Looking for a Mortgage Broker in Canada? These Are the Best Ones

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Purchasing a home is a difficult process. It’s so complicated, in fact, that it’s best not to tackle it alone. This is where a mortgage broker comes in.

When it comes to obtaining a mortgage, many Canadians prefer to work with a mortgage broker. Mortgage brokers are licensed specialists who act as go-betweens for creditors and mortgage holders. They usually do not offer you a mortgage immediately, but rather show you a variety of mortgage options from various lenders.

The entire point of using a mortgage broker is to save time that you would otherwise spend shopping for rates. So why waste time deciding which mortgage broker to use when we have conducted the investigation for you? Here are our recommendations for the top Canada mortgage broker.

1. Nesto

Nesto, a Montreal-based developer, has only been in business for a few years. This makes it one of Canada’s latest mortgage brokers. Even so, it has already received considerable positive feedback and newspaper coverage.

Nesto collaborates with lenders all across the country to provide extremely low rates to Canadians looking for a new mortgage or re-mortgaging their property. They also provide mortgage renewal services.

2. Homewise

Homewise is yet another online-only broker. This broker collaborates with more than 30 banks and lenders to provide low mortgage rates.

Their primary sales idea is simplicity of use. In only five minutes, customers can complete a list of questions that results in a profile unique to them. The Homewise site then matches their account with the various mortgage choices available in the industry.

3. QuestMortage

You’ve probably heard of Questrade, the company that powers QuestMortgage. They’re well-known for becoming one of the top online investment management tools. They’ve been in business since 1999.

QuestMortgage is the company’s newest product, but don’t let that deter you. Through its trademarked BetterRate mortgages, QuestMortgage provides significant savings to its customers by providing better rate mortgages in both fixed and variable rates. The customer service team at QuestMortgage can assist you in determining which format is best for you.

4. True North

True North Mortgage is based in Calgary and was founded in 2003. This mortgage broker now provides mortgages to Canadians all over the country, whether online, over the phone, or in-store in 11 different places. If you value the trust that people can build through face-to-face relations, these physical locations give this brokerage a major benefit over other online choices.

5. Large Banks as Mortgage Brokers

You may have looked over this list of mortgage brokers in Canada and concluded that none of them appeal to you. This is understandable. Trusting your mortgage to an online company isn’t for everyone.

That’s why there is always the choice of using one of the major banks. However, going straight to the supplier isn’t always the best solution and usually requires some manual shopping around to ensure you’re getting the best deal. Nonetheless, it’s the alternative some people prefer.

Why Should You Use a Mortgage Broker?

The main benefit of using a mortgage broker is that they save you the time and effort it takes to compare rates from different lenders. While banks can only offer you one option, brokers offer you options from a wide range of mortgage companies.

Because a few lenders refuse to work with brokers, however, some of your choices will be limited. Nonetheless, you will have more options than you would by sticking with a traditional bank.

Additionally, some mortgage brokers may also be able to provide lower interest rates. Based on your credit score, you may not even have to pay a charge to use the services of a mortgage broker.

What Should You Search for in a Mortgage Broker?

Working with a mortgage broker allows you to save time on research, but it does not eliminate the need for research entirely. You should still conduct some research to ensure that you are selecting the best brokerage for you. Below are a few factors to look out for:

What tends to happen if you have to pay off your mortgage? Mortgage brokers should have a policy in place that outlines what happens if you are unable to pay. These can sometimes carry severe penalties, so do your homework first.
Do you know anyone in your personal life who has previously used a mortgage broker? Can they make a suggestion?
How important do you think it is to be able to get real-time guidance from a mortgage broker? Because not every online brokerage firm provides online chat support, make sure to look into it if this is essential to you.
Is your mortgage broker trying to offer a fixed or variable rate mortgage? Remember that regardless of the financial system, the monthly payment on a fixed-rate mortgage will always remain about the same. Monthly payments on differential mortgages, on the other hand, can fluctuate.
Do brokers get paid on a commission basis? Many online banks do not operate on commissions. Their employees receive only salaries. Therefore, this is worth checking into. Some mortgage shoppers are uneasy in surroundings where contractors receive a fee for their work.

Conclusion

Whether you have a home-based business or you spend your days in the corporate world, use the tips in this article to look for the best Canada-based mortgage broker to help you find a great place to live.