Mortgage brokers are individuals who can access mortgage rates from several lenders to find the best rates and deals for borrowers. Mortgage brokers in Alberta are licensed by the Real Estate Council of Alberta (RECA). According to RECA’s 2021-22 annual report, Alberta had 2,692 licensed mortgage professionals as of 2022. Some brokers operate individually, while some are part of brokerage firms with multiple brokers. Mortgage lenders pay mortgage brokers on a commission basis, and their service to borrowers is free of cost. Listed below are some of the best mortgage brokers offering services to borrowers in Alberta.
Butler Mortgage is one of the largest brokerages in Canada that has been in the business for over 25 years. Established in 1995, Butler Mortgage is headquartered in Toronto and offers its services mainly across Ontario, B.C., and Alberta. The brokerage prides itself on offering the lowest possible rates to its clients from over 350 lenders.
The brokerage aims to provide the best rates to its clients before and after approval, thus offering an up-front and after-approval rate guarantee. Through its up-front rate guarantee, the brokerage aims to beat or match a lower rate offered by any other brokerage. After approval, the after-approval rate guarantee allows borrowers to switch lenders for free when another lender advertises a lower rate and the original lender refuses to match it.
Additionally, the approvals come with a RateGuard. If the rates fall during the lock-in period, borrowers can get the new lower rates instead of the originally approved rate. Butler Mortgage offers a variety of mortgages and financing options that include:
The digital lending platform, nesto, was established in Montreal in 2018. The platform offers a convenient online application and approval process to borrowers can can be completed anytime and anywhere. nesto sets itself apart from other brokerages by paying its agents a fixed salary instead of a commission. Doing so ensures that the agents offer unbiased advice to their clients without a vested personal interest.
According to nesto, their rates are ‘floor rates’, the absolute minimum rates that a bank can offer. They also offer a low rate guarantee to their clients. They promise to match or beat a lower rate offered by another brokerage. On failing to do so, they pay the clients $500 at the time of closing as a goodwill gesture. The brokerage also offers a special rate with a 150-day lock-in period instead of the regular 120 days.
Borrowers can also benefit from other periodic offers from nesto, such as the cash back mortgage, which allows homebuyers to get up to $9,250 cashback for a 5-year term. There are three financing options available with nesto:
True North Mortgage is a Calgary-based brokerage with 11 offices across Canada, of which four are located in Calgary and one is located in Edmonton. The brokerage believes they can build confidence with clients by allowing them to walk into a physical office and meet an agent in person. However, the clients can also directly apply online or contact them over the phone. True North Mortgage says their clients save an average of $3,000 in interest.
The brokerage offers its clients the ‘lowest rate guarantee,’ promising to match or better lower rates offered by any other brokerages. If they fail to do so, they reimburse the clients with $500 at the time of closing.
True North Mortgage is currently offering a special mortgage product called ‘Rate Relief’ through its in-house lender THINK Financial. The product offers a low fixed rate for six months, after which you either need to renew your mortgage with THINK Financial or pay them a 1% fee. Apart from mortgages for new homes, True North also offers the following:
The Canadian lender CanWise offers its mortgage rates exclusively through its brokerage arm Ratehub.ca. Apart from CanWise, Ratehub.ca offers rates from other lenders as well and offers mortgages for buying, renewing, refinancing, vacation / second home, newcomers to Canada, divorce, first-time homebuyers, and business / self-employed buyers.
CanWise’s mortgage products have features such as additional lump-sum payment options, the option to increase regular payment, mortgage porting, and bridge financing. The mortgage is registered as a standard charge instead of a collateral charge.
QuestMortgage is a brokerage service offered by the popular Canadian trading platform Questrade. The mortgage application and approval process can be completed digitally; however, borrowers can consult mortgage advisors over the phone. Borrowers can also apply for creditor’s insurance with Canada Life during the application. Borrowers can benefit from the prepayment privileges offered by QuestMortgage. Borrowers can pay an additional lump sum amount every year, up to 20% of the balance at the beginning of the term. Borrowers can also increase their monthly payments by 100% of the original amount.
