Mortgage brokers can find you the lowest mortgage rates in the market by comparing the rates offered by several lenders in the market. They are professionals who work on behalf of the borrowers to negotiate the best rates with lenders. Mortgage brokers offer a free-of-cost service to borrowers as they receive a finder’s fee (commission) from the lenders, which is usually 0.5% - 1% of the mortgage amount.
Established in 1995, Butler Mortgage is one of the leading brokerages in Ontario. The brokerage has three office locations in GTA, two in Toronto and one in Oakville. Residents of Brampton can visit either of these locations or apply online through the brokerage’s website.
According to Butler Mortgage, the brokerage tracks mortgage rates from over 350 lenders in Canada that, include banks, credit unions, private lenders, and more. Mortgage products from Butler Mortgage have features such as prepayment options, portability, assumability, and convertibility.
Butler Mortgage offers several rate guarantees to its clients to ensure that they always get the lowest rates. The up-front rate guarantee guarantees that the clients get the best rate from the get-go. The broker also offers an after-approval rate guarantee. Through this guarantee, the brokerage keeps monitoring the market for lower rates than your approved rate. If a lender advertises a rate that is a least 0.1% lower than the approved rate, the brokerage asks your lender to lower the rate for you. If the lender refuses to do so, you may switch to the lender offering the lower rate.
Butler Mortgage’s mortgage approval comes with a RateGuard. This ensures that your rate is locked-in for 120-days and does not increase even if rates in the market increase. On the contrary, if the rates in the market drop, you get the new lower rate.
Some of the mortgage services offered by the brokerage are:
Citadel Mortgages is a brokerage based out of Toronto that was founded in the year 2018. The brokerage has won several awards since its inception, including the Excellence Award for Digital Innovation at the 2023 Canadian Mortgage Awards. The nearest office location for residents of Brampton is located in Toronto. The mortgage application can also be completed online without visiting the branch in person. Citadel Mortgages offer mortgage services such as:
Another unique product offered by the brokerage is the all-in-one mortgage solution. This product combines debt and savings into a single account, enabling borrowers to pay off their mortgages faster and become debt free sooner.
The lending partners of Citadel Mortgages include banks, credit unions as well as private lenders. The brokerage offers mortgage solutions for borrowers with good, bad, and new credit. Citadel Mortgages also offers some incentives to its clients, that include AIR MILES, cashback, and complimentary hotel stays.
Pine is a lending platform introduced in 2021 to make the mortgage process quicker and easier with the use of technology. The platform is fully digital, and borrowers don’t have to visit any branch to finalize the mortgage. From the application to the signing of the documents, everything happens online. The supporting documents are also submitted through a secure online portal, and there is no hassle of submitting the documents physically. Borrowers who wish to speak with an expert may do so over the phone.
The online application can be completed in less than 10 minutes, and you can receive a mortgage pre-approval within 24 hours. Pine sometimes offers some incentives, such as cashback to its clients.
The mortgage rates that Pine offers are among the lowest in Canada, as can be seen in our mortgage rates table.
Neo Mortgage is one of the latest offerings by the fintech Neo Financial. The platform offers an entirely digital mortgage experience. The entire process, from the application to the finalizing of the mortgage and disbursement of funds, is completed without a single branch visit. However, borrowers seeking advice can speak to an agent over the phone.
The application can be completed from anywhere within a few minutes, while all the supporting documents are to be submitted through a secure digital portal. The brokerage currently has five lending institutions listed as partners on its website. The brokerage suggests that it may be able to secure a mortgage for borrowers with a low credit score; however, it does not guarantee their approval.
The brokerage suggests that the low rates it offers can save thousands of dollars for its clients. Neo Mortgage’s 5-year fixed and 5-year variable mortgage rates are usually among the lowest five-year rates on WOWA’s mortgage rates table, suggesting that the brokerage indeed offers some of the lowest mortgage rates in Canada.
