Top 8 Mortgage Brokerages in Red Deer
Mortgage brokers are licensed professionals who shop multiple lenders on your behalf to find the best mortgage rates and products suited to your situation. Unlike a bank, which can only offer its own products, a broker has access to rates from banks, credit unions, monoline lenders, and private lenders. In most cases, the lender pays the broker’s commission, so there is no direct cost to the borrower. In Alberta, mortgage brokers are licensed and regulated by the Real Estate Council of Alberta (RECA). Working with a broker can be especially valuable for borrowers looking to navigate rate changes in the Canadian mortgage market.
Quick Picks
- Butler Mortgage: A full-service brokerage offering all sorts of mortgage services to Canadians since 1995. With over 350 lending partners, they offer some of the best mortgage rates with the lowest rate guarantee and an after-approval rate guarantee.
- Red Deer Mortgage Lending (Mortgage Architects): An award-winning Red Deer brokerage whose brokers have over 40 years of combined experience in the financial industry.
Top Mortgage Brokers in Red Deer
Red Deer Online Brokerages with Competitive Rates
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:
- Purchase
- Pre-Approval
- Refinance
- Renewal
- HELOC
- Self-Employed Solutions
- Investment Property
- Vacation/Second Home
- Purchase Plus Improvement
- Construction Mortgages
- Credit Repair
- Mortgages for Newcomers to Canada
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. The financing options offered by nesto are:
- New Mortgage
- Mortgage Renewal
- Mortgage Refinance
nesto also offers a cash-back mortgage, through which borrowers can get a cashback of 1% of up to $13,750 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:
- New Mortgage
- Pre-approval
- Refinance
- Renewals and Transfers
- Mortgage Porting
- HELOCs
- Investment Properties
- International Home Purchases
- Self-Employed Mortgages
- Reverse Mortgages
- Purchase Plus Improvements
- Newcomers to Canada
- Vacation and Secondary Homes
- Non-Resident Mortgage
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.
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 1,900 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.
Local Red Deer Mortgage Brokerages
Mortgage Collective is a Red Deer brokerage that has been serving clients for over two decades. With a team of 9 licensed brokers and membership in the Mortgage Alliance network, they have access to over 30 lenders, including major banks, trust companies, insurance companies, life insurance companies, private funds, and pension funds. The brokerage pulls only a single credit bureau check regardless of how many lenders they approach, avoiding the credit score impact of multiple inquiries. Services are free to borrowers in most cases, as the brokerage is paid directly by the lender. Beyond residential mortgages, they also offer commercial mortgage financing and leasing services.
Universal Mortgage Solutions is a Red Deer-based brokerage with over 25 years of experience serving clients in Red Deer and Central Alberta. Universal Mortgage Solutions is a member of the Verico broker network. Borrowers can apply online through the brokerage’s website or contact Leann directly by phone or email. The services offered by Universal Mortgage Solutions include:
- New Purchases
- First-Time Home Buyers
- Repeat Home Buyers
- Business for Self / Self-Employed Mortgages
- Refinancing
- Renewals
- Reverse Mortgages
Mortgage Broker Networks in Canada
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.
About Mortgage Brokers in Alberta
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.
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.