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Buying a residence, whether a house or a condo, is often the most important investment of a lifetime. However, along with transportation and food, housing is one of the three largest household expenses. With interest rates on the rise since 2022, mortgage payments represent an even larger share of the budget. A better mortgage rate will not only help you save more in the long term, it will also make it easier to balance your budget in the short and medium term .
With this in mind, Neo Mortgage is striving to establish itself in the Canadian mortgage market. To achieve this, technology is used to make the mortgage experience more efficient and accessible. Neo allows you to obtain the best mortgage rate with an online application process on their secure platform. If required, you can get advice from their team of mortgage specialists at every stage of the process.
In this article, find out how to apply for a mortgage online with Neo and get pre-qualified in just a few minutes.
Neo Financial is a Winnipeg-based Canadian financial institution specializing in savings and credit products. Neo is an alternative to the big five Canadian banks: BMO, CIBC, RBC, Scotia and TD.
It’s 100% digital, and includes rewards on purchases with their no-fee credit cards, savings with their high-interest savings account, and mortgages with their mortgage solutions.
Neo offers a wide range of products and services, including :
In this article, we focus solely on Neo Mortgage To find out more about Neo’s other services, read this review: Neo Financial: a case study
To apply for a mortgage with Neo, you must be a resident of Canada, have Canadian photo identification and be of the age of majority in your province.
Neo Mortgage offers mortgages for :
As mentioned earlier, Neo gives you access to the best mortgage rate. At the time of writing, Neo’s best mortgage rate for a 5-year fixed-rate loan (closed) is 5.19%. Among the five largest Canadian banks, the best rate is 6.84%. So there’s a big difference…
Applying for a mortgage with Neo is quick and easy. In fact, you can get pre-qualified in just a few minutes.
To speed up the application process, you should have the following information on hand:
To start your online application, select the option that best suits your needs: property purchase, property renewal or property refinancing.
Unfortunately, Neo’s digital platform is not available in French.
To complete a mortgage application for the purchase of a home, you must first select “I want to buy a home”.
Then answer the questions on the online form in less than two minutes:
These questions include the purchase price of the new property, the amount of the down payment, your credit score and your identifying information (first name, last name, e-mail address and cell phone number).
Finally, you get the lowest rate on the market for a new mortgage based on your situation. Neo displays the best fixed and variable rates available.
If you have any questions, you can talk to one of Neo’s mortgage specialists. Unfortunately, Neo Mortgage is not available in French or in Quebec. Finally, if you wish to go ahead with one of the offers, you can click on “Lock in the rate” and fill in the form.
To complete a mortgage renewal application, you must first select “I want to renew a mortgage”.
These questions include the value of the property, the remaining balance on your mortgage, whether or not your mortgage is insured (e.g. with CMHC) and your credit score.
Ultimately, you get the lowest rate on the market for a mortgage renewal, based on your personal and financial situation. As mentioned above, you can speak with one of Neo’s mortgage specialists if you have any questions or would like to discuss your options.
To request a mortgage refinance, you must first select “I want to refinance a mortgage”.
These questions include, among others, the value of the new property, the remaining balance on your mortgage, the amount of money you’d like to withdraw from your property and your credit score.
Finally, you are presented with Neo’s options based on your personal and financial situation. Here too, you can speak with Neo’s team of mortgage specialists if you have any questions or would like to discuss the options available.
In short, Neo Mortgage is making its mark on the Canadian mortgage market by leveraging technology, among other things. What’s more, the mortgage experience is efficient and accessible thanks to their secure digital platform. This enables Neo to offer a better mortgage rate than the major Canadian banks.
For residents of Quebec and provinces/territories where Neo Mortgage is not yet available, you may be interested in nesto, which offers the same services. Here’s our guide to this product:
Here are the answers to the most frequently asked questions about Neo Mortgage.
Savings this way:
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