Top 10 Mortgage Brokerages in Saskatoon
Mortgage professionals who work on behalf of borrowers to find the best mortgage rates and deals for them are known as mortgage brokers. Mortgage brokers have access to special rates offered by multiple banks and other lenders, enabling them to find the lowest rates available in the market. Mortgage brokers receive a commission from the lenders for every deal, which is usually 0.5% to 1% of the mortgage amount. The Financial and Consumer Affairs Authority (FCAA) issues mortgage broker licenses in Saskatchewan.
Quick Picks 💡
- Citadel Mortgages: Citadel Mortgages is a leading full-service brokerage with seven offices across Canada. The brokerage works with traditional lenders as well as b-lenders and private lenders, extending their services to borrowers with good, bad and new credit. They also offer promotions such as cash back and complimentary hotel stays.
- nesto: nesto is a leading digital lending platform based out of Montreal that offers a quick online application and approval process. Borrowers can benefit from their promotions such as cash back mortgage and extended lock-in period.
- Dominion Lending Centres: Dominion Lending Centres is one of Canada's largest mortgage broker networks, with more than 400 centers located across the country. Through its network of brokers, Dominion Lending Centres collaborates with over 90 lenders, providing them with access to exclusive mortgage rates.
Top Mortgage Brokers in Saskatoon
Saskatoon Online Brokerages with Competitive Rates
One of Canada’s leading online brokerages, nesto, was founded in Montreal in 2018. The platform offers an end-to-end digital mortgage process, allowing borrowers to apply and get approved for mortgages from the comfort of their homes. The application process is straightforward and can be completed within minutes. Borrowers with queries can contact nesto’s agents through email or phone.
A key factor that sets nesto apart from other brokerages is its compensation structure. The agents at nesto are paid a fixed salary instead of a commission, thus ensuring that they offer unbiased advice to their clients without any vested personal interest. According to nesto, they offer their clients the absolute minimum rates offered by banks, which is known as a ‘floor rate.’ Due to its strict lending guidelines, nesto currently extends its services only to borrowers with a good credit score.
To ensure that their clients get the best mortgage rates, nesto gives a low rate guarantee to its clients, promising to match or beat a lower rate offered by another brokerage. On failing to do so, they contribute $500 towards the client’s mortgage funding. 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:
- New Mortgage
- Mortgage Renewal
- Mortgage Refinance
Neo Mortgage is a digital brokerage platform built by Neo Financial. The platform aims to expedite the mortgage application and approval process by digitizing it. Borrowers can apply online within minutes, anytime, and from anywhere. Those who wish to speak to a mortgage agent can do so over a phone call. According to Neo Mortgage, borrowers can save thousands of dollars in interest with 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
Borrowers with low credit scores are also welcome to apply with Neo Mortgage; however, the brokerage does not guarantee their mortgage approval.
The Calgary-based brokerage True North Mortgage was established in 2006. The brokerage offers its services across Canada and has 12 physical locations spread across five provinces. Although they don’t have an office in Saskatoon, interested borrowers can apply online through their website or contact them over the phone. The brokerage suggests that it saves its clients an average of $3,000.
The brokerage is committed to finding the best rates and deals for its clients and therefore offers 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 is currently offering a solution called ‘Rate Relief’ through its in-house lender, THINK Financial, to offer temporary respite from the increased mortgage rates. Rate Relief offers a low fixed rate to borrowers for six months, following which the borrowers can either renew their mortgage with THINK Financial or pay them a 1% administration fee if they choose to renew with a different lender. The services offered by True North Mortgage include:
- New Mortgage
- Pre-approval
- Refinance
- International Home Purchases
- Self-Employed Mortgages
- Reverse Mortgages
- Purchase Plus Improvements
- Renewals and Transfers
- Mortgage Porting
- HELOCs
- Newcomers to Canada
- Vacation and Secondary Homes
- Investment Properties
- Non-Resident Mortgage
Citadel Mortgages is a leading full-service brokerage that has seven offices in seven provinces of Canada. The brokerage is headquartered in Toronto, and its Saskatchewan office is located in Regina. With Citadel, borrowers can apply online, over the phone, or in person. The brokerage offers a pre-qualification tool for borrowers to get prequalified within 60 seconds.
