Acting on behalf of the borrowers, mortgage brokers shop for the best mortgage rates available in the market. Mortgage brokers can access multiple lenders and find the best deal for their clients. Their service to the clients is free, and they are paid 0.5% to 1% in commission by the lender. Mortgage broker is a licenced profession in Canada. The BC Financial Services Authority (BCFSA) issues licenses for mortgage brokers in British Columbia.
Founded in 2018, nesto is a fast-growing digital lending platform with its headquarters in Montreal. As opposed to traditional commission-based earning, nesto’s agents get paid a fixed salary, which ensures that they offer unbiased advice and the absolute best mortgage interest rates to the customers without any vested personal interest. The company prides itself in offering its customers a ‘floor rate,’ the best possible rate a bank can offer.
The application process is entirely online and can be completed anytime and anywhere. The online application can be completed within minutes, and applicants can seek help from advisors through email or phone. Because of its strict lending guidelines, nesto requires its customers to have a minimum credit score along with no missed payments.
Similar to Butler Mortgage, nesto also offers a low rate guarantee. If their customers find a better rate at another brokerage, nesto tries to beat or match the rate. If they fail to do so, they compensate the customers with $500 as a goodwill gesture toward their mortgage funding. They also offer featured rates with an extended rate lock-in period of 150 days instead of the regularly offered 120 days. In addition, there are periodic promotions offered by nesto, such as a cash-back mortgage, wherein borrowers can get 1% cash back on the mortgage amount, up to a maximum of $9,250 for a 5-year term.
There are currently three financing options available offered by nesto:
MortgagePal is an online brokerage based out of Vancouver that works with various lenders, including banks, credit unions, and mortgage-only lenders. Borrowers can directly apply online or get on a call with the brokerage. MortgagePal is focused on customer experience and has a team of over 30 mortgage agents. Being a high-volume brokerage, they have access to special rates offered by lenders.
Neo Mortgage is a brokerage service by Neo Financial that enables borrowers to close a mortgage online. The application to the approval process is fully digital, allowing borrowers to get a mortgage within minutes. The application can be made anytime and from anywhere. According to the brokerage, borrowers can save thousands of dollars in interest with them. There are five lending partners listed on their website currently, and the products offered are mortgages for new purchases, renewal, and refinance. Neo mortgages also work with borrowers with low credit scores; however, they do not guarantee a mortgage for such borrowers.
Established in 2006, True North Mortgage offers mortgage services throughout Canada. Headquartered in Calgary, the brokerage has 12 offices across Canada, with two being in Vancouver. Borrowers can walk into any office or contact them over the phone or online. In addition, they offer a unique personal service called mobile brokers. Mobile brokers have flexible hours and meet you at your selected location and time. According to True North Mortgage, they save an average of $3,000 for their clients.
True North Mortgage offers the lowest rate guarantee to their clients. If a client finds a lower rate elsewhere, True North will beat the rate or compensate the client with $500. Additionally, True North mortgage is currently offering a solution called ‘Rate Relief’ through its in-house lender, THINK Financial, to provide temporary relief from the increased mortgage rates. Rate Relief offers a lower fixed rate for six months, after which the borrowers can either renew their mortgage with THINK Financial or pay them a 1% fee. True North Mortgage offers the following services:
The Canadian lender CanWise offers its mortgage rates only through its brokerage Ratehub.ca. The brokerage works with various lenders, including banks and other financial institutions. You can get a variety of mortgage solutions from them which include:
Mortgage products from CanWise lending have features such as mortgage porting, bridge financing, annual additional lump-sum payment options, and increasing regular payment. With CanWise lending, your mortgage gets registered as a standard charge, not collateral.
Citadel Mortgages is a full-service mortgage brokerage established in 2018. It has seven offices in seven different provinces of Canada. They offer mortgage services such as:
They also offer a product called all-in-one mortgage solutions that combines mortgage with HELOC for borrowers to pay off their mortgage faster. Citadel Mortgages works with various lenders, including banks, credit unions, and private lenders, while extending their services to borrowers with good, bad, and no credit. Borrowers can get prequalified for a mortgage with Citadel Mortgage within 60 seconds. Citadel Mortgage offers limited-time incentives to borrowers, such as cashback, complimentary hotel stays, and AIR MILES.
