Top 8 Mortgage Brokerages in Saskatoon
Mortgage brokers are professionals who act on behalf of borrowers to find the best available mortgage rates in the market. They can negotiate competitive deals by accessing offers from multiple lenders at once. Brokers are compensated by commission paid by the lender, typically ranging from 0.5% to 1% of the total mortgage amount, so borrowers generally pay nothing directly for a broker’s services. In Canada, mortgage brokering is a licensed profession. In Saskatchewan, the Financial and Consumer Affairs Authority (FCAA) issues mortgage broker licenses and oversees the profession. Listed below are some of the best online and local brokerages serving Saskatoon.
Quick Picks 💡
- 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.
- Mortgage Now Inc.: Mortgage Now Inc. is a Saskatoon-based brokerage serving Saskatoon and the surrounding area. The brokerage works with dozens of lenders and offers mortgages for new purchases, renewals, refinances, first-time homebuyers, and more. Borrowers can apply online or meet the team in person.
Top Mortgage Brokers in Saskatoon
Saskatoon Online Brokerages with Competitive Rates
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 works with a number of regulated 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 store locations spread across five provinces, along with several mobile brokers. 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 also offers a 'Rate Relief' product through its in-house lender, THINK Financial. Available as a short-term (6-month) fixed-rate option for eligible new purchases and switches, it is designed to give borrowers a lower initial rate. Borrowers who choose not to renew with THINK Financial at the end of the term are 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
- 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
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
Local Saskatoon Mortgage Brokerages
Mint Mortgage is a Saskatoon-based brokerage with a team of 8 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 1000 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.
Established in 2012, The Mortgage Associates is a Saskatoon-based brokerage bringing together a team of experienced local brokers. The brokerage draws on a large network of national lenders to match each client with a competitive rate and product, at no cost to the borrower. Borrowers can work with the broker of their choice and apply online, by phone, or in person in Saskatoon. Borrowers can also join the brokerage’s Rate Notifier mailing list to get regular rate updates.
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
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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