Mortgage brokers are professionals who work on behalf of borrowers to secure the best mortgage rates and deals available in the market for them. They can negotiate the best deals for their clients by accessing offers from multiple lenders. These brokers are paid a commission of 0.5% to 1% of the mortgage amount. The lenders pay this commission, and the borrowers aren't required to pay anything. In Canada, mortgage brokering is a licensed profession. The BC Financial Services Authority (BCFSA) regulates the mortgage brokering profession and issues licenses to mortgage brokers in British Columbia. Below is a list of some of the top online and local brokerages in Kelowna, B.C.
Since its inception in 2018, the online lending platform nesto has provided Canadians with a fully digital mortgage application and approval experience. This Montreal-based brokerage allows its clients to apply from anywhere, anytime. The application process takes only a few minutes, and the turnaround is also very fast. Borrowers can also speak with a mortgage expert over a phone call for advice. According to nesto, their clients save thousands of dollars in mortgage interest.
A key differentiating factor about nesto is how it compensates its mortgage agents. The agents are paid a fixed salary instead of a commission. This is to ensure the agents don’t have any vested interest in the deals and offer unbiased advice to their clients. As indicated by nesto’s website, the brokerage offers its clients a ‘floor rate’ from the get-go. This is the absolute minimum rate that banks can offer. Due to its strict lending guidelines, nesto currently extends its services only to borrowers with a good credit score. The financing options currently offered by nesto include:
With its low rate guarantee, nesto ensures that its clients always get the lowest possible rates. If a client finds a better rate elsewhere, nesto is determined to beat or match that rate. On failing to do so, the brokerage pays the client $500 towards their mortgage.
Those looking for a lock-in period longer than the regular 120-day period can also check out nesto’s special rates with a 150-day lock-in period. Another product offered by nesto is the cash back mortgage, through which borrowers can receive a cash-back incentive of 1% on their mortgage amount, up to a maximum of $9,250 for a 5-year term. Borrowers who need cash for renovations or furniture purchases may benefit from this option.
Based out of Vancouver, MortgagePal is a brokerage that allows borrowers to apply online. The borrowers can directly fill out the online application or contact one of the brokers listed on the website. Alternatively, they can fill out and submit the contact form on the website. Once the application is completed, the brokers offer several lender options to the borrowers to pick from. The brokerage then works with the selected lender to get quick approval for the client.
The brokerage has over 30 mortgage agents and works with dozens of lenders, including banks, credit unions, and mortgage-only lenders. According to MortgagePal, being an online broker helps them save thousands of dollars in interest for the borrowers.
Headquartered in Calgary, True North Mortgage has 12 offices across Canada. The brokerage does not have an office in Kelowna; however, borrowers from Kelowna can apply online through their website. Alternatively, borrowers may call their toll-free number to speak with a mortgage advisor.
The brokerage offers the ‘lowest rate guarantee’ to its clients. This means that the brokerage will beat or match a better rate offered to their clients by another brokerage. If they fail to do so, the brokerage pays them $500 towards their mortgage. True North Mortgage offers the following services:
Apart from the above-listed services, the brokerage is currently offering a mortgage solution called ‘Rate Relief’ to provide temporary relief from the increased mortgage rates. The product is offered through the brokerage’s in-house lender THINK Financial. Rate Relief offers a low fixed rate mortgage for a six-month term, after which the borrowers can either renew their mortgage with THINK Financial or pay them a 1% administration fee if they decide to switch to a different lender.
A full-service brokerage headquartered in Toronto, Citadel Mortgages was established in 2018. The brokerage has seven offices spread across seven different provinces of Canada. The brokerage has partnered with banks, credit unions, and private lenders to provide mortgages to borrowers with good, bad, and no credit. The brokerage offers the following mortgage services:
The brokerage also offers an all-in-one mortgage solution that combines debt and savings into a single account, allowing borrowers to pay off their mortgages faster and become debt free sooner. The brokerage offers a prequalification tool to prequalify borrowers in under 60 seconds. The brokerage gives several kinds of incentives to its clients, such as cashback, complimentary hotel stays, and AIR MILES.
One of Canada’s most experienced full-service brokerages, Butler Mortgage was founded in 1995. The brokerage has its headquarters in Toronto but also provides services in British Columbia and Alberta. According to the brokerage, it has access to mortgage rates from over 350 lending partners, allowing them to offer the best rates in the market to borrowers with all kinds of credit. Their clients have access to various mortgage and financing options that include:
The brokerage gives an ‘Up-Front Rate Guarantee’ to its clients, guaranteeing them the best rates from the get-go. If a client finds a better rate elsewhere, Butler Mortgage promises to match or beat the rate. On failing to do so, the brokerage compensates the client with $500 at the time of mortgage closing.
