This Source Capital review covers everything you need to know about the mortgage brokerage. Finding a mortgage can be an intense and arduous process.
You have to consult multiple lenders before settling on one. Read our Source Capital review to discover more about this mortgage broker including the benefits, drawbacks, quality, & cost of their service.
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Last Updated: Jan 22, 2023
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Luckily, mortgage brokerages like Source Capital exist to ease the burden of finding a mortgage.
Source Capital is a mortgage brokerage that offers various home loan solutions in Canada. The company has a vast network of lending partners comprising banks, credit unions, and other financial institutions. Source Capital also offers a variety of mortgage programs.
|Top Features of Source Capital||Requirements for Source Capital|
|⚡ Superfast and it’s free|
? Utilize up to 85% of home equity
? Convenient process
|? Have a steady income|
? Low credit requirements
And this includes first-time home buyers’ home loans, refinancing, and renewals. That said, they boast a simple online application process and guided service.
It’s never a bad idea to take advantage of services that simplify the home buying process. They’ll save you time and the hassle of dealing with multiple mortgage lenders. This Source Capital review will provide detailed information about this mortgage brokerage. Read on to capitalize on this free mortgage solution.
Most people can’t afford to buy a property with cash, so they opt for a mortgage instead. When you get a mortgage, you have to make sure it has a reasonable interest rate and excellent terms. Otherwise, it’ll negatively affect your financial health down the road.
Finding a suitable lender is a significant challenge, especially for first-time homebuyers. You can scour the internet or drive around your city searching for a lender for hours, to no avail. What started as an exciting journey can quickly become tiresome.
Mortgage brokerages like Source Capital can save the day. Think of Source Capital as a personal shopper but for mortgages. They’ll search through their vast network of lending partners for a suitable mortgage for your situation and home-buying needs.
Source Capital can find a suitable solution for you based on the information you provide in your application. They also set you up with a mortgage specialist who will guide you while deciding between quotes. This way, you can decide with expert advice and get the best terms possible.
Getting started with Source Capital is easy. All you have to do is fill out a straightforward online application. What’s more, Source Capital has solutions for newcomers to Canada, first-time home buyers, and self-employed individuals. They can help you find a suitable mortgage for you regardless of your credit score.
Mortgage brokerages like Source Capital are a great asset for anyone who’s received a mortgage before. They can help you find a better lender when it’s time to renew your mortgage. Or they can assist with securing a lower interest rate for your current mortgage.
This part of our Source Capital review covers the benefits and drawbacks of their mortgage broker service. Consider these when deciding to get a mortgage through Source Capital.
|Pros of Source Capital||Cons of Source Capital|
|– Free service|
– Online process
– Simple application
– Quick service
– Access lots of lenders
– Personalized service
|– New to the market|
– Limited customer reviews
Here’s what Source Capital review customers had to say about what they liked:
You don’t have to pay for Source Capital’s mortgage broker service. Their service is completely free, making it accessible to almost all Canadians.
You can apply for one of Source Capital’s mortgage programs online. All you have to do is fill out a short application form that’ll take you less than five minutes to complete.
When you shop around for a mortgage lender on your own, you have to weed out the good from the bad. This can take a lot of time and effort. With Source Capital, they’ll handle all the heavy lifting for you.
Considering the information you provide in your application, they’ll find suitable lenders for you. That way, you can make a faster decision based on the quotes they provide from different lenders.
Source Capital works with over 350 lenders to provide their clients various mortgage solutions. These lenders include credit funds, banks, and other financial institutions. Finding the best solution for your home-buying needs and financial situation is easier with such a vast pool of lending partners.
You can rest assured that you’ll walk away with a great deal.
Once you submit an application, Source Capital sets you up with one of their mortgage specialists. They’ll guide you as you decide between the quotes they provide. Also, they’ll stick around to answer any questions you have once you settle on a lender.
This perk of Source Capital’s mortgage broker service is especially ideal for first-time homebuyers.
Some things can still be improved, here’s what our Source Capital review found:
There aren’t as many public customer reviews of Source Capital online as other mortgage brokerages. This may be a downside for you if you’re keen to know different customer experiences before settling on them. The few reviews they have are on Google My Business.
They don’t have any Trustpilot reviews, nor do they have a BBB ranking.
Source Capital’s mortgage broker service isn’t available in Canada. It’s available in British Columbia and Ontario.
Source Capital provides mortgage solutions to Canadian property owners. They don’t directly offer mortgage products. Instead, they help you get quotes from various banks, credit unions, and other financial institutions. Source Capital is partnered with over 300 lenders, so you can get as many quotes as possible.
Their solutions are tailored to your situation and mortgage needs. They match you with a lender based on the information you provide in your application. Therefore, you can choose a lender that offers the best home loan for you.
