Mortgage brokers are professionals who get mortgage offers from multiple lenders for the borrowers to choose from. This is a good alternative to directly approaching banks for a mortgage, as you can compare multiple offers and get access to some of the lowest mortgage rates available in the market. In fact, you may get a specific lender's rates lower through a brokerage than what you can get directly if the brokerage cuts its commission (known as buy down). Mortgage brokers don’t charge a fee for their services to the borrowers. The lenders pay them a commission for every mortgage they process.
Butler Mortgage has been at the forefront of mortgage brokering in Canada since its inception in 1995. The brokerage is based out of Toronto and has two offices in the GTA. Mississauga residents can visit their offices located in Toronto or Oakville. The brokerage also offers an easy online application process that lets you get a mortgage without having to leave your home.
The brokerage keeps track of mortgage rates from over 350 Canadian lenders, including banks, credit unions, private lenders, and more, enabling them to offer the lowest rates in the market to their clients. Butler’s mortgages come with features such as prepayment options, portability, assumability, and convertibility.
The brokerage offers an up-front rate guarantee to their clients, through which they vow to match or beat a lower rate offered to them by another brokerage. Meanwhile, the brokerage also offers an after-approval rate guarantee. The brokerage keeps scanning the market for a lower rate for you even after you have been approved for a rate. If they find a rate that is at least 0.1% lower than the rate you are approved for, they request your lender to adjust your rate. If the lender refuses to do so, the brokerage allows you to switch lenders for free.
Butler Mortgage’s RateGuard Approval ensures that your rate is locked-in for 120 days and does not increase if the rates in the market go up. However, if the rates in the market go down during this time, your rate also drops, which means you get a new lower rate.
Some of the mortgage services offered by the brokerage are:
Citadel Mortgage is a brokerage that has won several awards in the last few years, including the Excellence Award for Digital Innovation at the 2023 Canadian Mortgage Awards. The brokerage offers a simple online application process, along with an online 60-second prequalification tool. For Mississauga residents looking to visit the brokerage in person, the brokerage’s Toronto office location is the nearest. The brokerage has six other offices in six different provinces of Canada, demonstrating its widespread reach. Citadel Mortgages offer mortgage services such as:
Additionally, an all-in-one mortgage solution offered by the brokerage combines debt and savings into a single account, helping borrowers pay off their mortgages faster and become debt free sooner.
Citadel Mortgage has several lending partners, including banks, credit unions, and private lenders. This allows the brokerage to extend its mortgage services to borrowers with all kinds of credit, including those with bad credit and no credit. Citadel Mortgage also offers limited-time incentives to borrowers, such as cashback, complimentary hotel stays, and AIR MILES.
Pine is a digital lending platform that was started in 2021 with the intention of making the mortgage process faster and easier with the help of technology. Pine offers a simple online application process that takes less than 10 minutes. If you wish to seek advice, you may speak with an agent over the phone, through email, or over an online chat.
With Pine, you can get a mortgage pre-approval within 24 hours. The brokerage also offers incentives such as cashback from time to time, which can save you additional money.
Founded in Montreal in 2018 with the vision of digitizing the mortgage process, nesto is a well-known name in the Canadian digital lending space. The brokerage offers a straightforward online application process that can be completed from anywhere. The supporting documents are also submitted online, thus requiring no in-person visits. However, nesto’s agents can provide consultation through phone or email. A noteworthy fact is that nesto has strict lending guidelines, and borrowers need to meet their minimum credit criteria to get approved.
A unique feature of nesto is the way it compensates its agents. Traditionally, mortgage brokers and agents receive a commission on the mortgages they finalize. However, nesto pays its agents a fixed salary to ensure they remain unbiased while offering advice to clients.
According to nesto, the brokerage offers the absolute minimum rates provided by banks, also known as ‘floor rates.’ They back their low rate claim with a rate guarantee and compensate their clients with $500 if they can’t deliver on the lowest rate promise.
The brokerage also offers some special products to borrowers. nesto offers a mortgage rate with a 150-day lock-in period, exceeding the traditional 120-day lock-in period. This can be helpful for borrowers who need more time to make a decision. Another offering by the brokerage is the cash-back mortgage, wherein borrowers can get 1% cash back on the mortgage amount, up to a maximum of $9,250 for a 5-year term. This can interest borrowers who might need the cash for renovations, repairs, or to buy furniture.
There are currently three financing options available offered by nesto:
Neo Mortgage, an online lending platform by Neo Financial, provides a fully digital mortgage experience. Borrowers can complete the entire process from home without having to make any branch visits. The application takes only a few minutes to complete and the supporting documentation is also submitted through a digital portal.
