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Since 2017, Simplii has provided full-service banking to ensure its members get the best savings and efficient financial management. Currently, almost two million clients have found a simple way of banking with Simplii, backed by CIBC, a bank with over 150...
  • Services: 5
  • Rating: 5.0
nesto is a mortgage broker that offers mortgage services such as new mortgage, renewal and refinance with low rates and professional support. Its mission is to provide Canadians with positive and transparent financial service from beginning to end. They are...
  • Services: 1
  • Rating: 5.0
Source Capital is a Canadian company that specialises in mortgage brokerage with access to 350+ lenders, including banks, credit funds and other financial institutions. They provide first time home buyer mortgages, mortgage refinance, mortgage renewals, debt...
  • Services: 3
  • Rating: 5.0
Tangerine is an online-based bank that offers more interest with no banking fees. Their goal is to provide easy and simple everyday banking to Canadians. Tangerine Features One of the benefits you can access from Tangerine is its savings accounts which...
  • Services: 2
  • Rating: 5.0
Homewise is a Canadian company that provides an efficient and simple mortgage process for every home buyer in Canada. In just minutes, you can get the best mortgage in Canada without getting your credit checked. Homewise Features If you’re a home buyer...
  • Services: 1
  • Rating: 5.0

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Best Mortgage Brands in Canada

Finding the right mortgage brands can save you money and make your property buying experience less stressful. Additionally, if you find mortgage brands with an online presence, you can save valuable time.

Best Mortgage Brands

This article will discuss the best mortgage brands in Canada and the factors that can affect your mortgage rate.

Homewise

Homewise is among the largest mortgage brands in Canada that provide its services in multiple provinces. With their "client first" policy, Homewise promises seamless customer support for your home financing needs.

You can apply online through their website in less than 5 minutes and get the best mortgage quote. Once you are happy with the quote, you can apply for a mortgage with the help of an agent. Homewise gets you the best deal in the market, saving you up to $10,000.

Nesto

Nesto offers the best mortgage rates and services to Canadians. It offers loans for three plans, including home purchase, mortgage renewal, and mortgage refinance. They offer mortgages at one of the lowest interest rates possible.

Meridian Credit Union

Meridian is one of the biggest credit unions in Ontario, authorized with the management of over $27 billion. The Meridian Credit Union offers its members a complete range of financial products. This range includes mortgages, saving accounts, personal loans, credit cards, insurance, etc. Meridian also offers a 20/20 repayment option and cashback rewards that make it more appealing to buyers.

Tangerine

Launched in 1997, Tangerine is Canada's most loved bank that offers some of the lowest mortgage rates in the country. This online bank aims to address the problematic areas of conventional banking. Today, Tangerine provides a wide range of services, including Home Equity Line of Credit, mortgages, chequing, saving accounts, investments, etc.

Factors That Affects Your Mortgage Rates

A mortgage is just like purchasing any other product off the market. Hence you'll look for a company with a low-interest rate. Whereas the mortgage brands will try to increase their rates and minimize their risks. The Canadian mortgage rates can vary depending on various personal and economic factors.

GDP and Economy

Economic growth indicators like the unemployment rate and GDP highly affect your mortgage rates. The growth in consumer spending grows with the rise of the economy. This growth also includes individuals that seek a mortgage to buy homes. Thus the mortgage rates in Canada depend on the global market.

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Your Credit Score

The biggest worry of a mortgage lender is that you won't repay the loans. You can relieve this worry if you have a good record of repaying your loan amount on time. A good credit score can also help you get lower interest rates than individuals with lower credit scores. You are more likely to get your loan approved if you have a score between 670 to 680.

Prepayment Risk

Prepayment is another concern for lenders as they wouldn't be able to make their money if you repay the loans early. It would not be possible for the lender to make money because the rates would fall. Therefore, the interest rates on an open loan are higher than on a closed loan. This is because it limits how much you can pay off early.

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Offers shown here are from third-party advertisers. We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer. Information is provided by the advertiser and is shown without any representation or warranty from us as to its accuracy or applicability. Each offer is subject to the advertiser’s review, approval, and terms. We receive compensation from companies whose offers are shown here, and that may impact how and where offers appear (and in what order). We don’t include all products or offers out there, but we hope what you see will give you some great options.

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April 29, 2022
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FAQs about
Mortgage Brands

How Are A Lenders Different from B Lenders?

Lenders that cater to people with good credit history and stable qualifying income are called A lenders. In comparison, B lenders offer their services to the people that do not fit into the criteria of A lenders. The individuals rejected by the A lenders due to their poor credit history are suitable candidates for the B lenders.

Does Mortgage Have Tax Benefits?

Regarding loans against property, please understand that this loan is not tax-deductible, whether you took it for business or personal reasons. When you take a home loan, you invest in property in exchange for money. Therefore, the loan can be exempted from taxes.

Is It Possible to Get a Mortgage in Canada without a Job?

You can get a mortgage in Canada without having a job. This is possible only if you agree to make a minimum 35% purchase price down payment. If you can pay the amount, you can qualify for the mortgage even if you are not currently employed.

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