Are you a first-time homeowner in Ottawa or about to be? Congratulations! Homeownership is a big deal, and it can be intimidating. We’re here to help you explore your mortgage broker in Ottawa options. We’ll take a look at mortgage rates as well as what makes a good mortgage broker. So, if you are looking to take out a mortgage for your home and want a broker to help you, keep reading!
Best Mortgage Brokers Ottawa
1. The Wilson Team
The Wilson Team is a family-owned and operated mortgage brokerage in Ottawa. They have more than 20 years of experience in the mortgage industry and have won multiple awards and accolades in Ottawa.
The Wilson Team of Mortgage Professionals helps you with the entire home buying and mortgage process. However, their work doesn’t stop there. The Wilson Team also equips you with all the knowledge and tools you need to improve your finances, eliminate debt, and build your real estate investments.
The Wilson Team is partnered with more than 30 of the most popular lenders in Canada. They offer fixed-term and variable rate mortgages.
The Wilson Team offers a variety of mortgage options, including:
- First-time buyers
- Mortgage renewals
- Consolidate and refinance
- CHIP reverse mortgages
- DND and military relocation
- Construction mortgages
- Divorce and separation mortgages
- Mortgages for those who are new to Canada
- Self-employed mortgages
- Private or alternative lenders
- Second-home mortgages
- Home Equity Line of Credit
- Interest Only FLEX Mortgages
The Wilson Team provides a personalized approach to finding you the perfect mortgage. Below is a list of some of the pros and cons of choosing them as your mortgage broker.
Pros
- The Wilson Team offers a free credit check service. This can help you to see if you are likely to qualify for a mortgage.
- Free home evaluations are available.
- You can apply for pre-approval. You can see if you are likely to be accepted, while still protecting your credit score. Pre-approval only takes 60 seconds.
- Resources, information, and tools are available on the website. This includes information about the different types of mortgages, mortgage insurance and mortgage terms.
- Mortgage calculators are also available.
- The Wilson Group has great customer service, with great reviews and multiple awards to back this up.
Cons
- The Wilson Group has limited operating hours and does not open on weekends.
- There are fewer Mortgage Professionals at the Wilson Team, compared to other brokerages.
2. Ottawa – Carleton Mortgage Inc
Ottawa – Carleton Mortgage has been a popular mortgage originator since 1989. They have organized billions of dollars worth of mortgages across Ottawa.
Ottawa – Carleton Mortgage is completely independent of all mortgage lenders. This means they can offer you unbiased advice and a personalized mortgage service. Ottawa – Carleton Mortgage is a licensed mortgage broker, working with more than 25 of the biggest mortgage lenders in Canada.
A variety of rates and terms are available to you, ranging from 6 months – 25 years. You could also opt for a 5-year variable or a fully open variable mortgage.
No matter your mortgage needs, Ottawa – Carleton Mortgage has an option for you. They have mortgages for:
- First-time buyers
- Experienced buyers
- Mortgage transfers
- Refinance and consolidation
- Private mortgages
- Rental and investment properties mortgages
- Commercial mortgages
- Renovation mortgages
Ottawa – Carleton Mortgage also has several mortgage calculators available. This includes a Mortgage Payment Calculator, Maximum Mortgage, Mortgage Isolator, Payment Analyzer, and Pre-Payment Analyzer.
To help you decide if Ottawa – Carleton Mortgage is the best option for you, take a look at some of the pros and cons below.
Pros
- A pre-approval service is available. Not only does this protect your credit rating but it also guarantees you a mortgage rate for 120 days.
- You can borrow up to 95% of your property’s value.
- You can apply for a mortgage online, over the phone or via fax.
- There are no fees or charges associated with Ottawa – Carleton Mortgage. All fees are paid by the lender directly, not by you.
- Mortgage brokers can be contacted by phone 24/7. If you need any immediate advice or support, a broker or agent will be able to help you any time of the day or night.
- Discounted rates are available on mortgages with terms up to 10 years.
Cons
- 18 years, 25 years, and Fully Open Variable mortgages do not have discounted interest rates.
- There are fewer mortgage online tools available compared to other brokers’ websites.
3. Mortgage Brokers Ottawa
Our next recommendation is Mortgage Brokers Ottawa, a team of accredited mortgage professionals. They act as an intermediary between you and the biggest mortgage lenders in Canada. They help you to secure the most competitive mortgage rates at your chosen mortgage term.
Mortgage Brokers Ottawa are industry leaders. You will be connected with your own mortgage broker. They will ask you some questions to determine your unique mortgage requirements. They then use their extensive knowledge to offer you mortgage advice and recommend the best mortgage for you.
Mortgages are available for new purchases, debt consolidation and refinancing an existing property.
Mortgage Brokers Canada offers competitive interest rates. They offer a range of interest options, including:
- 5 Year Variable
- 5 Year Fixed-Term
- 6 months
- 1-10 Years Closed
- Closed Variable Rate Mortgage
- Line of Credit
Let’s take a look at some of the pros and cons of Mortgage Brokers Ottawa.
