Mortgage brokers are licensed professionals who have access to mortgage rates offered by several lenders. They can therefore help borrowers find the best rates and deals by comparing different offers, potentially saving them thousands of dollars. Mortgage brokers don’t charge any fees to the borrowers, as the lenders pay them a commission for every transaction.
Butler Mortgage is one of Canada’s leading mortgage brokerages that offers its services mainly in Ontario, British Columbia, and Alberta. The brokerage doesn’t have a physical location in London, Ontario; however, its website makes it very easy for the city’s residents to apply online. The nearest branch is located in Hamilton. The brokerage suggests that it tracks over 350 lenders for their mortgage rates to offer the lowest available rates to their clients.
Butler Mortgage’s ‘up-front rate guarantee’ ensures that its clients get the best rate from the beginning. They promise to match or beat a better rate offered by any other brokerage. If you are already approved, the brokerage keeps looking for a better rate for you. If they find a rate that is at least 0.1% lower, they will ask your lender to match the lower rate. If the lender cannot do so, the brokerage’s ‘after-approval rate guarantee’ lets you switch lenders without any additional cost.
Types of mortgages and financing options offered by Butler Mortgage include:
Butler Mortgage’s RateGuard Approval ensures that you get the benefit of any rate drops that occur during your 120-day lock-in period. You automatically get a lower rate when the rate drops during the lock-in period.
nesto is a pioneer in the digital lending space in Canada. The Montreal-based brokerage was founded with the aim of digitizing the mortgage process to make it easier and faster. The brokerage lets you complete the entire mortgage process from the comfort of your home. If you need to seek advice, you have the option to talk to one of their agents over the phone. The brokerage doesn't have any physical locations.
A unique feature that sets nesto apart from other brokerages is the way that they compensate their agents. The brokerage pays a fixed salary to its agents instead of a deal-based commission. This is done to ensure that the agents always remain impartial and don’t have any personal interest in your mortgage deal.
Like many other brokerages, nesto also gives its clients a low-rate guarantee, promising to beat or match a lower rate offered to them by another brokerage. On failing to do so, they compensate the client with $500 towards their mortgage.
nesto offers some special mortgage products as well, such as the rate with an extended lock-in period of 150 days. Traditionally, the rate lock-in period offered by banks is 120 days. Another offering by nesto is the cash-back mortgage that offers borrowers a cash incentive of 1% of their mortgage amount, up to a maximum of $9,250 for a 5-year term. This can be beneficial for borrowers in need of additional funds to furnish their house or renovate it.
An offering by the Canadian fintech Neo Financial, Neo Mortgage is an online brokering platform that offers a fully digital mortgage process. The brokerage has no physical branches, and the entire process can be completed online. Borrowers first need to fill out their application form on their website and upload the supporting documents through a secure digital portal.
The brokerage offers three kinds of mortgage products currently — Mortgages for new purchases, mortgage renewals, and mortgage refinance. Neo Mortgage’s website features five lending partners at present. The brokerage invites individuals with an imperfect credit score to apply with them; however, it doesn’t guarantee their approval.
True North Mortgage is a Calgary-based brokerage offering mortgage services across Canada. The brokerage has two offices in Toronto, the closest physical location for the residents of London, Ontario. However, borrowers can easily apply through the brokerage’s website or over the phone. They can also request a callback or send in an email inquiry to get started.
Mortgages offered by True North Mortgage include:
According to True North Mortgage, the low mortgage rates offered by them help their clients save $3,000 on average. The brokerage’s low rate guarantee backs their low rate claim. The brokerage offers to match or beat a better rate in the market through this guarantee.
The brokerage’s unique solution to beat the increased mortgage rates is called ‘Rate Relief.’ This is a temporary offering through the brokerage’s in-house lender, THINK Financial, and lets you get a mortgage at a low fixed rate for six months. After the six-month period, you either need to renew your mortgage with THINK Financial or pay them a 1% administration fee when you choose to renew with a different lender.
Pine is a technologically-driven mortgage platform that was founded in 2021 with the intention of simplifying the mortgage experience. The application can be made in less than 10 minutes through their website and can even be made through a mobile device. After submitting the application and uploading the supporting documents to a secure customer portal, Pine’s mortgage experts will discuss the best options with you.
You can get mortgage pre-approval in as little as 24 hours with Pine. Meanwhile, Pine offers several incentives, such as cashback offers, from time to time that can also be beneficial for the borrowers.
Citadel Mortgages is a national brokerage with seven offices in seven provinces of Canada. The brokerage was established in 2018 and has continued to grow since then. The extensive range of mortgage solutions offered by Citadel Mortgages ensures that all borrowers, including borrowers with bad credit and newcomers to Canada, can qualify for a mortgage.
The incentives offered by Citadel Mortgages to its clients include complimentary hotel stays, AIR MILES, and cashback offers.
The brokerage has won several awards, such as 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).
With its head office in London, Mortgage Teacher has offices in Hamilton, Dorchester, Paris, Guelph, Collingwood, Orangeville, and Grand Bend as well. The brokerage has a team of 14 brokers and agents. The brokerage’s website features a quiz to help determine the right kind of mortgage for you, which can be a good starting point for many. Borrowers can apply online through their website or meet one of the brokers to get started.
Part of the Real Mortgage Associates (RMA) network, Your Mortgage Professionals offers several mortgage solutions. The brokerage has a team of seven mortgage brokers and agents with access to rates from over 35 lenders. Borrowers can check the latest mortgage rates through the brokerage’s website. To get started, borrowers can contact the brokerage through phone or email. Alternatively, they can send an inquiry through the website or visit the brokerage during office hours.
Mortgage Intelligence is a broker network that is a part of the M3 Financial group that has over 6,000 brokers. The broker network is headquartered in Mississauga, Ontario, and has over 50 lending partners. There are over 10 Mortgage Intelligence brokers offering services in London, Ontario, and borrowers can find the one nearest to them through the network’s website. Borrowers can also download the network’s mobile app ‘Mopolo’ to get free credit reports every month, get free property evaluation, check the latest rates, and track their applications.
Mortgage Architects is one of Canada’s leading broker networks with over 1,500 mortgage professionals and over 50 lending partners. The network’s website displays the latest rates offered by them, and borrowers can also look up the nearest network broker to them through the website. Borrowers can also use the network’s mobile app to plan their mortgages.
To be a mortgage broker in Canada, individuals are required to obtain a broker license through the regulatory body in the province of their residence. The Financial Services Regulatory Authority of Ontario (FSRA) issues licenses to mortgage brokers in Ontario. Individuals must complete an FSRA-approved course and its examination before applying for a mortgage broker license. Additionally, they must have held a mortgage agent license for at least 24 months in the immediate 36-month period before applying for a broker license.
The mortgage broker course that needs to be completed is called Ontario Mortgage Broker Education Program (OMBEP). This course is offered by Mortgage Professionals Canada (MPC) and has two phases. The first phase is online, and the second one is in-person.