Finding the best mortgage broker can be a daunting task. But don’t worry, because I’ve got you covered! In this blog post, I’ll introduce you to Breezeful, the best online mortgage broker around.
Choosing the right mortgage broker can make a big difference when you’re navigating the often-complex world of buying a home. First off, a great mortgage broker acts like a guide and advocate in your corner. They have the know-how to sift through a variety of mortgage products and lenders, which can save you a ton of time and stress. Instead of you having to knock on the doors of multiple banks and sift through all their terms and conditions, a broker will do this heavy lifting for you.
They’ll compare rates, terms, and fees, helping you find the best deal that fits your financial situation and goals.
Mortgage brokers often have access to a broader range of lenders than you might on your own, including those that don’t directly deal with the public. This can be particularly beneficial because some of these lenders offer rates or terms that are more competitive than what’s available in the broader market.
This access can be a game changer, especially if you have unique circumstances like being self-employed or having a less-than-perfect credit history. A savvy broker can find lenders who specialize in providing mortgages to buyers with profiles similar to yours.
The right mortgage broker will provide personalized service that can help smooth out the process of securing a mortgage. They can anticipate hurdles and address them proactively. For instance, they know what specific lenders are looking for in an application and can help you polish yours to boost your chances of approval.
They’re also handy during negotiations, often getting fees waived or reduced, which can lead to significant savings. With their expertise, brokers can demystify the fine print and explain the implications of various terms and conditions, ensuring you make informed decisions every step of the way. So, in essence, the right mortgage broker doesn’t just help you get a loan, they help you embark on your homeownership journey with confidence and clarity.
There are a lot of online mortgage brokers to choose from, but none are as good as Breezeful. They make the process easy and painless.
Buying a home is a daunting task and one that you should take very seriously. We’ve all heard the term “house poor,” and it’s something Canadians should try and avoid at all costs
As Canadians, we’re all looking for a place to call home, but many of us find ourselves overwhelmed by the information on the internet. We all want to make sure that this is a purchase that financially do, and not end up regretful in the future.
When you’re buying your home, there’s a lot of information that will be thrown at you. It can be overwhelming, to say the least.
The monthly cost of your mortgage can drastically impact your financial wellness. Not being able to make that monthly payment comfortably is a big no-no. It’s important to ensure you’re getting the best rate available.
In this blog post, we’ll dive into the myriad benefits of using Breezeful, highlighting how it can transform the traditional approach to securing a mortgage into a smoother, more efficient experience.
Mortgage Rates & Travel
A lower mortgage rate means lower monthly payments. This direct saving on your largest household expense frees up more of your budget, which can be allocated towards your travel fund. Over the life of your mortgage, even a slight reduction in the interest rate can translate into substantial savings, potentially thousands of dollars that could fund several dream vacations.
When you secure a favorable mortgage rate, you might find yourself in a better financial position overall. This can improve your credit rating and financial stability, giving you more confidence and freedom to plan for travel without worrying excessively about financial emergencies or debts. With reduced financial stress, investing in experiences like travel becomes more feasible and less guilt-ridden.
A better credit rating means easier access to travel credit cards with lucrative signup bonuses and travel perks.
Stay up to Date on the Latest Travel Deals
Breezeful: Canada’s Top Online Mortgage Broker
What is Breezeful?
Breezeful is an online mortgage brokerage that aims to simplify and optimize the process of securing a mortgage for homebuyers. Utilizing advanced technology and expert guidance, Breezeful helps users compare and find the best mortgage rates available from a wide range of lenders, including banks, credit unions, and alternative lenders.
This service is designed to accommodate various types of borrowers, including those buying their first home, those looking to refinance, and real estate investors.
The platform offers a streamlined and digital-first approach, allowing customers to apply for and manage their mortgage applications entirely online.
Breezeful provides personalized advice through mortgage experts, ensuring that users understand their options and make informed decisions. The service is particularly noted for its ability to quickly adapt to individual financial situations, helping users secure favorable mortgage terms that align with their long-term financial goals. This can be a significant advantage for anyone looking to navigate the often complex and stressful process of mortgage financing efficiently.
Why Should Canadians Look at Breezeful?
Breezeful serves a very important role in the home-buying process.
The platform’s technology-driven approach simplifies the mortgage application process significantly. By using Breezeful, Canadians can access a wide range of mortgage products from various lenders, including those that are not readily available through traditional channels. This broad access can help them secure more competitive rates and better terms that might otherwise be overlooked.
Breezeful is designed to provide tailored advice. The platform uses sophisticated algorithms combined with human expertise to assess individual financial situations and recommend the most suitable mortgage options. This personalized guidance is particularly valuable in the diverse and ever-changing Canadian real estate market, ensuring that each user’s unique needs and goals are addressed.
