Mortgage brokers have access to mortgage rates and mortgage products from several lenders and are able to negotiate with them on behalf of the clients, which can potentially save thousands of dollars in interest for them. Mortgage brokers are paid a commission by the lender, and they offer free-of-charge services to borrowers. Listed below are some of the best online and local mortgage brokers offering services in Newfoundland and Labrador.
Citadel Mortgages Founded in the year 2018, Citadel Mortgages is a national brokerage based out of Toronto. The brokerage serves all provinces except Quebec and Manitoba and has offices in seven provinces, including one in St. John’s, NL. The brokerage offers mortgage services in the territory of Nunavut as well. The brokerage also provides mortgage solutions to borrowers with bruised credit and no credit, along with well-qualified borrowers.
The brokerage has partnered with several banks, credit unions and private lenders to offer mortgage solutions such as
Apart from the above, the brokerage also offers credit management, investment, insurance and banking solutions. One unique banking solution offered by Citadel is the all-in-one mortgage solution that combines debt and savings into a single account. This solution can help borrowers pay off their mortgages faster and become debt-free sooner.
From time to time, the brokerage also offers incentives, such as cashback, complimentary hotel stays, and AIR MILES, to its customers. The brokerage’s online prequalification tool can prequalify borrowers in less than 60 seconds.
nesto, a front-runner in Canada's digital lending sector, was founded in Montreal in 2018. In 2022, it achieved B Corp certification and began extending its cutting-edge mortgage tech to established financial institutions.
nesto's exclusive end-to-end mortgage technology has revolutionized the entire mortgage process, enabling borrowers to secure a mortgage conveniently from any location, eliminating the need for in-person branch visits. Borrowers must meet strict lending criteria to qualify for a mortgage through this brokerage.
nesto also offers a low-rate guarantee, promising to pay borrowers $500 at the time of mortgage closing if they fail to provide the best market rates to the borrower. Furthermore, they offer the longest rate lock-in period in Canada with their 150-day lock-in rate. Additionally, nesto offers a cash back mortgage option, allowing borrowers to receive 1% of their mortgage amount in cash, up to a maximum of $9,250 for a 5-year term. This option can be beneficial for those needing funds for home renovations, repairs, or furniture purchases.
QuestMortgage is a digital brokerage that is a subsidiary of the well-known Questrade Financial Group. The platform enables a fully digital mortgage process. Borrowers can apply for a mortgage through QuestMortgage’s website and also submit all the required documents online. Borrowers can also opt for creditor’s insurance from Canada Life during the application process. Borrowers who need some advice before applying or require assistance in applying can seek guidance from mortgage advisors over the phone, through e-mail, or through online chat.
QuestMortgage currently offers mortgages for new purchases, renewals, and refinance. QuestMortgage offers the option to pay off a lump sum of up to 20% of the term-beginning balance each year. Borrowers also have the option to increase the monthly payment by 100% of the original amount. QuestMortgage offers cashback of up to $5,000 on eligible mortgages.
Rocket Mortgage launched in Canada as Edison Financial in 2020 and later rebranded to Rocket Mortgage in 2022. The brokerage is a part of the Detroit-based Rocket Companies, and its sister brokerage in the U.S. is known as Rocket Mortgage LLC. In Canada, the brokerage is headquartered in Windsor, Ontario. Rocket Mortgage provides mortgages for purchase, renewal, and refinance. Borrowers can apply through the brokerage’s website in less than 3 minutes to get a rate estimate. Borrowers can contact the brokerage in person, over the phone or through email.
The Mortgage Group is a Vancouver-based brokerage that has a team of over 800 mortgage professionals providing mortgage solutions across Canada. The brokerage was founded in 1990 and has grown into one of the largest brokerage firms in the country. Borrowers can look up the brokerage’s website to find a TMG broker near them. They can contact the broker directly and meet with them to discuss their mortgage options or apply with them over the phone or online. The brokerage’s website also supports direct online applications while also providing several tools, calculators, and resources for borrowers.
Pineapple - Shoreline Mortgages is a brokerage based out of St. John’s. The brokerage has a team of over 15 brokers serving the east coast of Canada. Borrowers can get all kinds of mortgage solutions through the brokerage, including pre-approval, investment properties and self-employed buyers. The brokerage also offers credit repair solutions, debt consolidation services and personal loans. The latest rates offered by the brokerage are available on their website. Borrowers can apply for a mortgage through the brokerage’s website. They can also contact the brokerage through phone or e-mail.
East Coast Mortgage Brokers is a brokerage based out of St. John’s and serving the entire province of Newfoundland and Labrador. With a team of over 30 mortgage professionals, it is one of the largest brokerages in the province. Borrowers can check the latest mortgage rates offered by the brokerage on their website. The brokerage offers debt management and special financing services apart from general mortgage solutions. Borrowers can apply online through the brokerage’s website or contact them through phone. The brokerage also offers a live chat service on its website that borrowers can use to get more information.
The Home Mortgage Centre is a brokerage based out of St. John’s, NL, and has offices in Clarenville and Springdale as well. The independent brokerage is a part of The Mortgage Centre broker network and has served Newfoundland and Labrador borrowers since 1993. The brokerage’s team consists of Accredited Mortgage Professionals (AMP), with some of the brokers having over 35 years of experience in the mortgage and lending industry. Borrowers can apply for a mortgage directly through the website. Borrowers can also choose to apply with the broker of their choice. To get advice about their mortgage, borrowers can contact the brokerage through phone or email. They can also contact one of the brokers directly.
APlus Mortgage Group Inc. is a brokerage based out of St. John’s, NL, that has been offering mortgage solutions and other financial services in NL for over 35 years. Apart from various mortgage solutions, the brokerage also offers services such as accounting services, insurance, and investments. APlus clients enjoy multiple benefits like a loyalty discount card for getting discounts at many businesses and discounts when using their preferred professional partners (lawyers, appraisers, home inspectors). Borrowers can check the brokerage’s website for the latest rates and can also apply online. They can contact the brokerage through phone or email for advice.
In Canada, broker networks comprise independently owned brokerages with access to the network's rates and services. Some of these networks are affiliated with larger financial groups, such as DLCG and M3 Financial Group. Listed below are some of the major networks operating in Alberta.
Mortgage Architects is a national broker network based out of Mississauga, Ontario, offering mortgage services throughout Canada. Borrowers can find the Mortgage Architects closest to them through the network’s website. Borrowers can contact the brokers to get advice or apply with them directly through the website. The network works with over 50 lenders, which include not just banks and credit unions, but also trust companies and other national and regional lenders.
While there is no educational requirement for becoming a mortgage broker in Newfoundland and Labrador, individuals must register for a mortgage broker license with Digital Government and Service NL to practise as a mortgage broker. To register, the applicants must be Canadian residents and have a Newfoundland and Labrador mailing address. A registration fee of $300 must also be paid for the license. Brokers who are already registered are required to renew their licenses and pay fees every 12 months to maintain their licenses.
Those looking to learn about NL’s legislation, land registration and business practices can complete the Newfoundland and Labrador Mortgage Broker Course offered by Mortgage Professionals Canada. The online course takes approximately 40 hours to complete and requires an in-person examination for completion.