The brokerage also offers an 'After-Approval Rate Guarantee,' providing additional assurance. Even after you have secured a rate, the brokerage continually monitors the market for better rates. Suppose a rate that is 0.1% lower than the secured rate becomes available, and your lender refuses to match it. In that case, the brokerage permits you to switch lenders without incurring additional fees.
Butler Mortgage also provides a 'RateGuard Approval,' which enables clients to obtain a new lower rate if the rate drops during the 120-day lock-in period.
The Kelowna-based mortgage brokerage, BC Direct Mortgages is a part of ‘The Mortgage Centre’ brokerage network. Along with mortgages for new purchases, preapprovals, renewals, and refinance, the brokerage also provides mortgage solutions like HELOC, reverse mortgages, rental property mortgages, vacation / second home mortgages, and alternative lending. Borrowers can apply online or contact the brokerage by phone. Borrowers can also directly call the cell phone numbers of one of the brokers listed on the website.
Based in Kelowna, Pragmatic Mortgage offers all kinds of mortgage solutions, including pre-approval, mortgage transfer, bad credit mortgages, and purchase plus improvements. Besides these mortgage solutions, the brokerage can assist with debt consolidation, home equity, and investment properties. The brokerage offers two kinds of online applications. A full application that takes 10 minutes to complete and a shorter ‘Direct CRA Online Access’ application that collects the borrower’s documents directly from the CRA, saving you the time and hassle of collecting the documents. Alternatively, borrowers can book an appointment with them, give them a call, or send them a text. The brokerage gives its clients a ‘lowest rate guarantee.’
Rampone-Marsh is a local Kelowna brokerage that offers all kinds of mortgage solutions, including vacation/rental property purchases, reverse mortgages, private mortgages and more. The brokerage has over 50 lending partners and has facilitated mortgages of over $500 million in value since its inception. The brokerage offers an online application process; however, those looking for advice can reach out to them through phone or e-mail.
The Kelowna-based brokerage Huber Mortgage is a member of the Verico Compass Mortgage Group. The brokerage deals in both commercial and residential mortgages. The brokerage’s website features the latest developments in Kelowna, which may be of interest to homebuyers. Those looking to learn about homebuying can also download a free e-book from the brokerage’s website. Borrowers can apply online from the website within 3-5 minutes. They can alternatively contact the brokerage through phone, e-mail or social media.
Many brokerages in Canada operate independently but are part of a mortgage broker network. These networks provide several resources and tools to the brokers in the network, helping them offer better services to their clients. Additionally, brokers can access mortgage rates from many lenders through the network. Some of these networks are part of larger financial groups such as DLCG and M3 Financial Group. The major networks that have offices in Kelowna are listed below.
Dominion Lending Centres is one of Canada's most widely spread mortgage broker networks, with over 400 offices nationwide. The network comprises over 3,000 mortgage experts and works with over 90 lenders, enabling clients to obtain exceptional service and the best mortgage rates and deals. The network provides its members access to many resources and tools, including training programs to stay up-to-date. Borrowers can also use the 'My Mortgage Toolbox' mobile app, which the network provides, to initiate their mortgage planning.
Founded in 2005, VERICO is a mortgage broker network that operates throughout Canada, spanning from the east to the west coast. The network comprises over 230 mortgage businesses and more than 3500 mortgage advisors who assist in financing homes for over 45,000 Canadian families every year. The network's exceptional performance has been acknowledged through several awards, including the 2022 National Broker Network of the Year award at the Canadian Mortgage Awards.
Mortgage brokering is a licensed profession in Canada, and individuals must follow the process outlined by the licensing body in their province to become mortgage brokers. The licensing authority in British Columbia is the BC Financial Services Authority (BCFSA). The licensing procedure for mortgage brokers in B.C. involves two steps. The first step involves completing the ‘Mortgage Brokerage in British Columbia’ course provided by the University of British Columbia and passing its examination. Subsequently, applicants can apply for a sub-mortgage broker license. Upon obtaining the sub-mortgage broker license, they must complete the ‘Broker's Licensing Course’ offered by UBC before applying for the mortgage broker license.