An alternative to approaching lenders directly for a mortgage is to go through a mortgage broker. Mortgage brokers are professionals who have access to special mortgage rates from multiple lenders. This enables them to find the best deals in the market for their clients, potentially saving them thousands of dollars in interest. Brokers earn a commission from the lenders for every successful transaction, and their service to the clients is free of cost. Mortgage brokering is a licensed profession in Canada, and each province has its own licensing procedure. In Manitoba, mortgage brokers are licensed by the Manitoba Securities Commission (MSC).
True North Mortgage is a Calgary-based brokerage that was established in 2006. Although the brokerage does not have an office in Winnipeg, borrowers can apply online through their website. Alternatively, they can call on True North Mortgage’s toll-free number to speak with an agent.
The brokerage gives its clients the lowest rate guarantee to ensure that they always get the best mortgage rate in the market. True North Mortgage does its best to beat or match the rate if a client finds a better rate at another brokerage. If they can’t do so, they compensate the client with $500 towards their mortgage amount.
The brokerage is currently offering a temporary solution through its in-house lender THINK Financial to provide relief from the increased mortgage rates in the country. This product is called ‘Rate Relief’, and it offers a low fixed-rate mortgage to clients for a six-month term. After the end of this term, the clients can choose to renew their mortgage with THINK Financial or pay them a 1% administration fee on choosing to renew with a different lender. The services offered by True North Mortgage include:
Neo Mortgage is a digital mortgage brokerage service offered by Neo Financial. Borrowers can get a mortgage quickly and easily through the digital platform. The application can be completed through their website within minutes, and no branch visits are required at any stage. Those requiring advice can get support from their mortgage specialists over a phone call. The brokerage’s website has five lenders listed on it currently. The brokerage offers three mortgage products at the moment:
According to Neo Mortgage, borrowers can potentially save thousands of dollars in mortgage interest through them. Neo Mortgage extends its services to borrowers with low credit scores, although it does not guarantee mortgage approval.
The mortgage lender CanWise offers its mortgage rates only through its brokerage arm Ratehub.ca. Borrowers can apply for a mortgage through the Ratehub website. CanWise’s mortgage products have features such as mortgage porting and bridge financing. Borrowers can pay off their mortgages early with prepayment privileges offered by them. CanWise registers mortgages as a standard charge and not a collateral charge. The mortgage solutions borrowers can get from them include:
QuestMortgage is a digital brokerage service offered by a subsidiary of the Questrade Financial Group. Borrowers can apply online through the brokerage’s website at any time. Their mortgage advisors are available for phone consultations, and the other modes of communication include online chat and email. Borrowers can also secure their mortgage with creditor’s insurance from Canada Life by opting to do so at the time of application.
Borrowers can get mortgages for new purchases, renewals, and refinance from QuestMortgage. The brokerage also offers some prepayment privileges. Every year, borrowers can pay off an extra lump sum amount of up to 20% of the balance at the beginning of the term. Borrowers can also increase the monthly payment by 100% of the original amount. QuestMortgage offers cashback of up to $5,000 on eligible mortgages.
The Mortgage Group is a Vancouver-based brokerage that was founded in 1990. Although the brokerage does not have an office in Winnipeg, borrowers from the city can contact their Saskatoon office for services. Alternatively, borrowers can directly apply online through their website. Some individually operating brokers are also a part of TMG’s broker network, and borrowers may be able to find one near them through TMG’s website. The Mortgage Group is a full-service brokerage and has over 800 mortgage brokers. TMG also offers several tools, calculators, and resources through its website.
Castle Mortgage is a brokerage based out of Winnipeg that offers mortgage, leasing, insurance and investment services. The brokerage has two offices, one in Winnipeg and the other in Steinbach. Borrowers can apply online, visit one of their offices, or give them a call. The brokerage provides various mortgage services, including new purchases, renewal, refinance, HELOC, second mortgages, and investment properties. One of the unique offerings is the Manulife One Mortgage, a solution that combines your debt, income, and savings into one account so that you can be debt-free sooner.
Mainstream Mortgages is a Winnipeg-based brokerage in the Dominion Lending Centres broker network. The brokerage deals with all kinds of mortgages, including residential and commercial mortgages, and also offers pre-approval. The brokerage also provides private mortgages and mortgages for borrowers with bruised credit. Clients can also get insurance of different kinds through them. Borrowers can contact the brokerage through the inquiry form on their website or over a phone call. Alternatively, borrowers can also apply directly through their website.
Ideal Mortgage Solutions is a Winnipeg-based brokerage that offers a wide range of mortgage solutions. Along with residential mortgages, the brokerage can also help borrowers get commercial mortgaes and construction loans. Additionally, those looking to consolidate their debt can also consult with the brokerage. Borrowers can check out the latest rates on their website and can also apply online using their 2-minute application form. Alternatively, borrowers can contact the brokerage through phone or email; or visit their office in person.
Mortgage broker networks have several independently operating mortgage businesses that have access to the network’s rates and tools. By becoming a part of the network, businesses get direct access to the best rates from a long list of lenders, which can otherwise be difficult and time-consuming. Some mortgage broker networks in Canada are part of larger financial groups such as DLCG and M3 Financial Group.
With over 3,000 mortgage brokers working in over 400 offices, Dominion Lending Centres is one of the largest broker networks in Canada. It is a subsidiary of the DLCG Mortgage Group along with Mortgage Centre Canada Inc. and Mortgage Architects. The network works with over 90 lenders and provides exclusive tools and resources to the brokers in the network. The brokers also have access to several training programs, helping them stay up to date. The brokerage also has its own mobile application, ‘My Mortgage Toolbox,’ that borrowers can use to plan their mortgages.
The Mortgage Centre, founded in 1989, is Canada's oldest mortgage broker network. With a vast network of 1,800 brokers, 127 franchises, and 259 offices across Atlantic Canada to British Columbia, the network equips brokers with marketing tools, training programs, and advanced technology to deliver exceptional customer service to clients.
To become a mortgage broker in Manitoba, an individual must complete the Manitoba Mortgage Salesperson Course that is delivered online by Mortgage Professionals Canada. The course takes approximately 40 hours to complete. After completing the course, one must apply for a license with the Manitoba Securities Commission (MSC). The license registration with MSC must be completed within six months from the date of successful completion of the course examination.