The Best Mortgage Lenders In Canada
I m often asked who are the best mortgage lenders in Canada? Great question! After all, if you re going to be paying a mortgage lender every month for a very long time you want to partner with a lender worthy of your business. And if you re thinking ahead, you want to team up with a lender that offers great rates plus flexible terms and useful features. Below I ve listed 4 excellent mortgage lenders you want to check out.
But first, let me share with you an insider s secret! The reality is, there isn t a huge difference from one lender to the other especially when it comes to mortgage lenders working in the A market. By A market I m talking lenders who deal with borrowers with good credit and income. But, what sets lenders apart is the value add: exceptional customer service, flexible terms, useful options . There is no deluxe, luxury mortgage lender so it s tricky and subjective to determine the best mortgage lender.
I can however, use my experience to share with you, in my mind, the best mortgage lenders who work hard to keep your business. Not only am I basing my shortlist on lenders who consistently offer low rates, something you re understandably interested in, but also, levels of customer service and flexible mortgage terms. While low rates are fantastic, you also want to partner with a mortgage lender that offers you the ability to make changes, refinance, or discharge your mortgage.
The 4 Best Mortgage Lenders
ING DIRECT ING Direct is Canada s largest direct bank and part of ING Group, one of the world s largest providers of integrated financial services. Competitive, simple products and the ease of doing business is ING DIRECT s commitment to you and the main reason I love sending my clients to the Orange bank. ING leads most lenders when it comes to their pre-payment policies (25% priveleges), actually putting money where their mouth is in their unmortgage ad campaign.
MERIX FINANCIAL Merix Financial has built their business by leveraging on the expertise and knowledge of their mortgage broker partners. In the 2011 Mortgage Broker Survey where brokers are asked to rate mortgage lenders, Merix Financial ranked second overall. They re a clear winner when it comes to consistency of competitive rates. What does this mean to you? You ll be working with a mortgage lender offering the lowest rates and outstanding customer service. Merix Financial has an awesome selection of products. I hold my own mortgage at Merix. What could be a better endorsement? Click here to check out their client brochure.
STREET CAPITAL FINANCIAL Street Capital is a relatively new comer to the Canadian mortgage landscape but in 5 short years they have already become Canada s 7th large mortgage lender. Street Capital prides itself on offering consumers competitive products and interest rates with an exceptional level of service. Their customer support is dedicated to making your experience a positive one. I have experienced this first hand while working with their team. Street Capital is a solid lender. You can t go wrong with them. Click here to download the Street Capital client brochure.
MCAP Last year Canadian mortgage professionals voted MCAP as their preferred lender. If you ve been through the mortgage application process before you know how confusing and tedious the experience can be. Common sense lending, good policy procedures and great customer support staff makes MCAP a great option.
Perhaps you re not familiar with these lenders. That s normal and a question I m often asked is I haven t heard of this lender, how do I know this lender will stay in business? Jokingly I respond by saying: great, if they go out of business you want to hope they lose your mortgage file too! The reality is that your mortgage is a fully enforceable contract until the end of the term. So the interest rate, terms and conditions can t change. Secondly, your mortgage represents a valuable asset to the lender and even though the operation might go out of business there are always banks willing and able to pick up a solid mortgage portfolio.
Remember, to work with any of these lenders you need to connect with a mortgage broker who can access these great lenders on your behalf. If you have any questions please reach out to me. I love questions and like to answer them all. In the meantime, comment below and share with me what lender you re working with. I always love to hear from my readers.
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Christopher Molder is a registered mortgage broker with: