Mortgage brokers work on behalf of borrowers to scout for the best available mortgage rates and deals in the market. As they have access to many lenders, they can negotiate the best deal for their clients. 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. In Quebec, mortgage brokers are licensed by the Autorité des marchés financiers (AMF).
The online brokerage nesto was founded in Montreal in 2018 with the vision of digitizing the mortgage experience. The brokerage has no physical locations, but the borrowers can contact them through their website or a phone call. Borrowers can directly fill out the online application form available on their website to start the approval process and upload documents online when asked to do so. The entire process can be completed anytime virtually. According to nesto, their clients save thousands of dollars in mortgage interest.
The brokerage has set itself apart from other brokerages with its unique compensation model for its brokers. As opposed to the traditional commission-based compensation model, nesto’s agents are paid a fixed salary. By doing so, nesto believes that the agents offer unbiased advice to the clients since they don’t have any vested personal interest. The brokerage’s website indicates that it 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:
To make sure that the clients always get the best rates in the market, nesto gives them a ‘low rate guarantee.’ With this guarantee, nesto promises to match or beat a lower rate offered to the client by another brokerage. On failing to do so, the brokerage pays the client $500 toward their mortgage.
For individuals seeking a lock-in period that extends beyond the standard 120-day duration, nesto offers special rates with a 150-day lock-in period. Another special product offered by the brokerage is called the cash-back mortgage. With the cash-back mortgage, borrowers can receive a cash-back incentive of 1% on the total mortgage amount, capped at a maximum of $9,250 for a 5-year term. This option is helpful for borrowers needing cash to fund home renovations or furniture purchases.
Founded in Montreal in 1982, Multi-Prets Mortgage is one of the largest mortgage brokerages in Canada. The brokerage is a part of the M3 Financial Group and operates as Mortgage Alliance Group in all provinces except Quebec. The brokerage has over 6300 mortgage brokers across Canada, of which 500 are in Quebec. The brokerage works with over 35 lenders across the country.
The brokerage has 12 offices on the Island of Montreal and many others in the suburbs of Montreal. Borrowers can find the office closest to them through the brokerage’s website. Alternatively, borrowers can fill out their online application to get mortgage offers. Apart from helping you get a new mortgage, the brokerage can help you renew, refinance or renegotiate your mortgage. Those looking to make real estate investments, make home improvements, consolidate debt or buy a second home can also contact the brokerage. The brokerage also offers a prequalification service.
Headquartered in Montreal, Hypotheca offers mortgage brokering services across Quebec. The brokerage has over 25 years of experience and offers all kinds of mortgage solutions to its clients. The brokerage has three offices in Montreal, and borrowers can find the nearest one through Hypotheca’s website.
Borrowers can meet with a broker, call one of them or apply online on Hypotheca’s website. The brokerage offers a pre qualification service and an online mortgage calculator through its website. Borrowers can also look up the latest rates through the website.
True North Mortgage is a Calgary-based brokerage that has been around since 2003. The brokerage has 11 physical locations spread across Canada, one of which is in Montreal. Borrowers can visit their office, give them a call, request a callback, send in an online inquiry, or apply online through their website. According to the brokerage, their clients save $3,000 in interest on average.
The brokerage provides its clients with a 'lowest rate guarantee,' assuring them that they will match or better any lower rates offered by other brokerages. In case they are unable to fulfill this guarantee, they compensate clients with $500 at the time of closing.
Through its in-house lender THINK Financial, True North is currently offering a unique mortgage product called ‘Rate Relief’ to provide a temporary respite from the increased interest rates. This product provides borrowers with a low fixed rate for a duration of six months. Following this period, borrowers have two options: they can either renew their mortgage with THINK Financial or choose to pay a 1% fee. Apart from mortgages for new homes, True North also offers the following:
CanWise is a Canadian lending company that offers its mortgage rates only through its own brokerage arm, Ratehub.ca. CanWise registers the mortgage as a standard charge and not a collateral one. The mortgage solutions borrowers can get from them include
Nord Est is both a real estate agency and a mortgage brokerage. The company can help homebuyers find a new home and then finance it. The company also offers other financial services, such as investments and insurance.
