Homebuyers can get the best mortgage rates in the market with the help of mortgage brokers. Mortgage brokers are professionals who have access to mortgage rates offered by multiple lenders and can negotiate the best deal for the borrowers. Their service to borrowers is free of cost as they receive a commission from the lender. The Financial and Consumer Affairs Authority (FCAA) issues mortgage broker licenses in Saskatchewan.
A pioneer in online brokering, nesto was established in Montreal in 2018. The digital platform allows borrowers to get a mortgage without leaving the comfort of their homes. The application is completed online, and all the documents are submitted through a secure digital portal. Borrowers who require advice can speak with a nesto agent through email or phone.
The brokerage pays its agents a fixed salary instead of a commission to ensure they are always unbiased and offer impartial advice to the clients. The brokerage suggests that the rates they offer are ‘floor rates,’ the absolute minimum rates that a bank can offer. Due to its strict lending guidelines, nesto currently extends its services only to borrowers with a good credit score.
nesto offers a low rate guarantee to its clients to ensure they always get the lowest rate. When a client finds a better rate elsewhere, nesto attempts to match or beat that rate. If they fail to do so, they contribute $500 towards the client’s mortgage. Furthermore, borrowers can benefit from other offers and promotions from nesto, such as cashback and extended lock-in periods. The financing options offered by nesto are:
Neo Mortgage is a digital lending solution introduced by the Canadian fintech Neo Financial with the aim of expediting the mortgage application and approval process. As the platform offers an end-to-end digital experience, the application can be made from anywhere within minutes. Borrowers who need to speak with an agent can do so over the phone.
According to Neo Mortgage, borrowers can save thousands of dollars in interest when they secure a mortgage through them due to the low rates offered by the brokerage. Neo Mortgage’s website currently features five lending partners. The mortgage services offered by Neo Mortgage include:
Neo Mortgage encourages subprime borrowers to apply with them; however, they don’t guarantee mortgage approval for such borrowers.
Established in 2018, Citadel Mortgages is a full-service mortgage brokerage based out of Toronto. The brokerage has seven offices in Canada, including one in Regina. The brokerage lets borrowers apply online and also offers a pre-qualification tool that can pre-qualify them under 60 seconds. Borrowers can alternatively apply in person or over the phone.
As the brokerage works with various lending partners, including banks, credit unions, and private lenders, it is able to offer mortgages for borrowers with all kinds of credit. Mortgage services offered by Citadel Mortgages include
The brokerage also offers an all-in-one mortgage solution that combines borrowing and deposits in a single account. This solution enables borrowers to pay off their mortgage and debt sooner. The brokerage also gives incentives to its clients, such as AIR MILES, complimentary hotel stays, and cashback.
The Calgary-based brokerage has 11 offices spread across five provinces in Canada. The brokerage doesn’t have an office in Regina; however, borrowers may apply online through the website or call the brokerage’s toll-free phone number. Borrowers can also request a callback or send a message through the website. According to the brokerage, their clients save an average of $3,000 in mortgage interest.
To ensure that their clients get the lowest rates, the brokerage gives them the ‘lowest rate guarantee.’ Through this guarantee, the brokerage aims to match or beat a lower rate offered by any other brokerage.
True North Mortgage’s in-house lender, THINK Financial, is currently offering a solution called ‘Rate Relief’ to provide temporary respite from the increased mortgage rates. By opting for the product, borrowers can get a low fixed-rate mortgage for six months. In exchange, they must renew their mortgage with THINK Financial after the six-month period or pay them a 1% administration fee to renew with a different lender. The services offered by True North Mortgage include:
CanWise is a lender that offers its mortgage rates only through its own brokerage, Ratehub.ca. Their mortgage products have several features, like mortgage porting and bridge financing. Borrowers looking to pay off their mortgage early can benefit from the prepayment privileges they offer. Borrowers can increase their monthly payments or make extra annual payments. CanWise registers the mortgage as a collateral charge but a standard one. The mortgage solutions borrowers can get from them include:
The online brokerage service QuestMortgage is offered by a subsidiary of the Questrade Financial Group, which is known for its online trading platform Questrade. The platform lets borrowers apply for a mortgage and get approved completely online. However, borrowers can talk to an agent over the phone for advice or to get the latest rates. Approval is subject to meeting standard credit and residential mortgage criteria.
During the application process, borrowers can opt for creditor’s insurance (provided by Canada Life) to secure their mortgage. Borrowers also get prepayment privileges. Each year, they can pay off an extra 20% of the balance at the beginning of the term. Alternatively, they may choose to increase their monthly payments by 100%.
The Mortgage Group is a mortgage brokerage that operates across Canada. Established in 1990, the brokerage has over 1,400 mortgage professionals working across Canada. TMG has its own offices in some cities, along with independently operating brokers. There are over 45 independently operating TMG mortgage brokers operating in Regina. Borrowers can find a TMG broker close to them through TMG’s website or apply online.
The Regina-based mortgage brokerage Focus Mortgage Solutions was established in 2007. Borrowers can check their latest rates on their website and can also apply online. The company offers a reimbursement for home appraisal costs (up to $350) when the mortgage requires an appraisal. Borrowers can contact the brokerage through phone or email or visit the office in person.
Several brokerages in Canada are a part of broker networks. The broker networks such as Dominion Lending Centres, Mortgage Alliance, Mortgage Architects, and Verico have hundreds of brokerages as a part of the network. The brokerages have access to the network’s rates and services but are independently owned businesses. Some networks are part of larger financial groups like M3 Financial Group and DLCG Mortgage Group.
With over 2,900 mortgage professionals and 350 offices across Canada, Dominion Lending Centres is one of the largest broker networks in the country. The brokers in the network have access to rates from over 90 lending institutions. The broker members can use the tools and resources provided by the network to support their businesses and attend training sessions to stay up to date. Borrowers, on the other hand, can use the network’s mobile app, ‘My Mortgage Toolbox,’ to start planning their mortgage.
The oldest mortgage broker network operating in Canada, The Mortgage Centre was established in the year 1989. The network has over 1,800 brokers, 127 franchises, and 259 offices spread from coast to coast in Canada. The network provides marketing tools, training programs, and the latest technology to the brokers in the network to help them provide outstanding service to the clients.
The FCAA (Financial Consumer Affairs Authority) issues licenses to mortgage brokers in Saskatchewan. To be licensed as a mortgage broker, individuals must complete the Saskatchewan Mortgage Associate Course and the Saskatchewan Mortgage Broker Education Program. The courses are offered online through Mortgage Professionals Canada.
After completing the courses and passing the course examinations, the individuals must submit an online application with FCAA and complete other formalities, such as paying the fees and providing supplementary documents. Once licensed, the broker must complete an approved continuing education course by May 31st of every year that ends with an even number to maintain their license in good standing.