Mortgage brokers are professionals with access to multiple lenders. They act on behalf of borrowers to find the best mortgage rates for them. Mortgage brokers often have access to special lower rates offered by financial institutions that are not advertised by them. Brokerage services are free for the borrowers; the lenders pay the brokerages 0.5% to 1% in commission. The Real Estate Council of Alberta (RECA) issues licenses for mortgage brokers in Alberta.
Founded in 1995, Butler Mortgage is a full-service brokerage headquartered in Toronto. The brokerage offers mortgage services in Ontario, British Columbia, and Alberta. Even though they don’t have an office in Edmonton, borrowers can reach out to them online or through their toll-free phone number. They offer a quick and easy online application process that can be completed anytime. With over 350 lending partners, including banks and credit unions, they are one of the largest brokerages in Canada, offering competitive mortgage rates to their clients. The mortgage and financing options offered by Butler Mortgage include:
To ensure their clients get the best rates, the brokerage offers two kinds of rate guarantees to their clients. The first one is the Up-Front Rate Guarantee, through which the brokerage guarantees the best rate to their clients right at the start. If a client finds a better rate elsewhere, Butler Mortgage will beat the rate or pay the client $500 at the time of mortgage closing. Additionally, they offer an After-Approval Rate Guarantee. Even after approval, the brokerage watches for better rates being advertised by lenders. If a rate of at least 0.1% is advertised by a lender and your lender refuses to match it, you may switch lenders at no additional cost. Butler Mortgage allows its clients to lock in rates for up to 120 days.
Based out of Montreal, nesto is a digital lending platform founded in 2018. It is different from traditional brokerages because the brokers at nesto are paid a fixed salary as opposed to a commission. According to nesto, this motivates their brokers to offer unbiased advice and find the best deal for their clients, as the brokers have no personal interest in the deal, with the only reward being client satisfaction. Their application process is completely online and can be completed from anywhere. However, borrowers can reach their mortgage advisors through email or phone.
According to nesto, the rates offered by them are the ‘floor rates,’ which are the absolute minimum rates offered by banks. The brokerage has strict lending guidelines, and thus borrowers need to meet the minimum credit score requirement and should not have a history of missed payments.
nesto offers a low rate guarantee as a commitment to its clients. If their clients are able to find lower mortgage rates elsewhere, nesto promises to try and beat it. If they are unable to beat the rate, they reimburse the clients $500 as a goodwill gesture toward their mortgage funding. Some of their featured rates have an extended lock-in period of 150 days. They offer promotional deals such as cash-back mortgages, through which borrowers can get a cashback of 1% of up to $9,250 for a 5-year term. The financing options offered by nesto are:
One of the latest offerings of the Canadian fintech Neo Financial is their brokerage service Neo Mortgage. Neo Mortgage helps borrowers get a mortgage quickly with its fully digital process. The application can be made online from the comfort of one’s home. Neo Mortgage suggests that it can save thousands of dollars in interest for its clients with its low mortgage rates. Their website currently features five lending partners, and they currently offer mortgages for new purchases, renewal, and refinance. Neo Mortgage extends its services to borrowers with low credit scores, although it does not guarantee mortgage approval.
Established in 2021, Pine is a new online mortgage platform aiming to provide a seamless digital mortgage experience to borrowers. It offers a transparent process with no hidden charges and unexpected closing costs. The platform was established with the intent of simplifying the mortgage process and delivering a stress-free experience. The online application process is free of charge and can be completed quickly from anywhere. Borrowers who are not comfortable with an online application can also get in touch with them over the phone. Borrowers can also benefit from their promotional offers, such as cashback on a new mortgage.
True North Mortgage is a brokerage established in 2006 that offers mortgage services across Canada. The brokerage is headquartered in Calgary, and one of its 12 offices is in Edmonton. The brokerage suggests that it saves an average of $3,000 for its clients. The brokerage offers an online application along with in-person and over-the-phone services. Additionally, they offer a personalized service called mobile brokers, through which the brokers come to meet you at a place and time of your choice. This is a great option for borrowers who need a personal service with flexibility.
For assuring the lowest rate, True North Mortgage gives its clients the lowest rate guarantee. The brokerage offers to beat any lower rate their clients find elsewhere or compensate them with $500. Through its in-house lender, THINK Financial, they are currently offering a mortgage solution called ‘Rate Relief’. This product offers a temporary low mortgage rate to the clients for six months. Following this six-month period, the client can renew their mortgage with THINK Financial or pay a 1% administration fee to them. The services offered by True North Mortgage include:
CanWise is a lender offering its mortgage rates exclusively through its brokerage Ratehub.ca. With CanWise lending, the client’s mortgage is registered as a standard charge, not a collateral one. The mortgage solutions borrowers can get from them include
QuestMortgage is a service provided by CTC (Community Trust Company), a subsidiary of the Questrade Financial Group that is known for its online trading platform, Questrade. QuestMortgage allows borrowers to apply and get approved online while also offering the option to seek consultation via phone. Borrowers can also call and check for the best available rates for their individual situations. To be approved, an application needs to meet standard credit criteria, residential mortgage standards, and maximum permitted loan amounts. Rates can be locked in for up to 120 days.
