Top 10 Mortgage Brokerages in Moncton
Homebuyers can get the best mortgage rates in the market with the help of mortgage brokers. Mortgage brokers have access to many lenders and approach them on behalf of the borrowers. They can negotiate the best mortgage deals for their clients without any fee. Mortgage brokers receive a commission for their services from the lenders. Mortgage brokering is a licensed profession, and mortgage brokers in New Brunswick are regulated and licensed by the Financial and Consumer Services Commission (FCNB).
Quick Picks
- Citadel Mortgages: Citadel Mortgages is a leading full-service brokerage with one of its offices located in Moncton. The brokerage works with many lenders and extends mortgage services to prime as well as subprime borrowers. They also offer promotions such as cashback and complimentary hotel stays.
- The Mortgage Group: The Mortgage Group is a leading brokerage that operates across Canada. The brokerage has over 1,400 mortgage professionals in its network, with over 10 of them operating in Moncton.
- The Mortgage Centre: The Mortgage Centre is a national broker network with over 1,800 brokers, of which 11 are located in Moncton. The brokers have access to many lenders and special rates from the network, and are able to offer some of the best rates in the market.
Top Mortgage Brokers in Moncton
Moncton Online Brokerages with Competitive Rates
An online brokerage introduced by Neo Financial, Neo Mortgage aims to expedite the mortgage application and approval process. The platform allows borrowers to apply within minutes, and they can receive a pre-qualification almost immediately. The platform’s mortgage process is fully digital, and thus, the application can be made at any time and from anywhere. Borrowers requiring a consultation may speak with an agent over the phone.
Neo Mortgage suggests that they can save thousands of dollars for their customers with the low mortgage rates they offer. The brokerage’s website features five lending partners at the moment, and the mortgage products offered by them are:
- New Mortgage
- Mortgage Renewal
- Mortgage Refinance
Subprime borrowers are also welcome to apply with Neo Mortgage; however, the brokerage doesn’t guarantee mortgage approval for such borrowers.
The Toronto-based brokerage Citadel Mortgages has seven offices in Canada, including one in Moncton. The full-service brokerage was established in 2018 and lets borrowers apply online through their website. Borrowers can alternatively apply in person or over the phone. Their prequalification tool lets borrowers get pre-qualified within 60 seconds.
The brokerage’s lending partners include banks, credit unions, and private lenders. The brokerage offers mortgage services to borrowers with all kinds of credit, including subprime borrowers. The mortgage solutions offered by Citadel Mortgage include:
- Purchase, Refinance, Transfer Mortgages
- Private Mortgages
- Equity Lending
- Second Mortgages
- HELOC
Apart from the above, the brokerage offers an all-in-one mortgage solution. The solution combines your mortgage, loans, savings, and income in the same account so that whatever you earn goes toward paying down your debt. This helps you to pay off your mortgages and debt sooner. Some of the incentives offered by the brokerage to its clients are AIR MILES, complimentary hotel stays, and cashback.
True North Mortgage is a brokerage that was established in Calgary in 2003. The brokerage has 11 offices across five Canadian provinces. Even though the brokerage does not have an office in Moncton, borrowers can apply with the brokerage through its website. Alternatively, borrowers can contact the brokerage on their toll-free phone number, request a callback, or send them a message through their website.
The brokerage’s ‘lowest rate guarantee’ ensures that its clients always get the best rates in the market. Through the guarantee, the brokerage promises to beat or at least match a better rate offered by a competing brokerage. The brokerage suggests that it saves an average of $3,000 in mortgage interest for its clients.
Through its in-house lender THINK Financial, the brokerage is presently offering a unique mortgage solution called ‘Rate Relief.’ This product allows borrowers to get a low fixed-rate mortgage for six months. After this period, borrowers must either renew their mortgage with THINK Financial or pay a 1% administration fee to renew with a different lender. The services offered by True North Mortgage include:
- New Mortgage
- Pre-approval
- Refinance
- Renewals and Transfers
- Mortgage Porting
- HELOCs
- International Home Purchases
- Self-Employed Mortgages
- Reverse Mortgages
- Purchase Plus Improvements
- Newcomers to Canada
- Vacation and Secondary Homes
- Investment Properties
- Non-Resident Mortgage
CanWise is a mortgage brokerage that was established in 2014 and rebranded as ratehub.ca in 2022. CanWise also became a mortgage lender in 2020 and offers its rates exclusively through its brokerage arm. The brokerage has 16 lending partners that include banks, credit unions, and trust companies.
