True North Mortgage Review (May, 2024) – Pros, Cons, Features, & Pricing

If you’re looking for a mortgage broker with your best interests at heart, this True North Mortgage review is a great place to start.

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Last Updated: May 22, 2024

True North Mortgage

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Applying for a mortgage can be stressful, irrespective of whether you have a good or bad credit score. So, having a mortgage broker in your corner, guiding you through the process, is crucial.

But is True North Mortgage (TNM) a good fit for you? That’s precisely what this True North Mortgage review will determine. This mortgage brokerage come lender boasts the highest customer review ratings in its field.

That’s because it offers a lowest rate guarantee and dozens of mortgage solutions. These include mortgages for the self-employed, newcomers to Canada, and those with less-than-perfect credit scores.

There’s plenty to unpack and explore when it comes to True North Mortgage rates, solutions, expertise, resources, and service quality. But this True North Mortgage review aims to provide you with the information you need to determine whether it’s the brokerage for you.

What makes True North Mortgage a good option?

We’ll begin our True North Mortgage review by giving you our overall impression of this popular brokerage. And we’ll detail why we think opting for a True North Mortgage solution is a good idea.

One cannot ignore the 13,000 positive reviews and testimonials provided by TNM customers. This indicates that its team is doing something right, and customer satisfaction is a priority.

And if it’s options you want, it’s options you’ll get with True North Mortgage. In fact, it seems as though this broker can help almost anyone, Canadian or not, find the perfect mortgage solution.

But it’s True North Mortgage rates that are the biggest drawcard. As one of the highest volume brokerages, it has the means to offer customers incredibly low interest rates. The company even provides a lowest rate guarantee and a generous payout if a rate cannot be equalled or bettered.

However, it’s important to note that TNM also has an in-house lender called THINK Financial. With its vast network of partners, the broker can reduce interest rates even further through THINK Financial.

There’s so much to like about this award-winning broker that you’d be hard-pressed to find a reason not to apply. But we’ll delve deeper into its products and benefits in this True North Mortgage review.

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Pros and cons of True North Mortgage

What would a True North Mortgage review be without a comprehensive list of pros and cons? That’s why we’ve dedicated this section to outlining the good and bad associated with the mortgage brokerage.

The pros of True North Mortgage

Rave reviews

The True North Mortgage website home page is awash with details about the reviews they’ve received from customers. And they have good reason to show these off. TNM has received more 5-star reviews than any other broker in the industry.

The current total is over 13,000 5-star reviews across Google, Trustpilot, and Facebook. And its overall rating on each platform totals 5 stars, 5 stars, and 4.9 stars, respectively. The True North Mortgage Google reviews amount to over 7200 alone.

Mortgage rate guarantee

That’s right. True North Mortgage promises to match or beat lower rates offered by other brokers or lenders in Canada. You have seven days after TNM approval to do so.

And if TNM can’t match or beat the rate, the brokerage will give you $500. Currently, this broker offers rates as low as 3.99%.

Loads of mortgage options

True North Mortgage offers a mortgage solution for almost every conceivable situation. This broker offers everything from self-employed and first-time home buyer to rate relief and newcomer mortgages. In fact, as of writing this True North Mortgage review, its website lists no less than twenty-one different mortgage solutions and services.

The broker may even be able to assist you if you have a bad credit score. And the broker also offers an open variable “no commitment” mortgage when prime rates are low.

Many ways to apply

True North Mortgage makes applying for a mortgage easy, no matter who or where you are. Like many banks and brokers, it offers an online application process via its website. However, the brokerage has ensured that the process remains as straightforward and seamless as possible.

But TNM goes the extra mile to ensure you have the means to get your application in with ease. It offers applications via phone, email, and through any one of its twelve brick-and-mortar outlets.

Expert guidance

When you apply for a mortgage True North Mortgage will assign a mortgage expert to assist you through the process. And if you haven’t applied yet, but need some advice, these experts are more than happy to help.

The broker has agents stationed at its twelve physical locations across Canada. And there are experts available to answer your questions via phone or email. But TNM also has agents who are on the road and can come to you in certain areas.

It should also be mentioned that this broker’s team members all receive a salary. They don’t receive a commission like many other brokers do. This means you can rest assured their expert mortgage agents have your best interests at heart.

