Applying for a mortgage through a mortgage broker can help borrowers save thousands of dollars in interest. Mortgage brokers are professionals with access to rates from several lenders and can find the best deals available in the market for their customers. They can also negotiate the mortgage rates with the lenders on behalf of the borrowers. Their service is free of cost to the borrowers as they are paid a commission by the lender.
Established in 2021, Pine is a digital brokerage that offers an end-to-end digital mortgage process. Through the platform, borrowers can get a mortgage easily from the comfort of their home. Just like any other mortgage broker, Pine does not charge any fee to the borrowers for its services. Those looking to get some advice can communicate with one of Pine’s mortgage advisors through phone, e-mail or chat. Through the use of technology, Pine has managed to reduce the time taken for the mortgage application and approval process. The application can be completed in less than 10 minutes, and you can be approved in as little as 24 hours. The platform occasionally offers incentives such as cashback to borrowers.
A pioneer in Canada’s digital lending space, nesto is a fully digital brokerage that was started in Montreal in 2018. Nesto became a certified B Corp in 2022, and the platform started offering its mortgage technology to existing financial institutions in the same year.
nesto’s proprietary end-to-end mortgage technology has completely digitized the entire mortgage process, and borrowers can get a mortgage through the platform anytime and from anywhere. No branch visits are required at any point during the process. nesto has strict lending guidelines, due to which borrowers need to meet the minimum credit criteria to secure a mortgage through the brokerage.
The brokerage gives a low-rate guarantee to borrowers. Through this guarantee, nesto offers to pay the borrowers $500 at the time of closing if they fail to provide the borrowers with the best rates in the market.
nesto’s 150-day lock-in rate offers the longest rate lock-in period in Canada. Meanwhile, the brokerage also offers a cash-back mortgage product, with which borrowers can get 1% of the mortgage amount back in cash, up to a maximum of $9,250 for a 5-year term. This may be a useful option for borrowers who need cash to renovate their new home, make repairs or buy furniture.
There are currently three financing options offered by nesto:
Citadel Mortgages is a brokerage that was founded in Toronto in 2018. With seven offices across Canada, the brokerage serves all Canadian provinces except Quebec and Manitoba and also offers services in the territory of Nunavut. The brokerage has several lending partners that include banks, credit unions and private lenders, enabling them to offer mortgage services to customers with good, bad and no credit.
The brokerage is a full-service brokerage offering mortgage solutions such as
The brokerage’s unique offering, the all-in-one mortgage solution, combines debt and savings into a single account. This product is designed to help borrowers pay off their mortgages faster.
Citadel Mortgage’s online prequalification tool can help borrowers get pre-qualified in as little as a minute. The brokerage also offers incentives, such as cashback, complimentary hotel stays, and AIR MILES, to its customers from time to time.
Offering some of the lowest mortgage rates in Ontario, British Columbia and Alberta, the Toronto-based brokerage Butler Mortgage has established itself as one of Canada’s leading mortgage brokerages. The brokerage tracks mortgage rates from over 350 lenders to ensure their clients always have access to the lowest rates available in Canada.
Some of the mortgage services offered by the brokerage are:
Butler Mortgage’s up-front rate guarantee and after-approval rate guarantee assure the borrowers that they get the lowest possible mortgage rates before approval, as well as after they are approved. The up-front rate guarantee promises the best mortgage rate from the get-go. Meanwhile, the after-approval rate guarantee means that the brokerage keeps tracking the market for lower rates even after approval. If any lender advertises a rate that is at least 0.1% lower than your approved rate, the brokerage ensures that you are able to secure that rate.
Additionally, Butler Mortgage offers RateGuard Approval that allows customers to lock in their rates for up to 120 days. If the rates fall during these 120 days, borrowers can get the new lower rate, and if the rates increase, borrowers still get the lower rate they were approved for.
Based out of Vancouver, The Mortgage Group is one of the most widespread brokerages in Canada, offering its services from coast to coast. Founded in 1990, the brokerage has since grown into a team of over 800 mortgage professionals. Borrowers can find a TMG broker near them using the brokerage’s website and contact them directly. Borrowers can then meet with the broker and apply in person, or they can even apply over the phone. The brokerage’s website supports online applications and also provides several tools, calculators, and resources.
Mortgage Design Group is a subsidiary of the Calgary-based brokerage Axiom Mortgage Solutions. Along with Lethbridge, the brokerage also has offices in Calgary and Edmonton. With 12 of its brokers offering mortgage services in Lethbridge, the brokerage is one of the major brokerage firms in the city. The brokerage offers all kinds of mortgage solutions, including mortgage pre-approval, refinance, renewals and investment properties. Borrowers can email their preferred broker directly or book a phone call with them through the brokerage’s website. Borrowers can also apply online to get pre-approved.
Mortgage Worx Inc. is a local Lethbridge brokerage that is a part of The Mortgage Centre broker network, which is one of Canada’s largest broker networks. The brokerage has been serving clients in Lethbridge since 1991 and has won several awards since then. With a team of nine mortgage advisors, the brokerage is one of the major brokerages in Lethbridge. To get started with their mortgage process, borrowers can contact the brokerage by phone or by filling out their contact form on their website. They can also schedule an in-person visit to the brokerage’s office.
Merge Mortgage Group is a team of qualified mortgage professionals based in Lethbridge. The brokerage offers different types of services for homebuyers, homeowners, and investors. The brokerage also works with realtors and financial planners, offering advice and services to their clients. Borrowers can either apply online or contact the team through phone, email, or using the online contact form.
Canada also has several mortgage broker networks, and several independently operating brokerages are a part of these networks, such as in a franchise model. Broker networks are often able to leverage their sales volumes to negotiate lower rates with lenders. Some of these networks are a part of financial groups such as DLCG and M3 Financial Group. The major networks that have offices in Lethbridge are listed below.
Centum is one of the largest broker networks operating from coast to coast in Canada and has over 2,200 mortgage professionals in the network. The network has over 200 offices across Canada, with one of them being CPMG (Centum Professional Mortgage Group). The brokerage has access to rates from over 50 lenders and several tools offered by the Centum network. Borrowers can contact the brokerage by phone or by filling out their online contact form to get started with their mortgage process.
Dominion Lending Centres (DLC) is one of the largest broker networks in Canada and has over 3,000 brokers in its network. The network works with over 90 lending partners, enabling them to offer some of the best mortgage rates in the market. There are several DLC brokerages in Lethbridge, with DLC Mortgage Excellence being a major one of them. The network provides several tools and resources to the network brokers that help them offer top-notch service to their customers.
Individuals wanting to pursue mortgage brokering as a profession in Canada are required to obtain a license from the local licensing authority in their province. In Alberta, the Real Estate Council of Alberta (RECA) is responsible for issuing licenses for mortgage brokers.
Obtaining a mortgage broker license in Alberta requires successfully completing the 'Mortgage Associates Program.' The program comprises two essential courses:
In addition to program completion, applicants must also demonstrate proficiency in the English language.