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DUCA Financial Services Credit Union was established in 1954 by Dutch immigrants in Canada to provide a financial cooperative that would work for its members. Today, DUCA serves over 75,000 members in Southern Ontario through more than 16 branches. It is a member of Interac and joined the EXCHANGE Network in 2009 for ATM access.
B2B Bank is proudly 100% Canadian. It is a wholly-owned subsidiary of the Laurentian Bank and has served Canadians for over two decades. B2B is a Schedule I bank and a Canada Deposit Insurance Corporation (CDIC) member. B2B Bank offers customizable mortgage solutions for various qualifying credit scores.
MCAP Canada's largest independent mortgage finance company. This lender offers prime and alternative mortgage solutions backed by a robust technology platform and a dedicated team of financial experts. MCAP distributes its mortgages through the broker channel. MCAP mortgages have flexible payment schedules, prepayment, port, and extension options.
TD Bank is a major Canadian financial institution headquartered in Toronto, serving over 26 million customers worldwide. Founded in 1885, it offers a full range of financial products and services through Canadian Retail, U.S Retail, and Wholesale Banking.TD Canada is one of the major mortgage lenders, serving over 11 million Canadians.
MERIX Financial is a top mortgage lender, serving over 200,000 Canadians from coast to coast through its two brands, Lendwise and NPX. Lendwise offers prime mortgage solutions for borrowers with over 640 and excellent credit history, while NPX offers alternative mortgage solutions for those with less-than-stellar credit scores and records.
Your Neighbourhood Credit Union (YNCU) is a member-owned financial cooperative that operates mainly in Southwestern and some areas in Northern Ontario. It has grown through several mergers since the 1940s and offers personal banking, business banking, and wealth management. YNCU's mortgage products include fixed-rate, variable-rate, construction, purchase plus improvement, and CHIP reverse.
Equitable Bank is a major Scheduled I Bank with over $40 billion in assets under management. Founded in 1970, Equitable Bank offers a range of single-family residential lending, commercial lending, and savings solutions. It has offices in Toronto, Halifax, Montreal, Calgary, and Vancouver, is a member of CDIC, and is publicly traded on the Toronto Stock Exchange.
RFA is a Canadian investment firm managing $65 billion of commercial properties. They added residential lending in 2018, acquiring Street Capital Bank in 2019. RFA now provides various home loans via RFA Mortgage Corporation and RFA Bank of Canada. They aim to lead in the residential lending market by providing a good broker experience and diverse loan products.
IC Savings, formerly Italian Canadian Savings and Credit Union, opened in Woodbridge, Ontario in 2000 with $3 million, 130 members, and three employees. Within two years, IC Savings expanded to include a new mortgage center and corporate office, with over $100 million in assets. The government of Ontario granted IC Savings its charter in April 2000, and the former premier, The Hon. Mike Harris, was present for the opening ceremony.
First National is a leading non-bank lender in Canada that provides competitive mortgage solutions for Canadians with various credit scores. It originates and services commercial and residential mortgages across the country, offering Prime mortgage solutions for borrowers with top credit and income and mortgage solutions for those with low credit scores under its Excalibur brand.
Radius Financial is a fast-growing non-bank mortgage lender, managing over $1 billion in assets. Founded by experienced mortgage professionals, it offers diverse mortgage options to Canadians. Radius Financial is an approved lender with CMHC and Sangen, the country's largest Mortgage Default Insurance providers.
Haventree Bank is a federally regulated Schedule I bank and a CDIC institution that offers mortgage solutions for borrowers with challenging credit and income situations. Starting in Ontario, it has been expanding its operations in other regions and provinces to ensure that borrowers from coast to coast can get alternative solutions to make their homeownership dream a reality.
CMLS Financial is an independent mortgage services company providing commercial lending services, residential real estate mortgages, and institutional services to Canadians from coast to coast. Established in 1974, it has grown to over $20 billion under administration, with over $5 billion in mortgage originations annually.
Community Trust Company is a wholly-owned subsidiary of Questrade Financial Group. With over 46 years of experience, Community Trust offers alternative mortgage solutions to Ontario and British Columbia borrowers, and OSFI and a member of CDIC regulate it. Its parent company, Questrade Financial Group, is one of the leading fintech companies in Canada.
Bridgewater Bank, headquartered in Calgary, is a scheduled I bank specializing in Alternative Mortgage Lending. Its portfolio is worth over $3 billion, serving over 37,000 accounts in Canada, except Quebec, and it offers competitive residential mortgage solutions. It's a wholly-owned subsidiary of the Alberta Motor Association, established in 1997, and is a member of the CMHC and MBSIA.
