Top 13 Mortgage Brokerages in Hamilton
An alternative to getting a mortgage directly from a bank is to get one through a mortgage broker. A mortgage broker is an individual who has access to mortgage rates from multiple lenders in the market and can find you the best deals in the market. In fact, sometimes you may get a specific lender's rates lower through a brokerage than what you can get directly if the brokerage cuts its commission (also known as buy down). Brokers receive a commission from the lender for every transaction, and their services to borrowers are free of cost.
Quick Picks
- nesto: nesto is a leader in digital lending and offers a quick online application. The brokerage offers some unique mortgage products, such as cash-back mortgages and rates with extended lock-in periods.
- Mission35 Mortgages: Mission35 Mortgages is a local Hamilton brokerage founded in 2016. The brokerage has a team of over 50 brokers and agents and offers all kinds of mortgage solutions.
- Citadel Mortgages: Citadel Mortgages is a leading full-service brokerage headquartered in Toronto. Working with a wide range of lenders, the brokerage offers mortgage services to prime as well as subprime borrowers. The brokerage offers several incentives, such as airline miles, cashback, and complimentary hotel stays, to its clients.
Top Mortgage Brokers in Hamilton
Hamilton Online Brokerages with Competitive Rates
The Toronto-based brokerage has been operational in Ontario, British Columbia, and Alberta for over 25 years. Butler Mortgage is a full-service brokerage that has one branch in Hamilton. The brokerage suggests that it tracks mortgage rates from over 350 lenders to provide the lowest rates in the market to its clients.
Butler Mortgage offers several rate guarantees to its clients. The ‘up-front rate guarantee’ guarantees that the brokerage will match or beat a lower rate advertised by a competing brokerage. The ‘after-approval rate guarantee’ means that the brokerage keeps looking for a lower rate for you even after a rate has been locked in. If a lender advertises a rate that is at least 0.1% lower, the brokerage asks your lender to match the rate. If the lender refuses to do so, the brokerage allows you to switch lenders for free.
Types of mortgages and financing options offered by Butler Mortgage include:
- Purchase
- Refinance
- Renewal
- Investment Property
- Vacation/Second Home
- Purchase Plus Improvement
- Construction
- HELOC
- Self-Employed
- New to Canada
Another feature of Butler’s mortgages is RateGuard Approval. If the interest rate drops during the 120-day lock-in period, the brokerage ensures that you get the new lower rate.
nesto is a digital brokerage platform that is headquartered in Montreal. The brokerage offers mortgage services across many Canadian provinces, including Ontario. The brokerage stands out due to its broker compensation model. The brokerage pays a fixed salary to its brokers instead of a commission to ensure that the brokers always remain unbiased. The application process is fully-digital, requiring no branch visits. However, borrowers in need of advice may speak to an agent over the phone.
For the assurance of clients, nesto gives them a low-rate guarantee. If any clients discover a lower rate at another brokerage, nesto promises to match or beat the rate. If they fail to do so, the brokerage pays $500 to the client at the time of mortgage closing.
nesto also offers a solution for those who are looking for a rate lock-in period longer than the traditional 120 days offered by banks. They offer some special rates that have a 150-day lock-in period.
Another one of nesto’s special offerings is the cash-back mortgage. This product offers borrowers a cash incentive of 1% on their mortgage amount, up to a maximum of $9,250 for a 5-year term. Borrowers seeking additional funds for renovations or furniture purchases may benefit from this product.
Affiliated with the Mortgage Architects broker network, 6ix Mortgage Group operates as a mortgage brokerage headquartered in Whitby, Ontario. With access to rates from over 100 lending partners, including major banks, credit unions, monoline lenders, and private lenders, 6ix Mortgage Group offers a comprehensive range of mortgage services. These include mortgages for first-time homebuyers, construction loans, vacation home purchases, refinancing, renewals, commercial mortgages, private mortgages, and more. Serving clients throughout Ontario, the brokerage facilitates online mortgage applications via its website. Borrowers can also contact the brokerage through phone, email, and an online form.
True North Mortgage is a national brokerage based out of Calgary that has several offices across Canada. Although True North Mortgage doesn’t have a physical location in Hamilton, borrowers can apply online through their website. Borrowers also have the option of visiting one of their offices in Toronto. Alternatively, they can request a callback, give them a call, or send an email inquiry to the brokerage.
Mortgages offered by True North Mortgage include:
- Vacation and Secondary Homes
- Investment Properties
- Purchase Plus Improvements
- Newcomers to Canada
- Non-Resident Mortgage
- HELOCs
- International Home Purchases
- Self-Employed Mortgages
- Reverse Mortgages
True North Mortgage claims to save an average of $3,000 for its clients with the low mortgage rates offered by them. They also offer a low-rate guarantee to back their low-rate claim. Through this guarantee, the brokerage offers to match or beat a better rate offered by any other brokerage.
The brokerage also has an in-house lender, THINK Financial. Through its in-house lender, the brokerage is currently offering a unique mortgage product called ‘Rate Relief,’ which aims to provide temporary relief from the high mortgage rates in the market. The product offers a low fixed-rate mortgage for six months. However, after the six-month period, borrowers can either renew their mortgage with THINK Financial or must pay them a 1% administration fee on choosing to renew with another lender.
Citadel Mortgages, established in Toronto in 2018, is a leading brokerage offering mortgage services in many Canadian provinces. The brokerage’s seven offices are located in seven different provinces of Canada. The brokerage offers a wide range of mortgage solutions, including that for borrowers with bad credit and newcomers to Canada.
Citadel Mortgages has won numerous awards over the years, including the 2022 and 2021 Canadian Mortgage Awards for Broker of the Year (Fewer than 25 employees), the 2022 Canadian Mortgage Award for Digital Innovation in a Brokerage, and the 2020 Canadian Mortgage Award Silver Winner for New Brokerage of the Year. The brokerage has also been named ‘Best Mortgage Employer’ and ‘Top Brokerages’ by Canadian Mortgage Professionals (CMP).
The brokerage offers several incentives for the benefit of its clients, such as complimentary hotel stays, AIR MILES, and cashback offers.
Pine is an online brokerage service established in 2021 with the aim of simplifying the mortgage experience. Borrowers can apply directly through the brokerage’s website without having to visit an office in person. Borrowers seeking advice may talk to an agent over the phone. The application can be completed within 10 minutes, and the supporting documents are submitted through a secure online customer portal.
Borrowers can get pre-approved for a mortgage within 24 hours with Pine. Additionally, borrowers can also benefit from cashback offers for new mortgages that are offered from time to time.
Local Hamilton Mortgage Brokerages
Synergy Mortgage Group is a prominent brokerage based out of Hamilton with a team of over 20 mortgage brokers. The brokerage has access to mortgage rates from over 60 lenders and offers a quick online application. Borrowers can submit applications through their website and check the status of their applications online. Borrowers can alternatively meet with an agent to apply in person or get mortgage advice.
Mission35 Mortgages is a Hamilton-based brokerage with its agents spread across Hamilton, Oakville, Burlington, Stoney Creek, St. Catharines, and Niagara Falls. The brokerage has a team of over 50 mortgage brokers and agents. Apart from new purchases, renewals, and refinance, their mortgage products include bridge financing, closed mortgages, convertible mortgages, hybrid mortgages, open mortgages, and more. Borrowers can apply online through their website or meet one of the agents to start their application.
Empire Mortgage Group is a brokerage headquartered in Hamilton that was founded in 2019. The brokerage has a team of over 15 mortgage brokers, agents, and underwriters; and over 60 lending partners. The brokerage offers an online application process. Borrowers can also submit an application with an agent of their choice through the website. Borrowers can also download the brokerage’s mobile application, EMG App, and use it to compare options, take a mortgage stress test, estimate closing costs, and more.
The Hamilton-based brokerage Bold Mortgage Group, was founded in 2012. With a team of highly experienced mortgage professionals, the brokerage provides several mortgage solutions, including debt consolidation, net worth lending, and private mortgages. The brokerage offers its own mobile app that can be used in five different languages. Borrowers can apply through the website or contact one of the brokers directly.
The Personal Mortgage Group is a local Hamilton brokerage established in 1992. The brokerage offers mortgage solutions for all stages of life - from mortgages for first-time homebuyers to reverse mortgages for retirees. The brokerage also offers solutions for those going through a divorce/separation, investors looking to expand their real estate portfolio, and self-employed borrowers. Borrowers looking to contact the brokerage can send an e-mail message or call one of the team members directly using the contact information posted on the website. They can also schedule an appointment with one of the team members. The brokerage also offers online applications.
Mortgage Broker Networks in Canada
Mortgage broker networks comprise many independently operating brokerages that are franchisees of the network. These brokers have access to the rates offered by the network, along with other tools and resources provided by them. Some of these networks are also part of larger financial groups. For example, Mortgage Intelligence, Invis, and Verico are all part of the M3 Financial Group.
With a network of over 1,800 brokers, 127 franchises, and 259 offices, The Mortgage Centre is one of Canada’s largest broker networks. Over 50 network brokers are working within Hamilton across four offices, and the network has many more brokers servicing the areas around Hamilton. The network provides several tools to its brokers to help them offer better services to clients. Meanwhile, the network’s training programs help the brokers stay up to date.
With a team of over 3,000 mortgage experts, Dominion Lending Centres is one of the largest broker networks in Canada. They have over 400 offices across Canada and work with more than 90 lenders. Dominion Lending Centres strives to provide their clients with exceptional service and the best mortgage rates. They provide access to numerous tools and resources via their mobile app, 'My Mortgage Toolbox.’ The brokers in the network are offered various training programs to help them stay up-to-date with industry standards.
About Mortgage Brokers in Ontario
Mortgage brokering is a licensed profession in Canada, and individuals must get licensed in their province of residence to become mortgage brokers. In Ontario, the Financial Services Regulatory Authority of Ontario (FSRA) is responsible for issuing licenses to mortgage brokers. Before applying for a license, individuals must complete an FSRA-approved course and its examination.
The course is offered by Mortgage Professionals Canada (MPC) and is called Ontario Mortgage Broker Education Program (OMBEP). There are two phases of the course, the first of which is online and the second one 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.