Top 9 Mortgage Brokerages in Nanaimo
A mortgage broker shops the market on your behalf rather than selling the products of a single institution. Because a broker is connected to dozens of banks, credit unions, monoline lenders, and private funds, they can lay several offers side by side and negotiate on whichever one suits your file. Brokers earn a commission of roughly 0.5% to 1% of the mortgage amount, and the lender pays it, so the service normally costs a borrower nothing. Nanaimo is the second-largest city on Vancouver Island and the commercial hub of the mid-Island region. With the benchmark price of a single-family home in the city sitting over $800,000, even an ordinary purchase means a large loan, and a fraction of a percentage point on the rate compounds into thousands of dollars across a five-year term. Mortgage brokering is a licensed profession in British Columbia, where brokers are registered with the BC Financial Services Authority (BCFSA). Listed below are some of the top brokerages serving Nanaimo, split between national online operations and firms with an office in the city.
Quick Picks 💡
- Butler Mortgage: Operating since 1995, this national brokerage tracks pricing across more than 350 lending partners and backs it with two separate rate guarantees, one that applies before you commit and one that keeps working after your rate is approved.
- Oceanvale Mortgage & Finance: Nanaimo's most-reviewed brokerage, with more than 250 five-star Google reviews, access to over 50 lenders, and Saturday office hours that almost no brokerage keeps.
- Lendlab Mortgage: A downtown Nanaimo firm launched in 2021 that has been voted Best Mortgage Broker in Nanaimo three years running and serves ten Vancouver Island communities from Victoria to Campbell River.
Nanaimo Mortgage Brokerages at a Glance
Nanaimo Online Brokerages with Competitive Rates
Butler Mortgage was founded in 1995 and is headquartered in Toronto, with licensed operations in Ontario, British Columbia, and Alberta. There is no branch on Vancouver Island, so Nanaimo borrowers deal with the brokerage by phone, email, and online application, with the nearest office in Vancouver. According to the brokerage, it monitors pricing from over 350 lending partners, which include the major banks, credit unions, and monoline lenders.
What distinguishes Butler Mortgage is that it offers two rate guarantees rather than one. The Up-Front Rate Guarantee applies before you commit: bring the brokerage a lower advertised rate, and it will beat that rate or pay you $500 at closing. The After-Approval Rate Guarantee keeps working once your rate is locked, with the brokerage watching for anything at least 0.1% cheaper and asking your lender to match it. If the lender declines, you can move to the cheaper lender at no cost. Approvals also come with a RateGuard hold of up to 120 days, so a drop in rates during that window still works in your favour. Financing offered includes:
- Home purchase mortgages
- Renewals and lender transfers
- Refinancing
- Construction and Purchase Plus Improvements
- Second mortgages and home equity solutions
- Self-employed and low-documentation mortgages
True North Mortgage has been in business since 2006 and has its British Columbia store in Burnaby. Nanaimo clients can work with the brokerage by phone, video, or online rather than in person. Its advisors are salaried instead of paid per file, which the company says removes any incentive to push a borrower toward a larger loan or a particular lender.
The brokerage is unusual in owning its own lender, THINK Financial, and in 2016 it became the first Canadian brokerage granted approved lender status under the National Housing Act. Through THINK, it offers Rate Relief, a six-month fixed term at a reduced rate; at the end of the six months, a borrower either renews with THINK Financial or pays a 1% administration fee. A lowest-rate guarantee also applies, with $500 paid at closing if the brokerage cannot match a competitor's rate on a comparable mortgage. Beyond purchase financing, True North also handles:
- Pre-approvals
- Refinancing
- Renewals and transfers
- Purchase Plus Improvements
- Newcomers to Canada
- Vacation and secondary homes
- Investment properties
- HELOCs
- Reverse mortgages
MortgagePal is a Kelowna-based digital brokerage licensed across British Columbia with no branch network to visit. Its process is built around letting the borrower choose: once an online application is submitted, an agent comes back with several lender offers, the borrower picks the one they want, and the agent then drives that file through to approval. The brokerage lists more than 30 agents on its site and works with over 60 lenders, spanning the big banks, credit unions, and alternative lenders. Borrowers who would rather pick their own contact can reach an individual agent directly from the website instead of being assigned one, and the service is free on standard residential mortgages because the lender pays the commission.
Local Nanaimo Mortgage Brokerages
Oceanvale Mortgage & Finance opened in January 2016. It is a locally owned Nanaimo brokerage partnered with TMG The Mortgage Group. The brokerage works with more than 50 lenders and says its funding volume gives it access to preferred pricing from several lenders. Its website reports more than 250 five-star reviews. Services include home purchases, first-time buyer mortgages, renewals, refinancing, construction financing, Purchase Plus Improvements, cash-back mortgages, self-employed and investment-property financing, HELOCs, second and private mortgages, commercial lending, and bridge financing. Borrowers can apply online or contact the Uplands Drive office.