Canada’s first online brokerage, nesto, was started in 2018 with the idea of digitizing the mortgage process to make it simpler. The company is based out of Montreal and has a staff of over 250 people that include experts from the mortgage as well as the tech industry. nesto offers a quick mortgage application that can be completed online. The entire process can be completed remotely; however, nesto’s mortgage experts are only a call away for those who need advice.
nesto suggests that it offers the absolute minimum rates offered by the banks to its clients, also known as ‘floor rates.’ The brokerage pays its agents a fixed salary instead of a commission to prevent their personal interests from coming in the way of finding the lowest rates.
nesto backs its low rate claim with a low rate guarantee. If their clients find a better rate elsewhere, the brokerage pays them $500 in compensation when the mortgage closes.
nesto also became a lender in 2022, which has enabled it to offer some unique mortgage products. nesto offers a mortgage rate with a 150-day lock-in period, exceeding the traditional 120-day lock-in period. The brokerage is also one of the few brokerages offering a cash-back mortgage, wherein borrowers can get 1% cash back on the mortgage amount, the maximum for a 5-year term being $9,250. This may be useful for borrowers who need cash for renovations, repairs, or to buy furniture.
There are currently three financing options available offered by nesto:
The Brampton-based mortgage brokerage Simplify Mortgage Solutions offers mortgage services across the Toronto Region, Peel Region, Halton Region, York Region, Durham Region, and Newmarket. The brokerage has a team of 21 mortgage brokers and agents. The brokerage’s website provides the contact information for all the agents, and borrowers can contact them directly. Borrowers can apply for a mortgage online, and the brokerage offers mortgage prequalification as well.
Delta Mortgages Inc. is a team of Brampton-based mortgage experts offering insurance and investment services in addition to mortgages. The brokerage offers several tools on its website for borrowers to use. They can directly contact the agent of their choice using the contact information provided on the website or call on the brokerage’s contact number. Borrowers can download the brokerage’s application form through their website as well.
Kingdom Mortgages, is a brokerage based out of Brampton that offers services including residential mortgages, commercial mortgages, debt consolidation, and reverse mortgages. The brokerage provides contact information for its agents through its website so borrowers can contact them directly. Alternatively, borrowers can fill out the contact form on the website or call the brokerage’s phone number to get started.
Canadian Mortgage Services is a brokerage that has been offering mortgage services in the GTA since 1988. The brokerage is based out of Brampton and has a second office in Milton. The brokerage has processed mortgages of over $1 billion to date. The brokerage also has its own mortgage podcast, ‘Will You Mortgage Me.’ The brokerage offers several mortgage solutions, including solutions for complicated situations such as a power of sale. Borrowers can contact the brokerage using the online inquiry form or by directly giving them a call.
Canada has several mortgage broker networks operating across the country. These networks comprise many independently owned brokerages that operate as franchisees of the network. Due to the large volume of business they bring, networks are often able to negotiate lower rates with the lenders, which are available to the network brokers. Additionally, the brokers in the network also get access to exclusive tools and resources provided by the network. Some of these networks are also part of larger financial groups.
The Mortgage Centre (MCC) is a Mississauga-based broker network with 1800 brokers and over 250 office locations across Canada. Of those, 10 offices are located in Brampton. Apart from new purchases, refinancing, and renewing of residential mortgages, the mortgage options offered by the network brokers range from cottage and vacation homes to investment properties, land, and commercial mortgages.
Mortgage brokering is a licensed profession in Canada, and individuals intending to practice as brokers must obtain a license from the licensing authority in their province of residence. For Ontario, the licensing authority is the Financial Services Regulatory Authority of Ontario (FSRA). One must complete an FSRA-approved course and its examination to become a mortgage broker in Ontario.
The course to be undertaken is the Ontario Mortgage Broker Education Program (OMBEP) offered by Mortgage Professionals Canada (MPC). This course has two phases, the first is online, and the second is in-person. Another important requirement is that individuals must have held a mortgage agent license for at least 24 months in the immediate 36-month period before applying for a mortgage broker license.