Butler Mortgage is a leading mortgage brokerage in Canada that was founded in 1995. The brokerage is headquartered in Toronto and offers its services mainly in Ontario, British Columbia, and Alberta. Butler Mortgage has over 350 lending partners, including banks and credit unions, and offers its clients access to various mortgage and financing options that include:
Butler mortgage offers rate guarantees to its customers in the form of an Up-Front Rate Guarantee and an After-Approval Rate Guarantee. Butler Mortgage guarantees the best up-front interest to its customers, and if a customer finds a better rate elsewhere, the brokerage compensates them with $500 at the time of closing. Subsequently, the brokerage watches for lower rates for already approved customers. If a lender advertises a rate of 0.1% lower and your lender refuses to match the rate, the brokerage allows you to switch lenders for free. In addition, Butler Mortgage offers a RateGuard Approval that helps its customers to lock in rates for up to 120 days, during which if the rate falls, the customer can get the new lower rate.
Questrade is a popular online trading platform in Canada, and QuestMortgage is the online mortgage platform they offer. With QuestMortgage, a borrower can apply and get approved online. Mortgage advisors are available for a phone consultation to answer all the queries of borrowers, and one can also call them to check for the best available rates. The offered rate can be locked in for up to 120 days.
QuestMortgage offers some prepayment privileges as well. Borrowers can pay an extra lump sum every year, up to 20% of the balance at the beginning of the term. Borrowers can also increase their monthly payment by 100% of the original monthly payment at any time. Additionally, borrowers can secure their mortgage with creditor’s insurance with Canada Life, for which they can apply at the time of application.
Based out of Vancouver, The Mortgage Group is a brokerage established in 1990. The brokerage has a team of over 800 mortgage professionals servicing all of Canada, and borrowers can find the broker closest to them through TMG’s website. Alternatively, an online application option is also available. Borrowers can also use the multitude of tools and calculators available on TMG’s website.
Clear Trust Mortgages is a Vancouver-based boutique brokerage with offices in Vancouver and Toronto. The brokerage that has been ranked as one of the top-performing firms in Canada by Mortgage Professionals of Canada has more than 100 brokers. They believe in providing personalized service and finding the best deal for their clients. Besides mortgages from banks, they offer rates from credit unions, B-lenders, and private lenders. They also provide prepayment privileges on mortgages.
Green Mortgage is a Vancouver-based brokerage established in 2011. Apart from residential mortgages, they provide access to commercial mortgages. They specialize in building real estate portfolios and real estate investing. They have access to over 60 lenders. They offer mortgages for first-time buyers, refinance, renewal, investment properties, and commercial properties.
Established in 1994, One Stop Mortgage Corp. is a brokerage offering its services in British Columbia and Alberta. It is a full-service brokerage that offers mortgage, HELOC, debt consolidation, construction loans, and mortgage investment opportunities. Borrowers can get instantly approved over a phone call and have the money available in 24 hours. They work with various lenders and offer services to borrowers with bad or no credit scores.
Dominion Lending Centres is one of Canada’s largest mortgage broker networks, with more than 400 offices across Canada. Over 3,000 mortgage experts in the network work with over 90 lenders. They aim to offer their clients the best mortgage rates and impeccable service. The brokers in their network have access to various tools and resources through their mobile app, ‘My Mortgage Toolbox.’ The brokers can also be a part of training sessions and other programs to update themselves and keep up with industry standards.
VERICO is a mortgage broker network established in 2005. The network is spread from the east coast to the west coast of Canada. There are over 230 mortgage businesses (3500+ mortgage advisors) that are a part of the network. The brokers in the network help finance homes for over 45,000 Canadian families every year. The network was named the National Broker Network of 2022 at the Canadian Mortgage Awards.
M3 Financial Group is Canada’s largest non-bank mortgage originator. It has a network of over 8,300 brokers as a part of its subsidiaries that include Mortgage Alliance, Multi-Prêts Mortgages, Invis, Mortgage Intelligence, Simplinsur/SimplAssur, Verico, M3 Tech, M3 Ventures, YourMortgageMarket.com and Pinch Financial. They have a consumer focused approach and work with over 133 lenders.
Mortgage brokers require to be licensed by BC Financial Services Authority (BCFSA) in British Columbia. Getting a mortgage broker license in the province is a two-step process. First, one must undertake the University of British Columbia's Mortgage Brokerage in British Columbia course. After completing the course and its examination, individuals can apply for the sub-mortgage broker license. After getting the license, one must complete UBC’s Broker’s Licensing Course before applying for the mortgage broker license. Read more about becoming a mortgage broker in Canada .