Zero fees

It may be hard to believe, but all the services True North Mortgage provides are free. This is because the broker is paid by the chosen lender when the mortgage agreement is signed.

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The cons of True North Mortgage

Lender options are limited

While True North Mortgage works with numerous banks and alternative lenders, it doesn’t work with all of them. This means you’re restricted to choosing from its pool of lenders when applying for a mortgage through the broker.

Lack of rapport

When applying for a mortgage through your bank, you might benefit from having a pre-existing relationship with them.

This also applies to other types of lenders you may have borrowed from in the past. But if you apply through a broker like True North Mortgage, you won’t necessarily enjoy the same benefit.

True North Mortgage services

It’s time to put True North Mortgage’s products and services under the microscope. This part of our True North Mortgage review will break down some of the broker’s primary mortgage solutions.

Choose between a fixed- or variable-rate mortgage and select your term between 1 and 5 years with these mortgage solutions.

Cash back mortgage

True North Mortgage can provide a mortgage that gives you a small amount of cash back upfront. The amount typically ranges between $500 and $10,000 but depends on the type and size of your mortgage.

This type of mortgage is only available when opting for a variable rate. And you’ll invariably have to pay a higher rate with your repayments.

Mortgage for the self-employed

Self-employed individuals often find it difficult to purchase property and other assets. But True North Mortgage offers solutions for the self-employed or business owners.

To qualify, you must prove that you earn a reasonable income and that you don’t have any outstanding income tax. You’ll also need to pay at least 5% of the 35% down payment from your own resources.

Equity-based mortgage

Perhaps your credit record isn’t great, or you have a sizable sum of debt. Or maybe you don’t earn a traditional income. In that case, an equity-based mortgage might be the answer.

This type of solution provides a mortgage based on the value and marketability of the property. But you’ll likely incur a large down payment of at least 25%. And you may be subject to higher rates if your credit score is low.

Bad credit mortgage

True North Mortgage works with a host of alternative lenders to provide mortgage solutions for those with bad credit. However, you’ll still need to meet some requirements.

For instance, you must have a down payment of at least 20% available unless you already own property. And you will incur a fee plus higher rates. But TNM will work with lenders to keep these as low as possible.

Newcomers to Canada mortgage

Did you know you can qualify for a mortgage even if you’ve just relocated to Canada? While Canada has placed a ban on foreign property buyers, there are exceptions and options available.

Newcomers that have obtained permanent residency, could qualify for an insured mortgage of up to 95%. While those with a non-permanent resident status could obtain a mortgage of up to 90%. However, there are strict eligibility requirements to be met. But you won’t have to deal with any additional fees.

Vacation and second home mortgage

Are you looking to buy a second property for yourself or a family member or to use it as a vacation home? True North Mortgage can ensure you get the best possible rate for your next property purchase.

And there’s a chance you could obtain a mortgage covering as much as 95% of the cost. However, these properties must have unrestricted road access all year and provide suitable accommodation regardless of the season.  

Investment property mortgage

Property is one of the most sought-after investment opportunities. And True North Mortgage has the knowledge and network to help you secure your next investment property.

This type of solution could offer you a mortgage of up to 80% and as much as 30 years of amortization. Therefore, you should expect to pay no less than a 20% down payment for your investment.

Purchase plus improvement mortgage

Does your new property need some TLC? True North Mortgage has a solution for that. The Purchase Plus Improvement mortgage lets you borrow a certain percentage more to cover repairs and renovations. This amount is added to the mortgage loan amount and paid back with interest over the mortgage term.

However, you should note that this mortgage solution only applies to properties for a maximum of four units. And should the property have multiple units, at least one unit must be occupied.

Renewals and transfers

Sure, staying with your existing lender sounds like far less hassle than shopping around for an alternative.

But shopping around for a better offer could benefit you. And True North Mortgage will do the heavy lifting for you, so you can source a better rate effortlessly. 

Refinancing options

Renegotiating your mortgage terms and entering into a new agreement might make sense for you. And True North Mortgage provides expert guidance to ensure you find the solution that best fits your situation.

Irrespective of whether you need to access your home equity, secure a better rate, or extend your amortization. TNM’s expert brokers can help you reach your refinancing goals.

