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If you’re looking for a mortgage broker to work with, but are overwhelmed by all the different options of brokerages to consider, look no further. In a new blog series, we want to provide an overview of the major mortgage brokerages in Canada. This series should be especially helpful for first-time homebuyers, who may be unsure of which brokerage and specific Ontario mortgage broker to work with. First, we’re going to look at the top mortgage brokerages in Ontario.
Established in 2002, Centum has grown into a large network of independently owned mortgage brokerage firms with over 2,700 mortgage professionals. As a result of their size, Centum has developed a vast network of lenders and can leverage this network to find you the best rate. When you work with Centum, they will negotiate with multiple lenders at one time, to ensure that they find you the best mortgage rate for your specific situation.
Dominion Lending Centres (DLC) is a national mortgage brokerage that was launched in 2006 and has grown to have more than 2,200 mortgage professionals nationwide. DLC’s primary market is in Ontario, as 38 per cent of their brokers service the province. DLC offers a variety of mortgage rate options to buyers and has access to over 90 lending institutions. Because of their size and access too many lenders, DLC can offer innovative products such as interest-only loans, self-employment programs, rental purchase programs and vacation property programs. With their broad offerings, DLC has the capability to service many different types of consumers.
Invis was incorporated in 2000, through the amalgamation of four large national brokerages, and has more than 800 mortgage professionals working for them today. Invis is partnered with over 50 lenders, helping the brokerage offer diverse mortgage products to their customers. The brokerage provides timely and accurate advice to help ease the process for first-time homebuyers. They can also help guide you through the renewal process and can assist with a strategic refinancing plan.
Mortgage Alliance is licensed in every province and has corporate offices in many major Canadian cities. Mortgage Alliance professionals help walk first-time homebuyers through the mortgage process and will also help you throughout the life of your mortgage, especially when it comes time to renew or refinance. Before taking on a mortgage, Mortgage Alliance will help you review your credit score and guide you through ways to improve it.
Safebridge was founded in 2005 and offers mortgage, insurance and investment services. Safebridge provides ongoing management of your mortgage through its mortgage tracking program, which informs you of changes in the market that could reduce rates or improve cash flow. In addition to mortgage services, Safebridge provides financial planning services which are centered around your residential home mortgage.
The Mortgage Centre is a national mortgage brokerage that goes beyond just finding you the lowest rates – they will also do a free, thorough analysis of your specific financial situation and goals. The Mortgage Centre will search the market to find you a good rate that also has terms and features that fit your specific needs. They also offer a mortgage monitor that allows you to track and manage your mortgage every day.
True North Mortgage opened in Alberta in 1999 and today serves many different cities across Canada. True North Mortgage charges no fees and also covers your appraisal cost. They’ll deal with the banks for you and promise to get all of your questions answered within 48 hours. True North Mortgage also has access to many lenders and uses volume discounts to pass on their lower mortgage rates to you.
Beyond these major mortgage brokerages, there are other options in Ontario. The Mortgage Emporium and The Mortgage Teacher also offer low rates in the province. There are many good options when looking for a mortgage broker in Ontario, making it important to research different brands and find the right one for you.