Mortgage brokers are professionals who can find you the best mortgage rates available in the market. They can access multiple lenders and can compare the rates to find you the best deal. Mortgage brokers receive a commission from the lenders, so their service to clients is free. Ottawa has over 180 mortgage brokers and over 800 mortgage agents. Listed below are some of the top brokerages servicing the residents of Ottawa. We will first look at some national brokerages that offer an online application, followed by local brokerages you can reach in person.
Founded in 1995, Butler Mortgage is a prominent mortgage brokerage in Canada headquartered in Toronto. Its services are primarily available in Ontario, British Columbia, and Alberta. With over 350 lending partners, including banks and credit unions, Butler Mortgage provides its clients with access to a variety of mortgage and financing options, including
Butler Mortgage provides rate guarantees to its clients in two ways, the Up-Front Rate Guarantee and the After-Approval Rate Guarantee. With the Up-Front Rate Guarantee, Butler Mortgage pledges to offer customers the best possible mortgage rate upfront. If a client finds a better rate elsewhere, the brokerage compensates them with $500 at closing. With its After-Approval Rate Guarantee, the brokerage continues to monitor rates for you even after being approved. If another lender offers a rate that is 0.1% lower than your rate and your lender is unwilling to match it, Butler Mortgage lets you switch lenders without charge.
Butler Mortgage also offers a RateGuard Approval that enables customers to secure mortgage rates for up to 120 days. During this period, if the rate drops, the customer can receive the new, lower rate.
Nesto, a rapidly expanding digital lending platform, was established in Montreal in 2018. Unlike traditional commission-based models, nesto compensates its agents with a fixed salary to ensure impartial advice and the best possible mortgage interest rates for customers, free from personal interests. The company suggests that it offers its customers a 'floor rate,' the most competitive rate that banks offer.
Nesto's application process is entirely digital, allowing applicants to apply at their convenience from any location. The online application takes only minutes to complete, and applicants can seek support from advisors via email or phone. Nesto has strict lending guidelines, requiring a minimum credit score and no missed payments from applicants.
Like Butler Mortgage, nesto offers a low rate guarantee, and they strive to match or beat any competing brokerage rates. If unsuccessful in doing so, nesto compensates its customers with $500. Nesto also offers a featured rate with a 150-day rate lock-in period, exceeding the standard 120-day offering.
Furthermore, nesto provides periodic promotions, such as the cash-back mortgage, providing 1% cash back on mortgage amounts up to $9,250 for a 5-year term.
Nesto offers three financing options
Neo Mortgage is a brokerage service offered by Neo Financial, allowing borrowers to complete their mortgage application and approval process online. This digital platform enables borrowers to obtain a mortgage within minutes and from anywhere. According to the brokerage, borrowers can save thousands of dollars in interest with them. Currently, their website lists five lending partners, and they offer mortgages for new purchases, renewals, and refinancing. They also work with borrowers with low credit scores, although they cannot guarantee a mortgage for such borrowers.
True North Mortgage has offered mortgage services throughout Canada since its establishment in 2006. The brokerage, headquartered in Calgary, operates 12 offices throughout the country. Clients from Ottawa contact them by phone or online. True North Mortgage claims to save its clients an average of $3,000.
True North Mortgage guarantees the lowest rates to its clients. If a client finds a lower rate elsewhere, True North Mortgage promises to beat the rate or compensate them with $500.
Furthermore, True North Mortgage's in-house lender, THINK Financial, is offering a temporary solution providing respite from the increased mortgage rates called 'Rate Relief.' Rate Relief provides a lower fixed rate for six months, following which borrowers can either renew their mortgage with THINK Financial or pay a 1% fee to them.
True North Mortgage offers the following services:
With seven offices in seven provinces of Canada, Citadel is a leading mortgage brokerage established in 2018. Although they don’t have an office in Ottawa, customers can reach them via phone or their website. Interested borrowers can apply online and get prequalified for a mortgage within 60 seconds. They offer mortgage services such as
Citadel Mortgages also provides an all-in-one mortgage solution that combines a mortgage with a HELOC, allowing borrowers to pay off their mortgages faster. The brokerage works with many lenders, including banks, credit unions, and private lenders, and caters to borrowers with good, bad, or no credit. Additionally, the brokerage offers limited-time incentives to borrowers, such as cashback, complimentary hotel stays, and AIR MILES.