The mortgage products offered by CanWise come with features like mortgage porting and bridge financing. Borrowers can also pay off their mortgages early with the prepayment privileges that come with CanWise mortgages. Borrowers can either increase their monthly payments or pay off an annual permissible lump sum amount. CanWise mortgages are not registered as collateral charge but as standard ones. The mortgage solutions borrowers can get from them include:
- Mortgages for buying
- Refinance
- Vacation / Second Home
- Newcomers to Canada
- Renewing
- Divorce
- First-time homebuyers
- Business / Self-employed buyers
QuestMortgage is a digital brokerage service by a subsidiary of Questrade Financial Group, the parent company of the popular online trading platform Questrade. The platform enables borrowers to get a mortgage without leaving the comfort of their homes by making the entire process digital. Borrowers who need advice can talk to a mortgage advisor over the phone. Mortgage approvals with QuestMortgage are subject to meeting credit and residential mortgage criteria.
To secure the mortgages, QuestMortgage allows borrowers to opt for creditor’s insurance (provided by Canada Life) during the application process. Additionally, borrowers can get prepayment privileges such as increasing monthly payments and making extra annual lump sum payments.
The Mortgage Group is a national brokerage that was established in 1990. With over 1,400 mortgage professionals working with it, the brokerage is one of the largest in Canada. TMG has its own offices in a few cities and several franchises across Canada. TMG has over 10 mortgage brokers in and around Moncton. Borrowers can find a TMG broker close to them through TMG’s website or apply online.
Local Moncton Mortgage Brokerages
Premiere Mortgage Centre is a brokerage based out of Halifax, Nova Scotia, with its agents spread across several provinces in Canada. The brokerage offers all kinds of mortgage solutions, including those for self-employed, newcomers to Canada, and borrowers with bruised credit. Borrowers can start by applying online, giving them a call, or meeting an agent in-person.
Hypotheque Metro Mortgage, or Metro Finance, is a brokerage located in Dieppe. The brokerage has a team of five brokers and agents, and offers residential and commercial mortgage services. Through their website, customers can also apply for a Home Trust credit card, and home and auto insurances. Borrowers can apply with the broker of their choice through the website. Alternatively, they can contact the brokerage through phone, or visit their office.
Mortgage Broker Networks in Canada
Many mortgage brokers in Canada are a part of mortgage broker networks. These networks comprise independent brokerages that operate as a franchise of the network. The brokerages have access to the rates, tools, and resources offered by the networks. Some broker networks are part of larger financial groups such as M3 Financial Group and DLCG Mortgage Group.
The Mortgage Centre is a vast network of over 1,800 brokers, 127 franchises, and 259 offices spread across Canada. The broker network was founded in 1989 and is the longest-operating network in Canada. The brokers in the network are equipped with marketing tools and other technology provided by the network and have access to exclusive training programs.
Centum is a national broker network with over 200 offices and over 2,200 mortgage professionals. The network was founded in 2002 and has nine brokers currently offering mortgage services in Moncton. Borrowers can find the broker closest to them through their website or directly apply through the website.
About Mortgage Brokers in New Brunswick
Mortgage brokers in New Brunswick are licensed by the Financial and Consumer Services Commission (FCNB). There are four types of licenses in New Brunswick:
- Mortgage Associate: A person that brokers mortgages on behalf of a brokerage.
- Mortgage Broker: A person that brokers mortgages on behalf of a brokerage and can also supervise mortgage associates.
- Mortgage Brokerage: A company that solicits, negotiates, and arranges mortgage loans and can also provide mortgage loan and investment advice.
- Mortgage Administrator: A company that collects and enforces mortgage payments and sends those payments to mortgage investors.
To become a licensed mortgage broker, an individual must first complete the New Brunswick Mortgage Associate Course and gain experience as a mortgage associate. They must then complete the New Brunswick Mortgage Broker Education Program and pass the course examination to obtain the mortgage broker license.