Source Capital has various mortgage programs in place. This includes home loans for first-time homebuyers, mortgage renewals, and mortgage refinancing. In the following sections of our Source Capital review, we’ll go through each solution.
Buying your first property is a significant step. There are several considerations to make, and one of these is getting a mortgage. A mortgage is a contractual agreement you enter into with a lender when acquiring real estate. This contract details everything about the property’s purchase.
Whether you’re planning to use your property to grow your family or to earn rental income, finding the best home loan is vital. Source Capital helps first-time home buyers and seasoned property owners secure a mortgage.
They’ll navigate the complexity of the mortgage process for you and perform the necessary due diligence.
You can benefit from a 5% down mortgage solution if you have a stable source of income and strong credit. Source Capital can help those who don’t meet these conditions find a suitable mortgage solution.
It’s possible that when you get a mortgage, you don’t end up with the best terms. A mortgage lender may stick you with a high interest rate, making your home loan expensive. This can put a damper on your financial health.
The good news is you don’t have to live with unfavourable mortgage terms. You have the option of refinancing your home loan. Refinancing reduces your borrowing costs by locking in a lower interest rate. You can also refinance your mortgage to access the equity in your property.
Source Capital can help you find a mortgage lender that offers more favourable terms. Thanks to their vast network of lending institutions, they can find the best solution for you. Therefore, their team will assist you with all your refinancing needs and help you improve your financial situation.
Every mortgage has a term where a lender grants you financing at a specific interest rate. The term is typically set between six months and five years. When your mortgage term ends, you will have to renew your home loan.
Since you can renew your mortgage with the same lender for another term, you might consider renegotiating the terms. This will allow you to get a better interest rate. If your negotiations don’t work in your favour, you can get a new mortgage from another financial institution.
Source Capital helps you secure a mortgage at a more competitive rate. Whether you’re looking to be pre-approved for renewal or get an early renewal, their service is available. Remember to start the mortgage renewal process at least three months before the term ends.
Source Capital prides itself on being a trustworthy mortgage brokerage in Canada. Therefore, for this Source Capital review, we investigated the quality of their service. Our search led us to several Google My Business reviews written by previous clients.
A few reviewers noted the excellent customer service offered by the company. Some went as far as claiming the service was exceptional. According to other reviewers, Source Capital’s mortgage brokers are professional and great communicators.
They also commended the thoroughness of the mortgage brokers, who addressed all client’s concerns promptly.
Although there aren’t thousands of Source Capital reviews on Google My Business, the few we found gave a well-rounded image of their service. Therefore, we can conclude that Source Capital has something going for it.
Source Capital offers a referral bonus of $500. The person you refer must close a deal for a mortgage through Source Capital to receive this offer.
In this part of our Source Capital review, we’ll walk you through applying for their mortgage programs. Finding a suitable mortgage lender is already a stressful activity. When you’re faced with an equally challenging application process, it can add to the stress of it all.
Source Capital offers a convenient way for all Canadian property owners to access the financing they need. The straightforward and simple sign-up process is one of the most appealing aspects of their service.
You can say goodbye to lots of paperwork and waiting in queues at your lender of choice. Follow the steps below to apply for a Source Capital mortgage program.
To get started, visit the Source Capital website. Click the ‘Apply Now button in the upper right-hand corner, and you’ll be redirected to the application page.
The application form contains about ten questions, which will give Source Capital a clear understanding of your needs. Begin filling out the form by clicking ‘start.’ You’ll be required to provide information about your situation and needs. First-time home buyers are required to provide the following information:
If you’re looking to refinance your current mortgage, you’ll need to provide a reason. They provide options such as paying off your mortgage faster and changing from a variable to a fixed interest rate. You’ll also need to estimate your home’s value, your current mortgage balance, and your property’s address.
Submit the application once you’ve completed all the necessary fields. A Source Capital mortgage specialist will get in touch with you with quotes based on your information. They’ll be with you every step of the way, guiding you towards the best solution for your financial situation and goals.
Once you choose a suitable quote, you’ll need to complete the application process. Source Capital will require you to submit additional supporting documents during this step. Once you do that, you’ll have secured your mortgage.
The great thing about Source Capital is its wide variety of lenders. However, their service is not for everyone. If you want to explore more mortgage brokerages before settling on them, this part of our Source Capital review is for you.
You’ll be glad to know that online mortgage brokerages aren’t rare. A couple of Canadian companies offer this service. Consider the alternatives to Source Capital listed below.
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Breezeful is a Canadian mortgage brokerage that operates 100% online. They have over 30 lending partners, including major Canadian banks, monoline lenders, and small banks.
While this falls short of Source Capital’s 350+ lenders, Breezeful makes up for it with its suite of services.
They specialize in mortgage pre-approvals, second mortgages, and refinancing and renewals. What’s more, Breezeful offers alternative ways to become a homeowner in Canada.
