Top 11 Mortgage Brokerages in Montreal
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).
Quick Picks 💡
- nesto: nesto is a leading digital lending platform offering a quick and easy online application and approval process. Their brokers are paid on a salary basis instead of a commission, thus offering unbiased advice and the best deals. The brokerage offers several benefits to applicants, such as cashback and an extended lock-in period.
- True North Mortgage: True North Mortgage is a national brokerage based out of Calgary, with one of its offices located in Montreal. A unique mortgage solution offered by the brokerage is ‘Rate Relief’, a product that offers a low mortgage rate for six months.
- Multi-Prêts: Multi-Prêts is a brokerage that offers mortgage solutions across Canada. The brokerage operates under the name Mortgage Alliance Group outside Quebec. The brokerage has over 6,300 mortgage brokers, of which 500 are in Quebec.
Top Mortgage Brokers in Montreal
Montreal Online Brokerages with Competitive Rates
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:
- New Mortgage
- Mortgage Renewal
- Mortgage Refinance
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:
- Pre-approval
- Refinance
- Renewals and Transfers
- Mortgage Porting
- Purchase Plus Improvements
- Newcomers to Canada
- Vacation and Secondary Homes
- Investment Properties
- Non-Resident Mortgage
- HELOCs
- International Home Purchases
- Self-Employed Mortgages
- Reverse Mortgages
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
- Mortgages for buying
- Renewing
- Refinance
- Vacation / Second Home
- Newcomers to Canada
- Divorce
- First-time homebuyers
- Business / Self-employed buyers
Their mortgage products have features such as mortgage porting, bridge financing, annual additional lump-sum payment options, and increasing regular payment.
Local Montreal Mortgage Brokerages
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.
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.
Mortgage Broker Networks in Canada
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.
Montreal Mortgage Broker Regulations
Mortgage brokers in Quebec are regulated by the Autorité des marchés financiers. Individuals need to pass four stages of certification before becoming a licensed mortgage broker. This includes mortgage broker training, training on professional practice and ethics, and related exams.
How do I become a mortgage broker in Quebec?
Looking to become a mortgage broker in Montreal or Quebec? Quebec mortgage brokers are licensed by the Autorité des marchés financiers (AMF) There are a few requirements to getting a mortgage broker license in Quebec, including:
- Be 18 years of age or older
- Completion of secondary school (Secondary 5)
- Be able to read, write, and speak in French
Quebec Mortgage Broker Education Requirements
The AMF requires the completion of the Mortgage Brokerage Qualification Program (MBQP) before being eligible to write the final examinations. All courses are available only in French. Courses in English are expected to be added in the coming years.
AMF in-person course providers in Montreal include Collège CEI and Académie de l'entrepreneurship québécois. Online course providers include Collège CEI, Académie de l'entrepreneurship québécois, and Mortgage Professionals Canada.
The MBQP consists of two modules: Professional conduct and professional practice (F-116) and Mortgage brokerage (F-611). Mortgage Professionals Canada structures their program into two sub-programs: CHQ101 for those new to the industry and CHQ201 for those with at least two years of experience. CHQ101 lasts nine weeks while CHQ201 lasts four weeks.
After completion of two final exams, candidates will undergo a probationary period where they will work at least 28 hours per week for 12 weeks. After the probationary period is over, candidates can apply for their Quebec mortgage broker license.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.