Applying for a mortgage through a mortgage broker can be very beneficial for borrowers as the brokers can compare the mortgage rates offered by different lenders in the market to find the best rates for them. Furthermore, they do not charge the borrowers for their services and are instead paid a commission by the lender.
Established in 2018, Citadel Mortgages is a brokerage headquartered in Toronto, with branches in six other cities. The nearest office for Fredericton residents is in Moncton, NB. Citadel Mortgages caters to a diverse clientele, offering mortgage solutions to borrowers with varying credit profiles, including those with bruised credit and no credit.
Partnering with multiple banks, credit unions, and private lenders, Citadel Mortgages provides a range of mortgage solutions such as
The brokerage also offers credit management, investment, insurance and banking solutions in addition to mortgage products. A distinctive banking solution offered by Citadel is the all-in-one mortgage, an innovative solution that combines debt and savings into a single account. Borrowers can accelerate their mortgage repayment through this solution and become debt-free sooner.
The brokerage periodically offers incentives, such as cashback, complimentary hotel stays, and AIR MILES, to its customers. The brokerage’s online prequalification tool can prequalify borrowers in less than 60 seconds.
Established in Montreal in 2018, nesto has emerged as a leader in Canada's digital lending sector. By 2022, the company obtained B Corp certification and commenced the distribution of its mortgage technology to established financial institutions.
nesto's proprietary end-to-end mortgage technology has transformed the entire mortgage process, allowing borrowers to secure a mortgage from any location without needing in-person branch visits. To qualify for a mortgage through this brokerage, borrowers must meet stringent lending criteria.
nesto’s low-rate guarantee promises to pay borrowers $500 at the time of mortgage closing if they fail to secure the best market rates. With its 150-day lock-in rate, nesto offers the longest rate lock-in period in Canada. Furthermore, nesto offers a cash-back mortgage option, allowing borrowers to receive 1% of their mortgage amount in cash, capped at a maximum of $9,250 for a 5-year term. This option proves advantageous for those requiring funds for home renovations, repairs, or furniture purchases.
A subsidiary of the renowned Questrade Financial Group, QuestMortgage is a digital brokerage that facilitates a fully digital mortgage process. The brokerage serves all provinces except Quebec. Applying for a mortgage through QuestMortgage's website takes only a few minutes, and borrowers must submit all required documents online. Borrowers can also opt-in for creditor's insurance from Canada Life. For those seeking guidance or assistance, mortgage advisors are available over the phone, via email, or through online chat.
QuestMortgage provides mortgages for new purchases, renewals, and refinancing. Customers who have an unconditional offer on their current home and are getting a mortgage for their new home through QuestMortgage can also apply for a bridge loan with them. The brokerage allows borrowers to make a lump sum payment of up to 20% of the term-beginning balance annually. It also offers the flexibility to increase monthly payments by 100% of the original amount. Additionally, borrowers can get a cashback of up to $5,000 on eligible mortgages.
Originally founded in Canada as Edison Financial in 2020, Rocket Mortgage underwent a rebranding in 2022 to its current name. A member of the Detroit-based Rocket Companies, the brokerage has a counterpart in the United States, Rocket Mortgage LLC. The Canadian headquarters of the brokerage are situated in Windsor, Ontario. Rocket Mortgage currently offers three types of mortgages in Canada - new purchases, renewals, and refinancing. Applicants can obtain a rate estimate by completing an application through the brokerage's website in under 3 minutes. For further assistance, borrowers can reach out to the brokerage in person, over the phone, or through email.
Headquartered in Vancouver, The Mortgage Group is one of Canada's most expansive brokerages, providing its services from coast to coast. The brokerage was founded in 1990 and has evolved into a team of 800 mortgage professionals. Prospective borrowers can locate a TMG broker in their vicinity through the brokerage's website and reach out to them directly. Borrowers can choose to meet with the broker and apply in person, or they also have the option to apply over the phone. Borrowers can also apply directly through TMG's website, and the website also offers users a range of tools, calculators, and resources.
Front Gate is an insurance, investment and mortgage company founded in Fredericton in 2005. The company has clients across the maritime provinces of Canada and has a second office in Moncton, NB. The mortgage division of the company is a part of the Mortgage Alliance broker network and works with over 50 lenders to provide both residential and business loans. Borrowers looking to get residential mortgages can apply directly through the company’s website or contact them via phone or e-mail.
8Twelve is a national brokerage based out of Toronto that has offices in all Canadian provinces and in the territory of Yukon. Their Fredericton office services all of New Brunswick. The brokerage has over 65 lending partners and offers all types of mortgage solutions, including equity takeout, construction financing and debt consolidation. To contact the brokerage, borrowers can call their toll-free number or click on the ‘Let’s Talk’ link on the website and submit their information.
Plume Financial Services Inc. is a Fredericton-based company offering mortgage solutions as well as other financial services such as investments, insurance and wealth protection. Borrowers looking to get a mortgage can contact the brokerage through phone, LinkedIn, or Facebook. Alternatively, they can schedule a web conference call with the brokerage through their website.
Many independent brokerages in Canada are a part of mortgage broker networks that operate on a franchise model. These networks provide several tools and resources to the brokers in the network and are often able to leverage their sales volumes to negotiate lower rates with lenders.
Dominion Lending Centres (DLC), a prominent broker network in Canada, has over 3,000 brokers. Partnering with more than 90 lenders, DLC can provide some of the most competitive mortgage rates in the market. DLC National Ltd. is a brokerage with multiple offices in Canada, one being in Fredericton. The network equips brokers in the network with various tools and resources, empowering them to deliver excellent customer service.
Founded in 1989, The Mortgage Centre is a broker network based in Mississauga that extends its services beyond residential and commercial mortgages to include equipment leasing and insurance solutions. With over a hundred lending partners, the brokerage aims to secure the best deal for each client. Borrowers can also download their mobile app, MCC Home Centre, and apply to get prequalified in less than 60 seconds.
To become a mortgage broker in New Brunswick, individuals are required to complete the New Brunswick Mortgage Associate Course and pass its examination. Subsequently, the individual must work as a mortgage associate for at least 24 months and complete the New Brunswick Mortgage Broker Education Program. After passing the examination for this course, an individual can apply for a mortgage broker license with the Financial and Consumer Services Commission of New Brunswick (FNCB).