Neo Mortgage suggests that the low rates offered by them can save thousands of dollars for their clients. The brokerage’s website presently features five lending partners, and the brokerage is working to expand the list. Neo Mortgage encourages borrowers with imperfect credit scores to apply with them; however, the brokerage does not guarantee their approval.
Neo Mortgage’s 5-year fixed and 5-year variable mortgage rates are usually among the best five rates on WOWA’s mortgage rates table. This shows that the brokerage offers some of the lowest mortgage rates in Canada.
True North Mortgage is a Calgary-based brokerage firm started in 2006 that has 11 offices in seven cities across Canada. Mississauga residents can visit the offices located in Toronto. Alternatively, they can apply online through the brokerage’s website. They can also call, email, request a callback, or submit an online inquiry. In addition to these, the brokerage also offers a unique service called mobile brokers in the Greater Toronto Area. Mobile brokers have flexible hours and meet you at your selected location and time.
According to True North Mortgage, their clients save $3,000 in interest due to the low rates offered by them. The brokerage backs its low rates claim with a low-rate guarantee.
True North Mortgage offers the following mortgage services:
‘Rate Relief’, a unique product offered by True North Mortgage, aims to provide a temporary respite from increased mortgage rates. With Rate Relief, borrowers can get a mortgage at a fixed rate much lower than the ongoing market rates for a six-month term from the brokerage’s in-house lender THINK Financial. After the six-month period, borrowers can choose between renewing their mortgage with THINK Financial at the ongoing interest rates or paying them a 1% administration fee.
Based out of Mississauga, Clover Mortgage has a team of over 20 mortgage agents and brokers. The brokerage offers residential mortgages, HELOC, and debt consolidation solutions. It also offers commercial mortgage solutions such as bridge loans, construction loans, land financing, and more. The brokerage has over 40 lending partners enabling it to offer over 300 mortgage products. Borrowers can apply online or get in touch with the brokerage over the phone or in person. Borrowers can check out the latest mortgage rates on the brokerage’s website.
Akal Mortgages is a Mississauga-based brokerage firm that offers residential and commercial mortgages, along with small business loans. The brokerage has a team of over 100 mortgage agents and brokers providing mortgage services in many parts of Ontario, and borrowers can apply online with the broker of their choice. Borrowers can receive a pre-approval within 48 hours through Akal Mortgages. Borrowers can check out the latest mortgage rates on the brokerage’s website.
Mortgage Diligent is a brokerage offering several kinds of mortgage-related services, including mortgages for the self-employed, mortgages for investment properties, and semi-private loans. The brokerage has a team of over 60 mortgage agents and over 60 lending partners. The brokerage offers over 240 mortgage products and is a part of the Verico mortgage broker network. Borrowers can apply online to get a quote or book a discovery call.
Lotus Loans & Mortgages Corp. is a brokerage offering many kinds of loans, including residential mortgage loans, bad credit loans,construction loans, business loans, and more. The brokerage partners with over 40 mortgage lending institutions. Borrowers can fill out a 2-minute quick application on the brokerage’s website to get started.
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.
The Mortgage Centre (MCC) is a Mississauga-based broker network that has over 250 office locations across Canada. The network has a strong presence within Ontario, with over 1,400 brokers and over 150 offices. Of those, 20 offices are located in Mississauga.
The network offers mortgage options ranging from cottage and vacation homes, investment properties, land, and commercial mortgages, in addition to new purchases, refinancing, and renewing of residential mortgages. Along with mortgage solutions, The Mortgage Centre offers equipment leasing through EasyLease and mortgage insurance through Manulife Mortgage Protection Plan.
Headquartered in Mississauga, Mortgage Architects also has its network offices in Vancouver, Calgary, Laval, and Halifax. Mortgage Architects has over 50 lending partners in Canada. There are over 150 Mortgage Architects brokers in Mississauga, and you can find the broker close to you through the network’s website. Mortgage Architects has an app called My Mortgage Planner that lets you get pre-qualified in less than 60 seconds. The app also has many tools to help you compare options and see how much mortgage you can afford.
To practice as a mortgage broker in Canada, one has to obtain a license from the regulatory body in the province of their residence. The Financial Services Regulatory Authority of Ontario (FSRA) issues mortgage broker licenses in Ontario. To become a mortgage broker in Ontario, an individual must complete an FSRA-approved course and its examination.
The course is called Ontario Mortgage Broker Education Program (OMBEP) and is offered by Mortgage Professionals Canada (MPC). 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.