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Other True North Mortgage services

Digital tools

True North Mortgage offers several handy tools to help you through your mortgage journey. For instance, a True North Mortgage calculator is essential when selecting and planning your mortgage terms.

The broker offers various calculators, which include the following:

  • Mortgage Payment Calculator
  • Compare & Save Calculator
  • Affordability Calculator
  • CMHC Calculator
  • Land Transfer Tax Calculator
  • Pre-Payment Analyzer

A helpful mortgage checklist, renewal reminder, and realtor’s financing sheet are also available.

Education centre

True North Mortgage’s blog section is filled with valuable information for anyone who needs help or advice. The blog includes a series of articles categorized under “Education Centre”.

These articles provide guidance on everything from definitions of terms to step-by-step guides.

Mortgage expert agents

The brokerage’s team of expert brokers is always available to answer any questions you might have. They advise and steer applicants in the right direction when unsure how to proceed.

Best of all is that these expert agents are salaried and do not receive a commission. As such, they have your best interests at heart and will answer your questions at no cost.

True North Mortgage product and service quality

With the many positive reviews this brokerage has received, it’s hard to question the quality of its products and services. True North Mortgage has been blazing trails in its field for over 15 years.

That means their team is highly skilled and knowledgeable and has forged lasting relationships with their lender partners.

It’s difficult to simplify a complicated topic and process for the masses. But TNM’s website makes understanding and applying for a mortgage easier than you could imagine.

And the broker offers multiple ways to apply for a mortgage, appealing to a much larger demographic.

True North Mortgage’s reviews speak for themselves in terms of customer service. The broker has a perfect 5-star rating on Google and Trustpilot. And it scores a near-perfect 4.9 stars on Facebook.

And these are based on the accumulative ratings of over 13,000 customers. You’ll be hard-pressed to find another company with such good ratings, let alone another mortgage broker.

Offering a best rate guarantee also speaks to the brokerage’s credibility. True North Mortgage rates are some of the lowest in the industry.

And this is thanks to its volume-based approach and relationship with a broad spectrum of lenders. When writing this True North Mortgage review, the broker offers rates as low as 3.99%.

And when it comes to safety and security, there’s no need to worry. True North Mortgage employs bank-grade security on all its systems, databases, and website.

How to get started with True North Mortgage

This True North Mortgage review section examines the broker’s application process and how to contact its team.

Perhaps you’d like to speak to a mortgage expert before you apply for a mortgage. In that case, you can use any of the following methods to get in touch with the brokerage’s team:

  • Phone: The company provides a phone number on the website and a one-click call option for mobile device users. There is also a list of brokers with a contact number listed for each.
  • Email: Use the online contact form to send the team a message. Each agent listed in the website’s contact section also has their email address listed. So, getting hold of an agent directly or setting up an appointment with a mobile broker is easy.
  • Call Back: Use the “Get a Call Back” button on the website to have an agent call you back.
  • Visit an Outlet: You can always visit one of TNM’s 12 locations across Canada to speak to a broker.

How to apply for a mortgage

It may surprise you that you don’t require True North Mortgage login details to apply for a mortgage through this broker. These are the steps you’ll need to follow to initiate the application process online:

  1. Head over to the True North Mortgage website.
  2. On the top right-hand side of any page on the website, you’ll see a large button that says, “Apply Online”. Click on this button the begin the application.
  3. Next, you’ll need to make a few selections, such as the mortgage type, amount, when you need the funds, etc.
  4. You’ll also be prompted to provide some personal information, including your contact information and more.
  5. Once submitted, an agent will call you to discuss your options.

What’s great about this broker’s online application process is that you can stop and complete the application later. And you don’t even need to have a password to do this.

All you need is to have cookies enabled on your browser. If you start on one device and intend to finish on another, then cookies must be enabled on both devices. True North Mortgage saves the information you’ve input for 14 days after each time you save.

Alternatives to True North Mortgage

Perhaps you’re reading this True North Mortgage review and wondering if there’s an alternative broker out there. While TNM certainly seems to be the best in the business, you may feel it’s not the right fit for you. In that case, you have a few other options to consider.

True North Mortgage vs Nesto

Nesto is a mortgage brokerage offering similar services to True North Mortgage. And the rates advertised by Nesto seem to be on par with those stipulated on the TNM website. In fact, Nesto’s website states that the broker offers the floor rate from the get-go and does not add a premium.