Pine is a digital mortgage platform where borrowers can apply for a mortgage online; however, they also get the option to contact Pine’s mortgage agents via phone, email, or chat. The free online application is simple and takes less than 10 minutes to complete. Within 24 hours, you can get mortgage pre-approval from Pine. They occasionally offer cashback deals for new mortgages that can save thousands of dollars for borrowers.
Nuborrow is a mortgage brokerage based out of Toronto. The brokerage provides its services across Ontario and specializes in private lending and b-lending. They offer mortgage services for new purchases, renewals, refinance, HELOC, home equity loans, and assistance with a power of sale. Borrowers can get in touch with the brokerage through phone or e-mail, or they can just fill out the online form on Nuborrow’s website.
CanWise, a Canadian lender, exclusively provides its mortgage rates through its brokerage, Ratehub.ca. This brokerage collaborates with various lenders, such as banks and other financial institutions, to offer diverse mortgage solutions. Borrowers can access a variety of mortgage options from CanWise, which include:
CanWise Lending's mortgage products come with a number of features, including mortgage porting, bridge financing, annual additional lump-sum payment options, and increasing regular payment. In addition, CanWise Lending registers your mortgage as a standard charge rather than a collateral charge.
QuestMortgage is an online mortgage platform provided by Questrade, a popular Canadian trading platform. QuestMortgage enables borrowers to apply and receive approval online, with mortgage advisors available for phone consultations to address any queries. Borrowers can also call to check for the best available mortgage rates, which can be locked in for up to 120 days.
In addition to competitive rates, QuestMortgage offers prepayment privileges for borrowers. They offer a generous prepayment option that allows borrowers to pay an extra 20% of the balance at the beginning of the term every year. The monthly payment can be increased by 100% of the original amount at any time. Additionally, borrowers can secure their mortgage by opting for Canada Life creditor's insurance during the application process.
Capital Mortgages, an independent mortgage brokerage established in 1999, has three offices in Ottawa and the valley. They believe that mortgages in today’s time are more than just the rates and strive to offer the best services to their clients. Apart from new mortgages, they also offer solutions such as renewal, refinance, commercial mortgages, construction mortgages, and reverse mortgages. They have a team of over 50 people, including mortgage brokers and agents.
The Mortgage Advisors, established in 2012, is an independently owned brokerage headquartered in Ottawa. It has a team of over 60 brokers and agents across seven offices in and around Ottawa. The brokerage offers various solutions, including new mortgages, accessing equity, mortgage renewals, bad credit mortgage, and debt consolidation. Borrowers can apply online or request a call back to get started.
Established in 2013, Referral Mortgages is a brokerage based out of Ottawa. The brokerage focuses on residential, commercial, and construction mortgages. They believe in treating each client with care they would extend to their own family and customize the mortgage experience as per their needs. Their team is experienced in real estate investing and residential and commercial financing. Apart from new mortgages, renewals, and refinancing, the brokerage offers services such as bad credit mortgages, construction mortgages, home improvement loans, investment property loans, and reverse mortgages.
Ottawa-Carleton Mortgage Inc., a brokerage based out of Ottawa, has a team of over 20 mortgage brokers and agents. The brokerage aims to build long-lasting relationships with its clients by offering them a comfortable service experience. Borrowers can book a free consultation with them or apply online through their website. The brokerage’s podcasts from CFRA offer tips and advice to borrowers. Borrowers can also learn through their blogs and use their online calculators, both available on their website.
Mortgage Brokers Ottawa is a Canada-wide network of Accredited Mortgage Professionals (AMPs) based out of Ottawa. Their brokers aim to find the lowest rates for you with the best possible terms. Along with new mortgages, they also offer debt consolidation and refinance mortgages. Other than traditional lenders such as banks and credit unions, they also work with private lenders.
Mortgage broker networks, like Dominion Lending Centres, Verico Mortgage Broker Network, and Mortgage Alliance, operate across Canada. These networks comprise independent mortgage businesses with access to the network's services and rates. Some of these networks are affiliated with more extensive financial groups like DLCG and M3 Financial Group.
Dominion Lending Centres is an expansive network of mortgage brokers with a presence throughout Canada. They have a team of over 3,000 mortgage experts across 400 offices, working with more than 90 lenders. Dominion Lending Centres strives to provide their clients with exceptional service and the best mortgage rates. Their brokers have access to numerous tools and resources via their mobile app, 'My Mortgage Toolbox,' as well as training programs to stay up-to-date with industry standards.