Top 8 Mortgage Brokerages in Regina
Mortgage brokers are professionals who act on behalf of borrowers to find the best mortgage rates in the market. With access to rates from multiple lenders, they can negotiate a competitive deal for their clients. A broker's service is generally free to the borrower, as they are paid a commission by the lender, typically ranging from 0.5% to 1% of the mortgage amount. In Saskatchewan, mortgage brokering is a licensed profession overseen by the Financial and Consumer Affairs Authority (FCAA) under The Mortgage Brokerages and Mortgage Administrators Act. Listed below are some of the best online and local brokerages serving Regina.
Quick Picks
- The Mortgage Group: The Mortgage Group is a leading brokerage that operates across Canada. The brokerage has over 1,900 mortgage professionals in its network, with brokers operating in Regina.
- Kindred Mortgage Co.: A Regina-based independent brokerage serving Regina, Saskatoon, and surrounding Saskatchewan communities. It offers a personalized, relationship-focused approach, shopping multiple lenders to find competitive rates for first-time buyers, renewals, and refinances.
Top Mortgage Brokers in Regina
Regina Online Brokerages with Competitive Rates
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:
- New Mortgage
- Mortgage Renewal
- Mortgage Refinance
Neo Mortgage encourages subprime borrowers to apply with them; however, they don’t guarantee mortgage approval for such borrowers.
The Calgary-based brokerage has 12 store locations across 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.
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 also offers a 'Rate Relief' product through its in-house lender THINK Financial. Available as a six-month fixed-rate option for eligible new purchases and switches, it is designed to provide borrowers with a lower initial rate. Borrowers who choose not to renew with THINK Financial at the end of the term will be charged a 1% non-renewal fee on the outstanding balance. This product comes with a 120-day rate hold and is available only through a True North Mortgage broker. The services offered by True North Mortgage include:
- New Mortgage
- Pre-approval
- Refinance
- Renewals and Transfers
- Mortgage Porting
- HELOCs
- International Home Purchases
- Self-Employed Mortgages
- Reverse Mortgages
- Purchase Plus Improvements
- Newcomers to Canada
- Vacation and Secondary Homes
- Investment Properties
- Non-Resident Mortgage
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:
- Mortgages for buying
- Refinance
- Vacation / Second Home
- Newcomers to Canada
- Renewing
- Divorce
- First-time homebuyers
- Business / Self-employed buyers
The Mortgage Group is a mortgage brokerage that operates across Canada. Established in 1990, the brokerage has over 1,900 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.
Local Regina Mortgage Brokerages
The Regina-based mortgage brokerage Focus Mortgage Solutions was established in 2007. An independent brokerage with nearly two decades of experience, Focus works with a wide range of lenders to find competitive rates and flexible options for its clients, including first-time homebuyers, homeowners refinancing or consolidating debt, and investors. Borrowers can contact the brokerage by phone, email or visit the office in person.
Kindred Mortgage Co. is a Regina-based independent brokerage with a team of experienced brokers and associates. It serves clients in Regina, Saskatoon, and communities across Saskatchewan. Kindred offers residential and commercial mortgages and works with a wide range of lenders to find competitive rates and flexible options for first-time homebuyers, refinancing and debt consolidation, mortgage renewals, new-to-Canada borrowers, and rental or second properties. Borrowers can use the calculators on the brokerage's website, apply online, or book a free consultation, and Kindred also offers in-house Notary Public services.
Mortgage Broker Networks in Canada
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.
About Mortgage Brokers in Saskatchewan
The Financial and Consumer Affairs Authority (FCAA) licenses mortgage brokers and associates in Saskatchewan under The Mortgage Brokerages and Mortgage Administrators Act. Becoming licensed is a two-step process: you first become licensed as a mortgage associate, then, after gaining experience, you can apply to become a mortgage broker.
To be licensed as a mortgage associate, you must be 18 or older and a resident of Canada, be authorized by a licensed mortgage brokerage to deal in mortgages (working for only one brokerage), and complete the Saskatchewan Mortgage Associate Course offered online through Mortgage Professionals Canada, passing its final examination.
To become a mortgage broker, you must complete the Saskatchewan Mortgage Broker Education Program and pass its exam, and you must have been licensed as an associate for at least 24 of the 36 months preceding your application (unless exempt). Both courses take roughly 40–60 hours and require a financial calculator.
Licences are continuous but must be maintained each year: licensees must pay the $400 annual licence fee and submit an annual return for the year ended May 31 through FCAA’s Registration and Licensing System by June 30. Mortgage brokers and associates must also complete the approved continuing-education requirement by May 31 in even-numbered years.
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