Lendlab Mortgage launched in 2021 and is headquartered in Nanaimo. It was voted Best Mortgage Broker in Nanaimo in 2023, 2024, and 2025. The brokerage is licensed across British Columbia but focuses mainly on Vancouver Island, including Nanaimo, Victoria, the Cowichan Valley, Parksville, Qualicum Beach, Ladysmith, Lantzville, Nanoose, Courtenay-Comox, and Campbell River. Its services include home purchases, refinancing, and mortgage renewals or lender switches. Clients can apply online and use calculators for mortgage payments, purchase costs, closing costs, debt-service ratios, and required income.
Mid-Island Mortgage & Savings has operated in Nanaimo since 1985. The family-founded brokerage is now run by its second generation and has three mortgage brokers and an office manager. The brokerage arranges first, second, and third mortgages, home purchases, pre-approvals, refinancing, rental-property financing, and financing for some Gulf Island properties. It can hold approved rates for up to 120 days. For qualified mortgages, the lender pays the brokerage's fee rather than the borrower.
Flawless Financing is a Nanaimo mortgage brokerage that compares products from dozens of lenders. It assists with home purchases, pre-approvals, refinancing, equity takeouts, renewals, and lender transfers. The brokerage uses a secure online portal for applications and documents. Clients also have access to a free Canadian mortgage app for comparing payments, down payments, closing costs, and other scenarios. Flawless Financing provides annual mortgage reviews to help existing clients assess their payment options, renewal plans, refinancing, or debt consolidation.
Sand Dollar Mortgages is a Nanaimo-based brokerage serving communities across Vancouver Island. It works with first-time buyers, self-employed borrowers, and clients who may not meet traditional bank requirements. Services include purchases, renewals, refinancing, equity takeouts, debt consolidation, investment-property mortgages, construction financing, bad-credit mortgages, and refinancing to address CRA tax debt. It also assists clients who have recently filed for bankruptcy or need short-term alternative financing. Applications and consultation requests can be submitted online.
Mortgage Broker Networks in Canada
Several national broker networks operate in Canada, each made up of independently owned brokerages that share the network's lender agreements, technology, compliance support, and training. Joining one lets a small local firm reach rates from dozens of lenders without negotiating a separate agreement with each of them, and gives its brokers marketing and back-office help they would otherwise have to build themselves. One of the largest with a member firm in Nanaimo is described below, shown alongside the local brokerage that carries its banner.
Invis is a national mortgage brokerage with professionals in every province. Together with Mortgage Intelligence, it reports more than $190 billion in funded mortgages for over 785,000 clients. The network works with more than 50 national, regional, and private lenders. Invis offers residential and commercial mortgages, as well as mortgage life, disability, and critical illness insurance and home and auto insurance. Its Nanaimo location is registered as a branch office of Invis Inc. Invis is part of M3 Group, which reports more than 9,500 mortgage brokers, over 133 lenders, and more than $75 billion in funded volume over the latest trailing 12-month period. M3 also provides brokers with its BOSS mortgage platform.
About Mortgage Brokers in British Columbia
Mortgage brokering is regulated provincially. In British Columbia, mortgage businesses are generally registered with the BC Financial Services Authority (BCFSA) as mortgage brokers, while individuals working for them are registered as submortgage brokers, unless an exemption applies.
The Mortgage Services Act received Royal Assent on November 3, 2022, and will replace the Mortgage Brokers Act on October 13, 2026. Under the new system, businesses will be licensed as mortgage brokerages, individuals as mortgage brokers, and each brokerage will require a principal broker responsible for supervision and compliance.
How to become a mortgage broker in British Columbia?
Until October 13, 2026, new entrants apply for registration as submortgage brokers. They generally must:
- Complete an approved UBC Sauder education program and pass the examination
- Work for a registered mortgage brokerage
- Provide identification, a criminal record check, and five years of employment history
- Meet BCFSA's suitability requirements
- Apply through BCFSA's IRIS portal
Current registrations are valid for two years.
From October 13, 2026, new entrants will apply for a mortgage broker licence. Applicants must be at least 19, be of good reputation and suitable for licensing, meet the required education and experience standards, and work under a licensed mortgage brokerage and principal broker.
Registration for the former Mortgage Brokerage in British Columbia Course closed on July 15, 2026. The new Mortgage Services Licensing Course opens on August 4, 2026, with its first examinations available on October 13, 2026. Students completing the former course must also complete the required transition education before applying under the new Act.
Existing registrants who want to continue working after October 13 must complete their transition education by September 22, 2026. Licensed mortgage brokerages will also be required to maintain errors and omissions insurance under the new framework.
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