Breezeful’s efficiency is a major benefit. The entire process, from application to approval, is conducted online, which saves time and reduces the paperwork typically associated with mortgage applications. For busy Canadians or those who prefer digital services, this can make the mortgage process less daunting and more accessible, allowing them to manage their home-buying journey from the comfort of their home or on the go. This level of convenience, combined with potential savings and personalized service, makes Breezeful an attractive option for anyone looking to finance a home in Canada.
How to Get a Mortgage in Canada
As you start to approach the date when you’re prepared to make a down payment on your home (~30 days), you should start securing a mortgage from one of the lenders available in Canada.
This process can be confusing +/or intimidating for some, but it’s not all that complicated.
Several websites allow you to compare/contrast mortgage rates. You can use ratehub.com to get an idea of mortgage prices across the country
The process of securing your mortgage can be done in two ways
- Going directly to the lender – for example, you can walk into CIBC and get a mortgage rate
- You can use a mortgage broker – they will go to the lenders on your behalf and get you a mortgage rate.
Which one should you pick?
The great thing is, that nothing is stopping you from doing both. If you’re comfortable dealing with a salesman at a bank, feel free to walk into 2-3 establishments and get a few quotes.
Using a mortgage broker is a route that I always suggest going. They have relationships with the lenders and can leverage their relationships to get you the best rate. Bank employees can bounce around to a few different roles within the bank, so it’s tough to gauge how long the person you’re dealing with has been specializing in mortgages.
| They have access to a larger network and can get you quotes that can be inaccessible to the public | Mortgage Broker Cons |
| Time saver, as the broker is doing all the legwork | Not all lenders work with some brokers |
| Brokers have access to better rates in most cases | The broker is doing the negotiating. You are not negotiating your own rates. This makes some people uncomfortable |
| Brokers do not cost you any extra money, as they are paid by the lender | |
| They have access to a larger network, and can get you quotes that can be inaccessible to the public |
If you’re choosing the mortgage broker route, Breezeful can be a great tool for you.
How to Use Breezeful
Breezeful is designed to be user-friendly and straightforward, catering especially to those who prefer a streamlined and digital-first approach to mortgage shopping. The platform guides users through the process with a clear, step-by-step interface that simplifies the complex elements of mortgage applications.
The whole user experience is enhanced by easy-to-understand language and helpful tips, which make navigating financial jargon and decision-making less intimidating.
Breezeful’s online nature means that users can access the service from anywhere at any time, enhancing the convenience of managing the mortgage process without the need to visit banks or meet with brokers in person. Customer support is also readily available, providing additional guidance and answering any questions users might have, which adds to the overall ease of use. All these features make Breezeful an accessible and efficient choice for Canadians looking to secure a mortgage with minimal hassle.
Breezeful is pretty easy to use. The steps include:
- Filling out a mortgage application
- Having Breezeful perform a credit check
- Having Breezeful check with their 30+ lending partners for your mortgage rates
- A phone conversation with Breezeful to review the mortgage rates available to you
Breezeful can be more cost-efficient than other mortgage brokers since their online business structure leads to lower overhead, which is transferred to their clients in the form of savings.
Pros of Using Breezeful
Fast Application Process
Breezeful is known for its fast application process, which is one of its standout features. The platform utilizes an online interface that allows users to quickly input their financial details and preferences. This streamlined approach is designed to gather necessary information efficiently, without the typical back-and-forth and paperwork associated with traditional mortgage applications.
Once the initial information is submitted, Breezeful’s technology quickly assesses the user’s financial situation and searches through various mortgage products from multiple lenders to find matches that suit the user’s needs. This can significantly speed up the time it takes from starting an application to receiving mortgage offers.
The speed of Breezeful’s application process makes it a great option for those who are looking to secure a mortgage quickly, whether they are racing against time to close on a property or just looking to see what options are available without lengthy delays. This efficiency can be particularly beneficial in hot real estate markets, where the ability to move swiftly can make all the difference.
Access to Many Lenders
One of the hardest parts of buying a house is finding the best mortgage rate. Breezeful does this by analyzing data from over 30 lenders, including some of the big banks. It’s a huge time saver for you. Imagine going through offers from 30 lenders.
Breezeful offers both fixed & variable mortgages
You do not need to negotiate with any of the lenders. Your broker (in this case, Breezeful) does all the work on your behalf.
You Get Your Quotes Fast
Breezeful is designed to provide mortgage quotes quickly, which is a key benefit for users looking to make timely decisions in the competitive real estate market. Once you input your financial information and specific needs, Breezeful’s technology works to match you with suitable mortgage options from their network of lenders. This process is generally much faster than traditional methods, where you might have to wait days or even weeks to get quotes back from various banks or brokers.