Borrowers who wish to pay off their mortgage sooner can benefit from the prepayment privileges offered by QuestMortgage. Every year, borrowers can pay off an extra amount of up to 20% of the balance at the beginning of the term. They can also increase their monthly payment by 100% of the original amount whenever they want. Borrowers can also secure their mortgage with creditor’s insurance from Canada Life by opting to do so at the time of application.
With seven offices across Canada, Citadel Mortgages is a full-service mortgage brokerage established in 2018. With Citadel Mortgages, applicants can get prequalified within 60 seconds. They offer the following mortgage services:
Apart from the above, the brokerage offers a product called all-in-one mortgage solution. This combines mortgage with HELOC so borrowers can pay off their mortgages faster. Borrowers can expect additional incentives like AIR MILES, complimentary hotel stays, and cashback. They offer mortgage services to borrowers with good, bad, and no credit; and work with a range of lenders that include banks, credit unions, and private lenders.
The Vancouver-based brokerage, The Mortgage Group, was founded in 1990. It is one of the largest brokerages in Canada, with over 800 mortgage professionals. They offer their services throughout Canada, and borrowers can find the nearest broker through TMG’s website. The application can be completed online or with one of the brokers in person. TMG also offers several tools, calculators, and resources through its website.
Established in 2020, Rocket Mortgage was known as Edison Financial before it was rebranded in 2022. Based out of Windsor, Ontario, the brokerage was launched with the intent of making the mortgage experience better for clients and brokers using technology. The brokerage is a part of Rocket Companies, and its sister company in the U.S. is Rocket Mortgage, LLC. Rocket Mortgage provides mortgages for purchase, renewal, and refinance.
A part of Dominion Lending Centres (DLC), Collin Bruce Mortgage team is a brokerage based in Edmonton. They have over 90 lending partners, including banks, credit unions, trust companies, and financial institutions. Apart from purchase, renewal, and refinance, they offer services such as borrowed down payment, second home mortgage, spousal buyout, purchase + improvements, vehicle financing, and exclusive homebuyer programs. Borrowers looking for other allied services can find links to their partners, including home inspectors, appraisers, realtors, and lawyers.
A member of the M3 network, Benchmark Mortgages is a concierge-style brokerage local to Edmonton. The brokerage believes in offering the best available rate to its clients right from the beginning and provides personalized service to them. The brokerage works with credit unions, banks, trust companies, and private lenders to offer flexible mortgage options to its clients. The mortgage application can be completed in person or online through their website.
Flare Mortgage Group is a full-service brokerage based out of Greater Edmonton. The brokerage believes in tailoring a mortgage plan according to the client’s lifestyle. They offer preapproval within a day that can be done online. Apart from purchase, renewal, and refinance services, the brokerage offers help with debt consolidation as well. They pride themselves in having helped some clients get mortgages even with zero down payment. The brokerage is a part of the VERICO Paragon Mortgage Inc. network.
Several brokerages are a part of broker networks in Canada. The broker networks such as Dominion Lending Centres, Mortgage Alliance, Mortgage Architects, and Verico have hundreds of brokerages as a part of the network. The brokerages have access to the network’s rates and services but are independently owned businesses. Some networks are a part of larger groups; for example, M3 Financial Group has subsidiaries that include Verico, M3 Tech, M3 Ventures, Mortgage Alliance, Multi-Prêts Mortgages, Invis, Mortgage Intelligence, YourMortgageMarket.com, Simplinsur/SimplAssur, and Pinch Financial.
Dominion Lending Centres inc. is a subsidiary of the DLCG Mortgage group along with Mortgage Centre Canada inc. and Mortgage Architects. It is a broker network with over 400 offices in Canada and over 3,000 mortgage brokers. The brokers in the network work with over 90 lenders to offer the best possible rates to their clients.
Through their mobile app, ‘My Mortgage Toolbox,’ the brokers in the network get access to exclusive tools and resources. Additionally, the agents get to be a part of training sessions to stay up to date.
A subsidiary of the M3 Financial Group, VERICO is a mortgage broker network established in 2005. With over 3,500 mortgage advisors and 230 mortgage businesses, it is one of the largest broker networks in Canada. Every year, over 45,000 families get their mortgages financed through the broker network. In 2022, the network was named the National Broker Network at the Canadian Mortgage Awards.