The brokerage works with a range of lending partners, including banks, credit unions, and private lenders, and offers mortgages for borrowers with all kinds of credit. Mortgage services offered by Citadel Mortgages are
- Purchase, Refinance, Transfer Mortgages
- Private Mortgages
- Equity Lending
- Second Mortgages,
- HELOC.
Additionally, the brokerage provides an all-in-one mortgage solution that allows you to combine your borrowing and deposits in a single account, enabling borrowers to pay off their mortgages faster. Borrowers can also get additional incentives with their mortgages, such as AIR MILES, complimentary hotel stays, and cashback.
The Canadian lender CanWise offers its mortgage rates exclusively through its brokerage arm, Ratehub.ca. CanWise’s mortgage products have features such as mortgage porting and bridge financing. The lender also allows some prepayment privileges, such as extra annual payments and the option to increase regular payments. The mortgage isn’t registered as a collateral charge but a standard one. The mortgage solutions borrowers can get from them include
- Mortgages for buying
- Renewing
- Refinance
- Vacation/Second Home
- Newcomers to Canada
- Divorce
- First-time homebuyers,
- Business / Self-employed buyers
QuestMortgage, a service offered by CTC (Community Trust Company), a subsidiary of Questrade Financial Group known for its online trading platform, enables borrowers to apply and receive approval online. Borrowers also have the option to seek consultation over the phone and can also call to inquire about the best available rates based on their unique circumstances. Approval is subject to meeting standard credit and residential mortgage criteria.
Borrowers can secure their mortgage by opting in for creditor’s insurance (provided by Canada Life) during the application process. The brokerage offers some prepayment privileges to its clients, enabling them to pay off their mortgages sooner. Every year, borrowers may pay off an additional amount of up to 20% of the balance at the beginning of the term. They can also choose to increase the monthly payment by 100% of the original amount at any time.
Local Saskatoon Mortgage Brokerages
Mint Mortgage is a Saskatoon-based brokerage with a team of 10 mortgage brokers and associates. Borrowers can contact the broker of their choice individually or fill out the contact form on their website. On their website, borrowers can find links to listing websites, including for sale by owner (FSBO) listings. The brokerage has a 5-star Google rating from over 800 reviews.
Mortgage Now Inc. is a brokerage based out of Saskatoon, offering mortgage services primarily in Saskatoon and Regina. The brokerage works with over 20 lenders and provides mortgages for new purchases, renewal, refinance, first-time homebuyers, investment properties, immigrant mortgages, and more. Borrowers can apply directly through their website or meet them in person. Their website also features a list of resources, such as insurance providers, appraisers, and legal professionals, that can help homebuyers in their journey.
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.
Dominion Lending Centres Inc. is a network with over 350 offices throughout Canada and over 2,900 mortgage brokers. These brokers collaborate with over 90 lenders to provide their clients with the most competitive rates possible. Network members can access exclusive tools and resources to help build and run their businesses. They can also attend special training sessions to stay current. Borrowers can use the 'My Mortgage Toolbox' mobile app built by the network to plan their mortgages.
Established in 1989, The Mortgage Centre is the oldest mortgage broker network in Canada. With 1,800 mortgage brokers, 127 franchises, and 259 offices stretching from Atlantic Canada to British Columbia, the network provides brokers with marketing resources, access to training programs, and cutting-edge technology to enable them to deliver outstanding customer service to their clients.
About Mortgage Brokers in Saskatchewan
Mortgage brokers in Saskatchewan are licensed by the FCAA (Financial Consumer Affairs Authority). To get a mortgage broker license, individuals must first complete the Saskatchewan Mortgage Associate Course and the Saskatchewan Mortgage Broker Education Program. Both the courses can be taken online through Mortgage Professionals Canada. After completing the courses, the individuals must fill the online application form to apply for a license and complete all the 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 in every year that ends with an even number to maintain their license in good standing.