A virtual lender operates without having branches. With a few exceptions, you can only have access to these lenders through a mortgage broker. They are often recognized foreign banks (ING direct, Macquarie Financial) or subsidiaries of Canadian banks (First Line Mortgages).
Time saving is one of the advantages of dealing with a virtual lender. Everything can be done over the phone and through your broker, even your renewal. No need to schedule an appointment with your branch.
Compared to traditional lenders who have a posted rate and a discounted rate (which is lower), virtual lenders offer only one rate. As such, you will always get the best rate upon renewal.
Clients really appreciate the fact is that they do not have to open a bank account or transfer assets (RRSP, term deposits, ...). All they need is a cheque specimen so they can proceed with pre-authorized automatic withdrawals of your mortgage payment.
Consult their website and to learn about their reputation and the size of their operations.