The platform’s ability to rapidly generate and compare quotes allows users to quickly assess their options and understand what kind of mortgage terms are available to them. This speed can be especially critical for buyers who need to secure financing promptly to put in competitive offers on homes or for those who are refinancing and want to take advantage of favorable rates before they change. Overall, Breezeful’s quick quote generation helps streamline the decision-making process, reducing the stress and uncertainty often associated with securing a mortgage.
After you’ve submitted your application, you will quickly get several instant quotes for mortgage rates. These are just initial quotes, so it’s not guaranteed what final cost may end up being, but these quick quotes will put you in the ballpark.
You’ll receive quick quotes for both fixed and variable mortgage rates.
Expert Advice
When you go through the process of getting a mortgage with Breezeful, not only will you have access to many lenders from which to choose but also one-on-one personal help. This one-on-one communication brings confidence in knowing someone has your back throughout the entire process.
Free Services
Breezeful, like many mortgage brokers, typically offers its services to consumers without a direct fee. Instead, Breezeful earns its revenue by receiving a commission from the lender once a mortgage is successfully closed. This arrangement means that the service is free for the user in terms of upfront costs or fees paid directly to Breezeful.
Breezeful also offers several free services including; mortgage affordability calculators, GDS calculators, and a Land Transfer Tax calculator.
Negatives of Using Breezeful
There is Limited Human Interaction
Breezeful’s reliance on digital processes and algorithms for matching users with mortgage options can be a double-edged sword. While this makes the service quick and convenient, it might not capture all nuances of a user’s financial situation as thoroughly as a face-to-face meeting with a traditional broker might. Users with complex financial profiles or unique circumstances might find that a more personalized, traditional approach could yield better outcomes.
As with any online-only service, there’s a risk of miscommunication or misunderstanding when you don’t have in-person interactions. Users must be comfortable communicating via emails, phone calls, or possibly chat functions. This can sometimes lead to gaps in understanding or dissatisfaction if the user’s expectations are not well-managed through these channels.
Vendor Limitations
Breezeful has partnerships with 30 lenders which is a lot compared to most brokerages.
Nevertheless, your preferred lenders or banks may not be on the list.
Conclusion
Breezeful has lower rates than traditional banks and brokers because they are online only versus brick and mortar.
Breezeful is a digital disruptor in the mortgage broker space and provides another alternative or option for you when shopping for a mortgage
The mortgage is one of the largest purchases you will make in your lifetime, so it makes sense to do some research on that. I think adding an online quote from a broker can help provide you with a lot more quotes, and probably more savings.
Breezeful FAQ
Should I Get a Fixed or a Variable Mortgage with Breezful?
The type of mortgage you need depends on your risk tolerance. Do you want to be sure of how much money is going out? If so, a fixed-rate mortgage may suit your needs better than the more volatile variable-rate mortgages.
However, if you can handle the swings and are willing to potentially increase your mortgage costs, then a variable mortgage might make sense for you.
Either way, you must understand what both types of loans entail before deciding which one suits your financial situation best. We’re here to help answer any questions about home financing options – just reach out!
With a fixed mortgage, you are:
- Locked in for a period (called the term). The term is usually 5 years.
- Given rates that are typically a bit higher
- Assured stable, consistent mortgage payments for years to come.
When you’re locked into a fixed mortgage there is often a bigger penalty for breaking the mortgage
Rates for fixed mortgages tend to be strongly linked to the bond market. As bond rates rise, so do fixed mortgage costs. Bond rates are at record lows here in Canada, and thus, fixed interest rates are extremely low as well
With a Variable Mortgage:
- You’re liable to have your mortgage rate increase or decrease over time, with decisions from the Bank of Canada & you lender.
- Your rates will probably be lower than fixed mortgages
- Your rates could rise above the fixed mortgage rate for extended periods
- If you break the mortgage, the penalty is typically far lower.
- You can lock the variable rate into a fixed rate at any time, without breaking the mortgage.
As mentioned, when you’re locked into a fixed mortgage there is a big penalty for breaking the mortgage. The penalty is far less severe with a variable mortgage.
Another this to note is that you can transfer your mortgage from a variable to a fixed mortgage, but CANNOT transfer a fixed mortgage to a variable one
4 Tips to Help You on Your Financial Wellness Journey
- Variable mortgages typically perform better over time, but come with an increased risk
- Fixed mortgages provide month-over-month cost certainly
- Mortgage brokers can provide you with both options. The same can be said for most lenders. Breezeful is the top online mortgage lender available to Canadians
- Revisit your mortgage type every 5 years. Your needs may change, and the type of mortgage you currently have may not suit your current needs
Your Guide to Buying a House
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