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Banks are the most well-known and traditional type of mortgage lenders in Canada.
They offer a wide range of financial products and services, including mortgages. Banks are typically very selective in lending and may only offer mortgages to borrowers with excellent credit and income.
This means that borrowers with lower credit scores or unstable income may have a more challenging time getting approved for a mortgage with a bank.
Banks also tend to have strict lending requirements, such as a minimum down payment and may charge higher interest rates and fees than other types of lenders.
However, banks can offer stability and security, as they are often large, well-established institutions with a long lending history.
Another type of mortgage lender in Canada is a Credit union.
These are member-owned financial institutions offering various financial products and services, including mortgages.
Unlike banks, credit unions are not-for-profit organizations owned and operated by their members.
This means that credit unions may have more flexibility when it comes to lending requirements and may be more willing to work with borrowers who do not meet the strict requirements of traditional lenders.
Credit unions may also offer better rates and terms than banks, as they focus on providing value to their members rather than maximizing profits.
However, credit unions may have more limited resources than banks and may not offer the same level of convenience or accessibility.
These companies pool money from investors and use it to lend to borrowers.
Unlike banks and credit unions, which operate their funds to lend money, MICs rely on funds from private investors.
As a result, MICs may be more flexible in their lending requirements and offer higher interest rates than traditional lenders.
This makes MICs a good option for borrowers who do not qualify for bank or credit union mortgages, such as those with poor credit or unstable income.
However, borrowers should know that MICs may charge higher fees and have more stringent repayment terms than other lenders.
It is important to do thorough research before working with a MIC to ensure that it is a reputable and trustworthy company.
Private lenders may be an option to borrow money without going through a bank or credit union. Private lenders are individuals or companies that directly lend money to borrowers and may have more flexible lending requirements than traditional lenders.
This makes them a popular choice for borrowers who don’t meet the strict criteria of traditional lenders, such as those with poor credit or high debt-to-income ratios.
Private lenders typically charge higher interest rates to cover the increased risk they take on. It’s crucial to thoroughly research private lenders before agreeing to a loan to avoid predatory practices or excessive fees.
Additionally, it’s important to note that working with a private lender may not provide the same level of consumer protection as working with a traditional lender.
When it comes to securing a mortgage, you have two main options: working with a mortgage broker or working directly with a mortgage lender.
There are significant differences between the two that you should be aware of.
A mortgage broker acts as a middleman, connecting you with multiple mortgage lenders. They work on your behalf to find the best mortgage options based on your financial situation and needs.
Mortgage brokers have access to a wide range of lenders and can often offer you a better interest rate and terms than you could secure on your own.
They can also guide you through the application process and provide expert advice on choosing the right mortgage.
However, it’s important to note that most mortgage brokers charge a fee for some of their services, which can vary depending on the broker and the lender.
Alternatively, a mortgage lender is a financial institution that directly provides you with a mortgage.
This can be a bank, credit union, or other lending institution. While working with a mortgage lender directly may result in a lower fee, you’ll have a more limited range of options.
You’ll also need to research to find the best mortgage lender for your financial situation and needs.
Whether you work with a mortgage broker or a mortgage lender depends on your financial situation and needs.
Choosing the right mortgage provider in Canada can be daunting, but it’s a critical step in achieving your dream of homeownership.
With so many available options, it’s essential to research and chooses a provider that meets your financial needs and goals.
First and foremost, consider the interest rates and terms offered by potential mortgage providers. Interest rates vary widely between providers, so comparing rates and terms is essential to ensure you get the best deal possible.
Additionally, read the fine print and understand any potential fees or penalties associated with the mortgage. A provider may offer a lower interest rate but charge higher fees that ultimately make the mortgage more expensive in the long run.
Next, consider the provider’s reputation and customer service. Look for reviews and feedback from other customers to understand their experience with the provider.
Additionally, consider the provider’s accessibility and willingness to answer questions or provide guidance throughout the mortgage process.
A provider with excellent customer service can make the process smoother and less stressful.
Finally, consider any additional services or benefits offered by the provider.
Some providers may offer additional services, such as financial planning or investment advice, that can benefit your overall financial goals.
Additionally, some providers may offer special deals or promotions to save you money in the long run.
Choosing the right mortgage provider in Canada requires careful research and consideration. You can find a provider that meets your financial needs and goals by evaluating potential providers based on their interest rates, reputation, customer service, and additional benefits.
When selecting a lender for your mortgage, several factors must be considered. These factors include:
By considering these factors when selecting a lender for your mortgage, you can make an informed decision that fits your specific financial needs and goals.