Mortgage brokers negotiate with lenders to get the best mortgage rates for their clients, which can potentially save thousands of dollars in interest for them. As the brokers have access to multiple lenders in the market, they are able to compare rates and secure the best deals for borrowers. Their service is free of cost to the borrowers as they are paid a commission by the lender.
Mortgage Pal is a Vancouver-based online mortgage brokerage offering an easy online application process. Borrowers can either contact one of the brokers directly or directly apply through the brokerage’s website. Once the application is submitted, an agent will contact the borrower with several lender options to pick from. Once the borrower picks a lender, the agent works with the lender to get mortgage approval quickly.
The brokerage’s team has over 30 mortgage agents and its lending partners include several banks, credit unions, and mortgage-only lenders. According to Mortgage Pal, being an online brokerage helps them save thousands of dollars in interest for their clients.
Nesto is a leading digital broker in Canada that is based out of Montreal. The brokerage was founded in 2018 and became a certified B Corp in 2022. The platform offers a completely online mortgage application and approval process that requires no branch visits. Nesto’s strict lending guidelines require borrowers to meet minimum credit requirements for approval.
The brokerage offers a low-rate guarantee to its clients. On failing to provide the best rate in the market to their clients, the brokerage compensates them with $500 at the time of mortgage closing.
Nesto offers some unique mortgage products, such as the rate with a 150-day lock-in period and cash-back mortgage. With its cash-back mortgage, the brokerage offers the borrowers 1% of the mortgage amount back in cash, up to a maximum of $9,250 for a 5-year term. This cash can be useful for borrowers who need cash to renovate their new home, make repairs or buy furniture.
There are currently three financing options available offered by nesto:
Established in 2018, Citadel Mortgages is a Toronto-based brokerage with offices in six other cities in Canada. The brokerage is a full-service brokerage offering mortgage solutions such as
The brokerage also offers a unique product called an all-in-one mortgage solution that combines debt and savings into a single account. This product is designed to help borrowers pay off their mortgages faster.
The brokerage’s lending partners include reputed banks, credit unions, and private lenders. Citadel Mortgage extends its services to borrowers with bad and no credit as well. The brokerage offers a quick online prequalification that allows borrowers to get prequalified for a mortgage within 60 seconds. Citadel Mortgage’s clients can also get some incentives such as cashback, complimentary hotel stays, and AIR MILES.
The Toronto-based mortgage brokerage Butler Mortgage offers brokering services primarily in Ontario, British Columbia, and Alberta. With over 350 lending partners in Canada, the brokerage offers some of the lowest mortgage rates in Canada.
Some of the mortgage services offered by the brokerage are:
Butler Mortgage offers both pre and post-approval mortgage rate guarantees to its clients. Their up-front rate guarantee ensures you get the lowest rate right from the beginning of the mortgage process. If you discover a lower rate at another brokerage, Butler Mortgage promises to either match or surpass it. With their after-approval rate guarantee, the brokerage continuously monitors the market for better rates even after you've been approved. If a lender advertises a rate that's at least 0.1% lower than your approved rate, Butler Mortgage will negotiate with your lender to match that rate. Should the lender decline, you have the flexibility to switch lenders without incurring additional fees.
Butler Mortgage offers RateGuard Approval, allowing customers to lock in their rates for up to 120 days. During this period, if mortgage rates decrease, you can get the new, lower rate, ensuring you always get the best rates available.
Mortgage Tech is a brokerage based out of Kamloops that offers all kinds of mortgage solutions, including mortgages for self-employed, second property and construction loans. On the brokerage’s website, borrowers can also find links to insurance and investment partners as well. The brokerage has one of the largest teams of brokers in Kamloops and works with several reputed bank and non-bank lenders. To get started, borrowers can apply directly from the brokerage’s website or contact them directly through phone or email. Borrowers can also visit their office in person to meet with a broker.
The Kamloops-based brokerage Mortgage West offers mortgage solutions across BC and Alberta. Apart from the head office in Kamloops, the brokerage also has an office in Edmonton. The brokerage has a team of eight mortgage brokers and advisors currently and offers all kinds of mortgage products. Borrowers can check the rates offered by them on their website and can also apply online through it. Borrowers can contact the brokerage through phone or email and can also schedule a meeting with one of the advisors for mortgage advice.
Atelier Lending is a highly rated brokerage based out of Kamloops that offers mortgage services such as first-time purchases, mortgage renewal, mortgage refinance, commercial mortgages and mortgage investments. The brokerage is a part of the Compass Mortgage Group. To get more information or to apply for a mortgage, borrowers can contact one of the advisors directly using the contact information posted on the website. Other ways to contact the brokerage include calling the brokerage’s phone number or filling out their contact form. To help homebuyers in their purchase journey, the brokerage has also listed recommended realtors, lawyers, financial advisors, and insurance providers on its website.
Part of the Dominion Lending Centres (DLC) broker network, Integra Mortgage is a Kamloops-based mortgage brokerage. The brokerage has access to more than 90 Canadian lenders through DLC, helping the brokers find tailored solutions for their clients’ needs. Apart from residential mortgages, the brokerage also offers commercial mortgages and auto and equipment leasing services as well. Borrowers can apply online or contact the brokerage through phone or email.
Many independently operating brokerages In Canada are part of mortgage broker networks. The networks operate on a franchisee model, and the brokers in the network get access to the network’s rates and many other resources. Broker networks are often able to negotiate lower rates with lenders due to the volume of business they bring. Some of these networks are part of larger financial groups such as DLCG and M3 Financial Group. The major networks that have offices in Kamloops are listed below.
VERICO is one of the largest brokers networks in Canada with over 3,500 mortgage advisors being a part of it. Over 230 mortgage businesses in Canada are a part of the network, with one of them being House and Home Mortgage Co. in Kamloops. The brokerage offers all kinds of mortgage solutions, including those for new constructions, multi-unit properties, rental properties and home improvement. The brokerage supports both online and offline applications. Borrowers can start by booking an appointment with the brokerage.
Invis is a leading mortgage broker network in Canada that is a part of the M3 Financial group. The network also has an affiliated company Mortgage Intelligence, and there are over 6,000 mortgage brokers in the network. Colman and Associates Mortgage Consultants is one of the hundreds of offices in the Invis broker network. Borrowers can apply to get pre-approved from the brokerage’s website.
As mortgage brokering is a licensed profession in Canada, it requires individuals looking to become mortgage brokers to follow the licensing procedure. The licensing process is outlined by the licensing body of every province, which is the BC Financial Services Authority (BCFSA) in British Columbia.
There are two steps to becoming a licensed mortgage broker in BC.