Mortgage brokers are professionals who can help borrowers find the best mortgage rates and deals available in the market. They have access to mortgage rates and products from multiple lenders and can help negotiate the best deals for borrowers. Mortgage brokers receive a commission from lenders for every successful mortgage deal. Brokers may sometimes have access to special rates offered by lenders. The Real Estate Council of Alberta (RECA) issues licenses for mortgage brokers in Alberta.
Butler Mortgage is a full-service brokerage based out of Toronto that was established in 1995. The brokerage does not have an office in Red Deer; however, their simple online application can be completed from anywhere. The brokerage offers a fully remote mortgage process that does not require office visits. The mortgage and financing options offered by Butler Mortgage include:
The brokerage suggests that it tracks over 350 lenders for their rates and always offers the lowest rates to its clients. Butler Mortgage backs this low-rate claim with their up-front rate guarantee.
The brokerage gives you an after-approval rate guarantee to ensure you can get the best rate even after approval. After approval, Butler Mortgage keeps tracking the market for a rate that is lower than what you’ve been approved for. If they find a rate that is at least 0.1% lower during your lock-in period, they request your lender to lower your rate. If the lender denies it, you can switch to the lender offering the lower rate.
Meanwhile, Butler Mortgage’s RateGuard Approval allows you to get a lower rate when rates drop in the market during your lock-in period.
The Montreal-based mortgage platform nesto is best known for being a pioneer in the digital lending space in Canada. Founded in 2018, nesto is an online brokerage that offers a fully digital mortgage experience. Borrowers can directly apply for a mortgage through the brokerage’s website within a few minutes and can sometimes get approved within a day. Borrowers who want to speak with an agent or require assistance with the application can contact the brokerage by phone or email.
The brokerage sets itself apart in several ways. nesto pays its agents a fixed salary instead of a commission to ensure they always remain unbiased and that their advice isn’t motivated by personal gains. Meanwhile, the brokerage offers a mortgage rate with a 150-day lock-in period, the longest that is available in Canada.
nesto suggests that it offers the lowest possible rates from the get-go and backs this claim with a low-rate guarantee. If their clients find a better rate elsewhere, and nesto isn’t able to match the rate, the brokerage compensates them with $500 at the time of their mortgage closing. The financing options offered by nesto are:
nesto also offers a cash-back mortgage, through which borrowers can get a cashback of 1% of up to $9,250 for a 5-year term. This may be useful to borrowers who need cash for renovation, repairs, or even to buy furniture.
The Calgary-based brokerage True North Mortgage was founded in 2006. The brokerage has 11 offices across Canada. The brokerage doesn’t have an office in Red Deer; however, the residents of the city can apply online from the comfort of their homes. Alternatively, borrowers can contact the brokerage by phone or email.
For assuring the lowest rate, True North Mortgage gives its clients the lowest rate guarantee. Through this guarantee, the brokerage promises to match or beat a lower rate offered to its clients by another brokerage or lender. If they fail to do so, they compensate their clients with $500. The services offered by True North Mortgage include:
Through its in-house lender, THINK Financial, they are currently offering a mortgage solution called ‘Rate Relief’. This product offers a temporary low mortgage rate to the clients for six months. Following this six-month period, the client can either renew their mortgage with THINK Financial or pay them a 1% administration fee.
Pine is a digital lending platform founded in 2021 with the aim of simplifying the mortgage experience with the help of technology. The brokerage offers a transparent process with no hidden charges and unexpected closing costs. The brokerage suggests the application is so straightforward that two out of three users complete their application on a mobile device.
The online application can be completed in less than 10 minutes from anywhere, and the average turnaround time is 48 hours. Borrowers who are not comfortable with an online application can also get in touch with them over the phone. Borrowers can also benefit from their promotional offers, such as cashback on a new mortgage.
The popular Canadian fintech Neo Financial launched its mortgage product Neo Mortgage at the beginning of 2023. The platform allows you to manage your mortgage online. The application is made online, you can connect with mortgage advisors online and even sign and submit the documents online.
According to Neo Mortgage, the digital process ensures a fast turnaround time. The brokerage also suggests it can save thousands of dollars in interest for its clients. Neo Mortgage currently offers mortgages for new purchases, renewal, and refinance, and its website lists five lending partners at present. Neo Mortgage extends its services to borrowers with low credit scores, although it does not guarantee mortgage approval.
The Mortgage Group (TMG) is one of Canada’s largest brokerages that has its own offices as well as franchisees across the country. The brokerage was founded in Vancouver in 1990 and has over 800 mortgage professionals in its network now. Borrowers can easily apply online through the brokerage’s website or search for a TMG broker near them. The website also has numerous tools and resources along with the latest rates.
A Place to Mortgage is a brokerage that is headquartered in Innisfail, Alberta, with offices in Calgary, Red Deer, and Port Moody (B.C.) as well. The brokerage is a part of the Mortgage Alliance broker network. Red Deer locals can set an appointment to meet with one of the brokerage’s agents. Alternatively, they can apply online, by phone, fax, or e-mail. Apart from mortgages for new purchases, renewals, and refinance, the brokerage also deals in rent-to-own agreements, construction loans, bad credit mortgages, reverse mortgages, land purchases, and more.
First Foundation is a brokerage based out of Edmonton that has offices in Calgary and Red Deer as well. Apart from mortgages, First Foundation provides insurance services and investment advice. Borrowers can apply for a mortgage online or meet with their broker located in Red Deer. Borrowers can also check the mortgage rates offered by the brokerage on their website.
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 broker network based out of Mississauga, Ontario. There are over 50 Mortgage Architects brokers offering mortgage services in Red Deer, and borrowers can look them up on the network’s website. Besides mortgages, Mortgage Architects offers equipment leasing solutions as well. Mortgage Architects is a subsidiary of the Dominion Lending Centres Group (DLCG).
Mortgage Alliance is a broker network founded in 1998. The network is a part of the M3 Financial group along with its other networks like Verico and Invis. The network offers home and auto insurance solutions in addition to several mortgage products. The network has access to mortgage rates from over 60 lenders.
Mortgage brokering is a licensed profession in Canada, and each province has a local licensing body. In Alberta, the Real Estate Council of Alberta (RECA) is responsible for issuing licenses for mortgage brokers.
To gain a mortgage broker license in the province, one must complete the ‘Mortgage Associates Program.’ This program consists of two courses, the Fundamentals of Mortgage Brokerage course offered by the Real Estate Council of Alberta (RECA) and the Practice of Mortgage Brokerage course offered by the Alberta Mortgage Brokers Association (AMBA). Besides completing the program, individuals must prove their English proficiency.