One of Canada's favourite non-traditional fintech startups is now offering mortgages. Since Neo Financial was founded in 2019, it's been taking the financial world by storm, making it no great surprise that they've added mortgages to their service menu.
Their completely online mortgage experience is ideal for a digital nomad, getting you low mortgage rates (better than the big banks), terrific customer service, and lightning-fast applications. But if you're the kind of person that prefers in-person communication about life-changing decisions like mortgages, you may want to look somewhere else.
Neo Mortgage features
Here's an overview of all the features Neo Mortgage has to offer.
Why You Want It
Better rates than the big banks + Apply and get pre-approved in under 5 minutes.
Special Features
- Do everything online, complete with a dedicated Mortgage Advisor
- Chance to win free mortgage payments for a year
Eligibility
- Live in Canada
- Minimum credit score of 640
Provinces
AB, BC, MB, NB, NL, NS, ON, PE, SK
Mortgage Rates
Fixed Closed
5 Years
4.09%
Features
Rate Type
Fixed Closed
Pre-approval
Rate Guarantee (days)
120
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
1
% Of Prepayment Allowed
20%
# Of Payment Increases Allowed Per Year
Unlimited
Max Payment Increase Allowed
20%
Promotion Available
N/A
Promotion End Date
N/A
Neo Mortgage product rating: 2.7 stars
Neo Financial is a respected name in the Canadian fintech industry, and the fact that clients can now apply for mortgages, as well as credit cards, bank accounts, and investment opportunities is convenient.
As a standalone service, Neo Mortgage seems to be pretty solid, but we're not wowed quite yet. Neo's mortgage arm only recently switched from being a broker to a lender, so it would be unreasonable to expect them to provide all the bells and whistles of more established mortgage lenders. That being said, it shows promise.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of Neo Mortgage
Here are the features and details of Neo Mortgage that we find most appealing.
Pros
Better rates than the big 5 banks
Neo prides itself on offering better rates than you can dream of from the big 5 banks. At the current rate of 4.14% on 5-year fixed term mortgages, this is still true.
Super fast application and pre-approval process
Neo claims that users can apply and get pre-approved for a mortgage in just minutes. It's hard to ignore that kind of convenience.
Customer service is top notch
We completed a quick application on the Neo Mortgage site as a test, and within the hour had responses from real people via phone, text, and email from the Neo team. They confirmed that clients have access to support through a variety of communication methods, including text message if that's what they prefer.
The cons of Neo Mortgage
Nothing's perfect, unfortunately, and these are the areas where we think Neo Mortgage could use some improvement.
Cons
Not available in many parts of Canada
Neo Mortgage is currently not available in French, for people living in the province of Quebec, or for people living in the territories (Yukon, Northwest Territories, Nunavut).
Online-only isn't for everyone
While there are undeniable benefits to an online-only mortgage application system, it's not everyone's cup of tea. There are also undeniable benefits to being able to look your mortgage broker in the eye and ask the detailed questions your information-thirsty brain craves answers to.
Neo Mortgage alternatives
If you're interested in seeing how Neo Mortgage stacks up against the competition, take a look here. You'll see a list of comparable features and services.
 |  |  |  | |
|---|---|---|---|---|
| Account | Neo Mortgage | nesto | Meridian Closed Fixed Mortgage | TD Closed Fixed Rate Mortgage |
| Genius Rating | ||||
| Why You Want It | Better rates than the big banks + Apply and get pre-approved in under 5 minutes. | Get the lowest rate guaranteed + 150 day rate lock | Get up to 5% cash back + Competitive rates and excellent customer service. | 120-day rate guarantee + Convenient mortgage calculator. |
| Mortgage Rates | Fixed Closed
| Fixed Closed
| Fixed Closed
| Fixed Closed
|
| Rate Type | Fixed Closed | Fixed Closed | Fixed Closed | Fixed Closed |
| Pre-approval | | | | |
| Rate Guarantee (days) | 120 | 150 | 120 | 120 |
| Bank Prime Rate | 4.45% | 4.95% | 4.45% | 4.95% |
| # Of Prepayments Allowed Per Year | 1 | See Issuer for Details | Unlimited | See Issuer for Details |
Show More | ||||
| See rates & details See more Neo Financial products Compare | See rates & details See more nesto products Compare | See rates & details See more Meridian Credit Union products Compare | Learn More See more TD products Compare |
FAQ
What is Neo Mortgage?
Neo Mortgage is the newest arm of Neo Financial, a popular Canadian fintech company. They offer online mortgages where users can apply and get pre-approved for a mortgage within a few minutes. You'll find a longer list of Neo Mortgage's features and services here.
What are the Neo Mortgage rates?
Neo Mortgage prides itself on impressively low rates that are better than the big banks. At the time of writing, the posted Neo Mortgage 5-year closed fixed rate is 4.14%.
Who owns Neo Financial?
Surprisingly, Neo Financial was founded by the same minds who built SkipTheDishes – Andrew Chau, Jeff Adamson, Chris Simair, and Kris Read. The company is still privately funded and doesn't technically have a sole owner.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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