profile in order to offer you the best deal
- Free company profiles and comparisons
- Educational library in video and written formats
Smarter Loans cons
- The site is only available in Canada
What is Smarter Loans?
Smarter Loans is a Canadian mortgage comparison website and educational resource focusing on finding consumers the best loan rates and providers available. It was founded in 2016 by Rafael Rositsan (Co-Founder & CEO) and Vlad Sherbatov (Co-Founder & President) and is based in Toronto, Ontario.
Smarter Loans has become Canada's largest financial and loan directory since 2016. More than 40,000 Canadians each month benefit from Smarter Loans' advice and find the best loan deals that suit them. Unlike other loan sites in Canada, Smarter Loans is unique in that it fully assesses its customers' financial situation, searches a network of 60+ lenders, and presents pre-qualified loan offers that match the mortgage borrower's profile. This means that the mortgages and advice offered are specific to your individual financial situation.
How does Smarter Loans help mortgage borrowers?
Smarter Loans helps mortgage borrowers by organizing all their loan options into a single place, this lets them find the right loan they need quickly and securely from Canada’s top lenders. Smarter Loans helps borrowers create a financial profile so that they can find the most competitive deals with the most relevant lenders. Smarter Loans also has a constantly growing archive of educational resources so that mortgage borrowers can stay up-to-date on what deals are available from leading Canadian lenders.
One of the headline features for many Canadians is the high number of different loans accessible through Smarter Loans, including
- Mortgages
- Reverse mortgages
- Small business loans
- Home equity loans
- Personal loans
- Auto loans
- And much more.
Mortgage borrowers can browse the Smarter Loans video library on YouTube and social media to research different loan types, or to learn more about specific lenders and what they offer. Additionally, Smarter Loans is very involved in helping the whole lending industry to move forwards in Canada by engaging in industry events and developing research in Canadian lending.
We have chosen our favourite four aspects of Smarter Loans and explained why we think they are engaging in the table below.
| Feature | How it helps |
|---|---|
| Customer profile | Smarter Loans has created a detailed questionnaire to develop an intimate understanding of its users' financial needs. This lets them offer the most competitive deal to their customers. |
| Info on lenders | Trust is easily the most critical factor when choosing a lender. Smarter Loans closely researches lenders for you so that you can quickly decide whether a lender is an appealing potential business partner. |
| Comparison tool | Smarter Loans lays out its offer in an easy-to-use comparison table, allowing business owners to assess the advantages and disadvantages of similar loans quickly. |
| Loan calculators | Smarter Loans has created six specialized loan calculators. These let its customers calculate how much they could borrow and how much they would end up paying back. This is a great help to business owners when they are projecting their profits and expenses. |
What are the most important factors in getting a mortgage from Smarter Loans?
Smarter Loans offers a variety of mortgages to suit your specific financial needs and situation. We have laid out the most important factors to consider when getting a mortgage with Smarter Loans.
| Factor | Why it is important |
|---|---|
| Interest | The most important factor is finding an interest rate that you will be able to pay off every month and not fall behind with payments. You will also be able to choose between a fixed and a variable interest rate. Smarter Loans found that over 2/3 of Canadians typically chose a fixed rate, however, a variable rate can be more beneficial if interest rates fall. |
| Prepayments | Some lenders allow you to pay off mortgage debt before scheduled payment times. This can be very useful if you earn more than expected and want to progress faster to owning your place outright. Make sure to read the terms and conditions to see if your chosen lender will allow this and if they impose any penalties for early payment. |
| Penalties | Lenders tend to calculate penalties differently so it is worth getting familiar with what financial penalties may be imposed if you miss a payment. As a general rule, penalties are calculated as the sum of three months' interest however, the way this amount is calculated is different for fixed-rate and variable mortgages. |
| Portability | If you think you may move house before having fully paid off your mortgage it is worth investigating if your mortgage is 'portable'. This means you are able to move your mortgage to a new property without paying a penalty. |
How to get a quote from Smarter Loans for a mortgage?
To get quotes from Smarter loans head to their website and hit the Mortgage button. This will take you to a questionnaire about your personal financial situation, which you will fill out in order to get the most relevant quotes for you. You will need to give your personal information as well as an estimation of your monthly income and the amount of debt you already hold.
Can Smarter Loans help you get a mortgage with bad credit?
Many mortgage lenders require a credit score of at least 600 to qualify for a loan however, Smarter Loans can help you find lenders who will lend to you even with bad credit. When filling out the form make sure to check Smarter Loans can help you find lenders who will lend to you even with bad credit. When filling out the form make sure to check the relevant box when asked about your credit score. Smarter Loans will help you to find lenders who are able to take you on as a risk, based on the other financial information that you have given about yourself.
What is Smarter Loans’ address?
Smarter Loans HQ is in Toronto, the address of the main office is :
Good to know
05-171 E Liberty St, Toronto, Ontario, M6K 3P6, Canada
How to contact Smarter Loans?
You can either contact Smarter loans through their website by email or by phone.
| Contact | Details |
|---|---|
| Email: | [email protected] |
| Telephone: | 1-866-774-9867 |