The online mortgage platform Pine Mortgage was established in 2021 with the aim of simplifying the mortgage process. Borrowers looking to buy, renew or refinance can apply online or over the phone with Pine. The application takes less than 10 minutes, and the turnaround time for the commitment letter is 48 hours. Those with bruised credit can also apply with Pine as they have different mortgage programs for such people.
Citadel Mortgages is a brokerage founded in Toronto in 2018 that offers mortgage services, including:
The brokerage has seven offices in seven different provinces in Canada, including one in Calgary. Borrowers can get pre-qualified within 60 seconds with their Pre-Qual tool. Borrowers with good, bad, and no credit can apply with Citadel as they work with various lenders, including banks, credit unions, b-lenders, and private lenders. Citadel Mortgage offers several limited-time incentives to borrowers, such as cashback and AIR MILES.
The mortgage product offered by the Canadian fintech Neo Financial is called Neo Mortgage. The platform offers a digital application process, allowing borrowers to apply anytime from the comfort of their homes. The application can be completed within minutes, and the approval process is fast. Neo Mortgage currently offers mortgages for new purchases, renewals, and refinance. There are five lending partners presently listed on their website. The brokerage also works with borrowers with low credit scores but does not guarantee approval.
One of the largest brokerages in Canada, The Mortgage Group, was founded in Vancouver in 1990. The brokerage has over 800 mortgage professionals offering mortgage services across the country. Borrowers looking to meet a broker can find the nearest broker through TMG’s website. Those looking to apply quickly can simply use the online application. Borrowers can check out the latest rates on TMG’s website and also access the numerous tools, calculators, and resources available.
Mortgage Connection is a Calgary-based brokerage that provides brokerage services in Alberta, Ontario, and British Columbia. Their team of over 70 mortgage brokers and specialists offers various services, including residential and commercial mortgages. They cater to new mortgages, renewal, refinance, second mortgage, investment property mortgages, and HELOCs and also provide home and auto insurance services. Borrowers can apply online or through their mobile application called the Mortgage Connection App, which supports five languages for clients to use.
Founded in 2009, Quantus Mortgage Solutions is a brokerage that collaborates with 40 lenders and has over 60 staff members. They have a 1-14-21 process, which implies a 1-day pre-approval, 14-day processing, and 21-day possession. Along with mortgage services, the company also provides home, auto, and life insurance. Quantus Mortgage Solutions has won several awards, including the Best Regional Brokerage award at the 2022 Mortgage Awards of Excellence.
Headquartered in Calgary, Axiom Mortgage Solutions provides mortgage services across multiple provinces in Canada. A Centum mortgage broker network member, Axiom Mortgage Solutions offers a broad range of services, including new mortgages, pre-qualification, renewals, and refinancing. The company also provides solutions like debt consolidation and interim financing. Clients can apply online through a simple process that takes less than five minutes to complete.
DreamHouse Mortgage, established in 2013, is headquartered in Calgary and provides services to Alberta, Manitoba, and British Columbia. Their team of over 20 mortgage specialists offers various mortgage services, such as purchasing new homes, pre-approvals, renewals, transfers, first-time buyers, HELOC, second mortgages, and self-employed mortgages. The brokerage also assists with debt consolidation, foreclosure purchases, and commercial mortgages. Furthermore, DreamHouse Mortgage offers solutions for borrowers with poor credit who seek to improve their credit.
Canadian Mortgage Professionals Inc. is a brokerage headquartered in Calgary that provides services throughout Canada. The mortgage specialists working for the brokerage have several decades of experience. Borrowers can choose to apply either online or in person. The services offered by the brokerage include mortgages for new homes, mortgage pre-approval, progress draw mortgages, revenue property mortgages, HELOCs, purchase plus improvement, and mortgages for newcomers to Canada.