The brokerage arm of the company has over 30 brokers. The brokerage provides mortgage services for new purchases, renewals, refinance, reverse mortgages, solutions for multi-unit properties, commercial mortgages, and more. Borrowers can get pre-qualified in less than two minutes by completing their online form. Borrowers can connect with the brokerage through online inquiry, over the phone, or by visiting their office.
The Montreal-based brokerage Best Mortgage Montreal has three office locations in the city. The brokerage offers all kinds of mortgage solutions and specializes in mortgages for borrowers with bad credit and those who have gone through bankruptcy. The brokerage works with over 200 lending partners that include banks, credit unions, trust companies, private funds, investors, and other lending sources. Borrowers can apply online through their website, give them a call or visit one of the branches to get started.
Continental Mortgage has two offices, one in Dorval and the other one in Saint-Laurent. The brokerage has a team of over 35 brokers and offers all kinds of mortgage solutions, including mortgages for non-standard properties, multi-unit property mortgages, commercial mortgages, and debt consolidation. Borrowers can directly call or email one of the brokers to seek consultation. Alternatively, they can visit one of the offices, call the brokerage or submit the online inquiry form through their website.
Mortgage MD is a Montreal-based brokerage that has a team of six mortgage brokers. The brokerage offers options for a new mortgage, renewals, and refinance. Borrowers can also contact them for a second opinion on an offer they are getting from a bank. Borrowers can book a consultation or get in touch with them by giving them a call or sending in an online inquiry.
Formerly known as Équipe Lupien, apoint Hypothèque is a brokerage located in Delson. The brokerage offers mortgage solutions for new purchases, renewals, refinancing, renovations, second mortgages, investment properties, and more. The brokerage has a team of over 25 brokers and has access to over 25 lenders.
Borrowers can contact the brokerage by booking an appointment, through the phone, or by sending an online inquiry. Borrowers can also check the latest mortgage rates on their website.
There are several mortgage broker networks in Canada that comprise independently operating brokerages with access to the rates, resources, and tools the network provides. By being a part of a broker network, brokerages can gain access to rates from many lenders without having to partner with each of them individually. Additionally, they can get other kinds of support from the network, such as support with website building and marketing. Some of these networks are affiliated with larger financial groups, such as DLCG and M3 Financial Group.
One of the largest broker networks in Canada, Dominion Lending Centres has over 400 offices nationwide. There are over 3,000 brokers in the network, and the network has over 90 lending partners. To stay current, network members can access various resources, tools, training programs, and industry updates. The network also offers the 'My Mortgage Toolbox' mobile app to borrowers, which they can use to begin planning their mortgages.
Verico, established in 2005, is a mortgage broker network that operates nationwide across Canada. With a vast network comprising over 230 mortgage businesses and 3,500 mortgage advisors, Verico facilitates home financing for over 45,000 Canadian families annually. Verico's outstanding performance earned it the prestigious National Broker Network of the Year title at the 2022 Canadian Mortgage Awards.
Mortgage brokering is a licensed profession in Canada, and any individual who wants to practice as a broker must obtain a license from the licensing authority in their province. Mortgage brokers in Quebec are licensed by the Autorité des marchés financiers (AMF).
To become a licensed mortgage broker in Quebec, individuals must first complete the Mortgage Brokerage Qualification Program (MBQP). In-person courses are offered at through Collège CEI and Académie de l'entrepreneurship québécois. For online courses, options are available through Collège CEI, Académie de l'entrepreneurship québécois, and Mortgage Professionals Canada.
After passing the course examination, the candidates must undergo a 12-week probationary period where they are required to work for at least 28 hours each week. They can apply for the license after the 12-week period. Apart from the completion of the course, individuals must meet the 18 years age requirement, must have completed their secondary school, and be fluent in French.