This broker’s team of advisors are salaried, like TNM, and do not earn a commission. This means their advice is intended to help you and not line their pockets. But they don’t seem to have mobile brokers available. All advice and guidance take place over the phone or via email.

That said, the brokerage adheres to strict regulations and may be unable to help everyone. For instance, those with bad credit will likely not find a mortgage solution through Nesto. However, this broker offers mortgage solutions for almost anyone else.

Nesto’s mortgage application process is entirely online. The broker doesn’t offer applications via phone or email like TMN. Nor do they have any physical branches you can visit. Therefore, TMN offers far more options to apply and seek advice.

A vital difference to highlight is that TNM has an in-house lender, allowing it to lower rates even further. Nesto does not have an in-house lender.

True North Mortgage vs Spring Mortgage (was Source Capital)

Spring Mortgage is another online mortgage brokerage to consider. As with Nesto, Spring Mortgage offers rates comparable to those True North Mortgage offers. Despite claiming to provide the lowest rates, Spring Mortgage does not offer a lowest rate guarantee like TNM.

All interactions with Spring Mortgage and its agents occur online, as does the mortgage application process. However, the brokerage does provide a phone number for enquiries. And it has two physical locations listed where you can likely apply or get advice.

One noticeable difference between Spring Mortgage and TNM is that Spring Mortgage provides mortgages for commercial properties. Commercial mortgages are not mentioned on the TNM website. Therefore, it seems that the broker only deals with residential property.

Spring Mortgage also offers a debt consolidation solution and claims not to do a credit check unless you request it. This broker also details that its application process is simplified to save you time. And that their approval process is the quickest in the industry.

Again, it should be noted that Spring Mortgage does not have an in-house lender, whereas TNM does.

True North Mortgage review conclusion

For those seeking a reliable mortgage broker, you can’t go wrong with True North Mortgage. With such a spectacular track record of superb customer service and unparalleled solutions, there’s no doubt this is a brokerage you can trust.

Give True North Mortgage a try by requesting a quote or contacting one of its agents for advice.

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FAQs about our True North Mortgage review

What is True North Mortgage?

True North Mortgage is a mortgage brokerage firm based in Canada that provides Canadians with a wide range of mortgage solutions. These include first-time homebuyers, self-employed individuals, and new immigrants.

Is True North Mortgage legit?

Yes. True North Mortgage is a legitimate and licensed mortgage brokerage firm in Canada. It has been in operation since 1999 and has received numerous awards for its outstanding services.

Is True North Mortgage an A or B lender?

True North Mortgage works with both A and B lenders. This allows them to provide mortgage solutions to clients with different credit profiles and financial situations.

Does True North Mortgage have CMHC approval?

Yes. True North Mortgage is approved by the Canada Mortgage and Housing Corporation (CMHC). As such, TMN can offer CMHC-insured mortgages to eligible borrowers.

I’ve immigrated to Canada and don’t have a credit score yet. Can True North Mortgage help me?

Yes, True North Mortgage has a program specifically designed for new immigrants who do not have a credit score yet. It can work with you to find the best mortgage options that fit your financial situation.

Am I guaranteed to get a mortgage with True North Mortgage?

While True North Mortgage can help you find the best mortgage options based on your financial situation, they cannot guarantee approval. Lenders have their own lending criteria that must be met. And approval ultimately depends on your credit score, income, and other factors.

Will True North protect my personal and financial information?

True North Mortgage takes the privacy and security of their client's personal and financial information very seriously. They use the latest encryption technology and follow strict privacy policies to protect your information.

Who can I contact if I have questions about my mortgage process?

If you have questions about your mortgage process, contact True North Mortgage's customer service team at 1-877-778-4772. Or you can send the broker a message via its website contact form.

Can True North Mortgage help me get a mortgage even with bad credit?

Yes. True North Mortgage works with a wide range of lenders, including alternative lenders. And these lenders may be able to provide mortgage solutions for clients with lower credit scores.

What types of mortgages does True North Mortgage offer?

True North Mortgage offers various types of mortgages, including fixed-rate, variable-rate, open, closed, and cash back mortgages. They also provide mortgage options for first-time homebuyers, self-employed individuals, and investors.

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March 18, 2023
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