Collin Bruce Mortgage Team, a brokerage located in Edmonton, is part of the Dominion Lending Centres (DLC) broker network. They have over 90 lending partners, including banks, credit unions, trust companies, and financial institutions. Apart from purchase, renewal, and refinance services, the brokerage provides borrowers services such as borrowed down payment, second home mortgage, spousal buyout, purchase + improvements, vehicle financing, and exclusive homebuyer programs. Furthermore, on their website, borrowers can find links to their partners offering other allied services, such as home inspectors, appraisers, realtors, and lawyers.
Benchmark Mortgages is a concierge-style brokerage that operates in Edmonton and is a member of the M3 broker network. The brokerage offers personalized service to its clients and aims to provide them with the best available rates right from the beginning. They collaborate with credit unions, banks, trust companies, and private lenders to provide flexible mortgage options to their clients. Borrowers may complete the mortgage application process either in person or online through their website.
Flare Mortgage Group is a full-service brokerage located in Greater Edmonton. The brokerage's philosophy is to customize a mortgage plan according to each client's lifestyle. Borrowers can get pre-approval from the brokerage within a day through an online process. Apart from purchase, renewal, and refinance mortgage services, the brokerage can also assist with debt consolidation. They take pride in their ability to help some clients secure mortgages with zero down payment. The brokerage is a member of the VERICO Paragon Mortgage Inc. network.
Headquartered in Innisfail, Alberta, The Place To Mortgage has offices in Calgary, Red Deer, and Port Moody (B.C.) as well. Borrowers can either visit one of the offices, or an agent could visit them. In addition to regular mortgage services, the brokerage also offers assistance with rent-to-own agreements, financing for raw land purchases, bad credit mortgages, construction loans, property investor services, reverse mortgages, and more. The brokerage is a part of the Mortgage Alliance broker network.
In Canada, broker networks comprise independently owned brokerages with access to the network's rates and services. Some of these networks are affiliated with larger financial groups, such as DLCG and M3 Financial Group. Listed below are some of the major networks operating in Alberta.
Dominion Lending Centres is one of Canada's largest mortgage broker networks, with over 400 offices across the country. The network includes over 3,000 mortgage experts who work with more than 90 lenders, ensuring clients receive exceptional service and competitive mortgage rates. Network members have access to a wide range of resources, tools, training programs, and industry updates to stay current. The network also offers the 'My Mortgage Toolbox' mobile app to borrowers, which they can use to begin planning their mortgages.
Verico, founded in 2005, is a mortgage broker network that spans from coast to coast across Canada. With over 230 mortgage businesses and 3,500+ mortgage advisors in its network, it helps finance homes for more than 45,000 Canadian families every year. Verico was recognized as the 'National Broker Network of the Year' at the 2022 Canadian Mortgage Awards.
The Real Estate Council of Alberta (RECA) is the governing body for the real estate industry in Alberta, where “Anyone who solicits individuals to borrow or lend money secured by a mortgage, or negotiates a mortgage on behalf of another person must hold a licence with RECA”.
Mortgage brokers are licensed by the Real Estate Council of Alberta (RECA) in Alberta. There are a few requirements to getting a mortgage broker license in Alberta, including:
The application for an Alberta mortgage broker license costs $575.
Proof of English proficiency can either be a Canadian high school transcript with completion of Grade 12 English, graduation from a diploma or degree program in Canada, completed Grade 12 English in a foreign school through ACESC, or completion of english proficiency assessments.
RECA accepts assessments from TOEFL (minimum overall score of 92), IELTS (minimum 6.5), CELPIP (minimum 7), or CAEL (minimum 60).
Completion of the Mortgage Associates Program is required prior to getting a mortgage broker license. The Mortgage Associates Program consists of the Fundamentals of Mortgage Brokerage course and the Practice of Mortgage Brokerage course.
The Fundamentals of Mortgage Brokerage course is run by the Real Estate Council of Alberta (RECA) and costs $1,250. The Practice of Mortgage Brokerage is run by the Alberta Mortgage Brokers Association (AMBA) and costs $1,500. These courses are completely online, while final exams are held in-person as exam testing centres.
You must complete the Mortgage Associates Program within one year. The passing grade for the exams is 70%.