This is achieved through their rent-to-own program, where you rent a property with the option of purchasing later. They also give you access to private mortgages.
Therefore, if you have irregular income or can’t get a loan from a bank, Breezeful has you covered. Their service is free and available Canada-wide. Beyond Ontario, they work with licensed co-broker partners to offer their services.
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Homewise is another digital mortgage brokerage you can consider. Their pool of lending partners isn’t as comprehensive as Source Capital’s, with only over 30 lenders available to you.
However, they have unique home loan solutions, including pre-approvals and reverse mortgages.
Their application process is straightforward as well.
They also offer a personalized service. This means you’ll be assigned a mortgage expert. They’ll guide you every step, from choosing a quote to closing on your home.
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To round up our recommendations of mortgage brokerages for this Source Capital review, meet Canwise. This mortgage brokerage has about sixteen lending partners, including trust firms, major banks, and credit unions.
Although you’ll have limited lenders to consider, their mortgage solutions are much more comprehensive than Source Capital’s.
You can get a pre-approval, purchase plus improvement, and an investment property mortgage. They can also help you get a home loan for a vacation home or second property.
Canwise has unique products catered to those going through a divorce, freelancers and self-employed individuals, and those with bad credit.
Canwise can secure a mortgage solution for you with an interest rate ranging from 2.23% to 4.4%. Lower interest rates are available, but they’re often only there for a limited time. And the best part is their service is entirely free.
Suppose you rely on customer reviews to get a fair image of a company. In that case, there are several public remarks about Canwise. These are available on Facebook and Google My Business.
Now it’s time to wrap up our Source Capital review. Source Capital is a gift for seasoned property-owners and first-time home buyers. They can help you secure your first mortgage. Alternatively, they can assist with mortgage renewal and refinancing.
What’s excellent about Source Capital is its access to over 300 lending institutions. You’ll be spoiled for choice and be able to choose a lender that’s ideal for your situation. If you’re looking to streamline the home buying process, you should take advantage of Source Capital’s service.
Their service is free to use, and you’ll have a mortgage expert by your side to answer any questions you have. You’ll have a mortgage with exceptional terms in no time, all without the hassle.
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Source Capital is a mortgage brokerage that serves British Columbia and Ontario clients. They provide various home loan programs, including first-time home buyer loans, mortgage refinancing, and mortgage renewals. Their mortgage programs are suited for newcomers to Canada, self-employed individuals, those with poor credit ratings, and more. Therefore, they assist anyone, regardless of their financial situation and income source. They are partnered with over 350 lending institutions. This includes banks, credit funds, and other financial institutions. In addition, Source Capital is licensed by the Financial Services Regulatory Authority of Ontario (FSRA). This permits them to provide mortgage broker services in Canada.
No. Source Capital doesn’t provide any mortgages. They are a mortgage brokerage, meaning they work as independent agents for their clients. Source capital helps you find the best mortgage with competitive interest rates. They do this by consulting various lending partners. In addition, mortgage brokerages like Source Capital can negotiate with lenders on your behalf. They are undoubtedly a convenient way to find a home loan. You can capitalize on their relationships with multiple lenders to gain favourable mortgage terms. What’s more, they can assist with completing your paperwork. You’re often assigned a mortgage specialist who helps you from your first application to final approval.
Banks are direct lenders, meaning they offer their own financial products. They have mortgage specialists who work as agents to sell their products to clients. These agents sometimes don’t give clients a fair deal because they work on commission. The more they upsell a mortgage, the more money they make. This can leave you with a mortgage that’s not suitable for you. Mortgage brokerages exist to solve this problem. Source Capital doesn’t directly offer home loans. Instead, they provide mortgage products from various lenders in their network. They give unbiased recommendations that leave clients with the best interest rates and terms.
It depends on what you’re looking for. Source Capital can be a great asset if you're a first-time homebuyer. If you're new to Canada or have a low credit rating, the same goes. Source Capital caters to every credit profile, income level, and financial situation. What's more, their service is free, so you don't have to worry about not redeeming value from your investment. They set you up with a mortgage specialist who guides you during your search for the best lender. With Source Capital, you can make finding a mortgage a pleasant experience again. They'll have you covered, so you don't have to go to different lenders directly and risk weakening your credit score.
Source Capital doesn’t charge clients for using their service. Like most mortgage brokerages in Canada, you won't be charged a fee when working with them. Instead, your chosen mortgage lender will often shoulder the cost. They pay the mortgage brokerage a commission once you close the deal. This makes Source Capital all the more useful for first-time home buyers and seasoned property owners. Their free service will put you in touch with the best lender for your financial situation and home buying needs. If you're a stickler for saving money, then a mortgage brokerage like Source Capital is your best bet.