Pros
- There is a range of mortgage calculators available on the website. This includes calculators for a maximum mortgage, a payment analyzer, a rent or buy analyzer, and a pre-payment analyzer.
- A Home Buyers Guide is available to help you with everything related to owning a home.
- Mortgage Brokers Ottawa offers lower interest rates compared to banks.
- A mobile app is available for prospective, new, and existing customers.
- Mortgage Brokers Ottawa has won the Consumer Choice Award for 11 years running.
- First-time homebuyer incentives are available.
- Private mortgages are available.
- The Mortgage Info Centre offers some fantastic news and information. You can learn about a variety of topics, including the different types of mortgages, payment options, and Mortgage Default Insurance.
- Mortgages are available for those with bad credit or those who have experienced bankruptcy.
- Mortgage Brokers Ottawa also helps people who are new to Canada obtain a mortgage.
Cons
- Longer term mortgages are not available.
- You may need to supply a lot of information to qualify for a mortgage.
4. Chris Allard Mortgage Team
Chris Allard is one of the top 75 mortgage brokers in all of Canada. He is a top-rated Ottawa mortgage broker with multiple awards and accolades. He has a team of licensed mortgage agent professionals, led by him.
The Chris Allard Team partners with more than 50 financial institutions to find the best mortgage for your lending needs.
Chris Allard Mortgage Team offers:
- Residential mortgages
- Commercial mortgages
- Private mortgages
- Bad credit mortgages
Whether you are a first-time buyer or purchasing your second home, Chris Allard has mortgage options available for you. They also offer debt consolidation, refinancing, mortgage renewals, and construction financing.
You can also choose from a variety of mortgage options, including:
- Conventional/Low Rate Mortgages
- High Ratio Mortgages
- Open Mortgages
- Closed Mortgages
- Fixed-Rate Mortgages
- Variable Rate Mortgages
Let’s take a look at some of the pros and cons of Chris Allard’s brokerage.
Pros
- No-obligation consultations are available.
- Chris Allard is partnered with 15 bank lenders, for those looking for a more traditional lender.
- There is a large team of brokers available, led by Mr. Allard.
- No-down-payment mortgage options are available. This is great for those who have been unable to save a deposit.
- Mortgages are available for those with a bad credit rating.
- A mortgage calculator is available on the website.
- Multiple tips, guides, and resources are available online. This includes how to improve your credit score and a first-time homebuyer’s guide.
- You can contact your broker by phone or email at any time of the day.
- First-time buyer discounts are available.
Cons
- It is difficult to find information about mortgage interest rates on the Chris Allard website.
- There are some complaints from customers regarding the responsiveness of the brokers.
5. The Mortgage Advisors
The Mortgage Advisors is an independently owned mortgage brokerage. They walk you through the mortgage process step-by-step. The Mortgage Advisors does not only operate in Ottawa. They also have offices in Ontario, Kingston, Perth, Brockville, and Petawawa.
The Mortgage Advisors find out about your mortgage needs and financial situation. They then design a mortgage strategy that is tailor-made to your needs.
Mortgages are available for:
- First-time buyers
- Second homes and vacation homes
- Reverse mortgages
- Debt consolidation
- New to Canada mortgages
- Equity-based mortgages
- Lines of credit
- Divorce and spousal buyout
- Commercial mortgages
- Purchase with improvements
- Investment properties and rentals
- Self-Employed mortgages
- Mortgage renewals
- Military relocation mortgages
The Mortgage Advisors offer Variable Mortgages and Closed Mortgages, between 1 and 10 years. Interest rates can vary but may be as low as 1.15%.
Below is a list of some of the pros and cons associated with The Mortgage Advisors.
Pros
- Pre-approval is available. You can lock in your mortgage rate for 120 days and estimate your repayments. You can also see the value of the property you are likely to qualify for.
- You can choose a mortgage that has options for increased or lump sum payments.
- The Mortgage Advisors try to offer mortgages with minimum penalties and maximum flexibility.
- A highly optimized mortgage calculator is available. It can show you how much you are able to borrow and your mortgage options.
- The Mortgages Advisors offer lower interest rates than many banks.
- They aim to help you reduce your borrowing cost and get mortgage-free faster.
- The Mortgage Advisors are a member of the Mortgage Professional Canada (MPC). This gives them top-tiered volume status with lenders.
Cons
- The Mortgage Advisors are not contactable 24/7. You may have to wait for office opening hours to speak to a broker or agent.
- Long-term mortgages are not available.
Best Online Mortgage Broker
While there are many great mortgage brokers in Ottawa (see also Calgary), one of the best mortgage brokers is online. intelliMortgage.com is an independently owned online broker for Canadians seeking a mortgage loan. Their website is an excellent option because they work with various lenders, such as well-known banks like TD Bank, HSBC, True North, and Scotiabank.
Using intelliMortgage.com is a simple three-step process. First, input the term you want, such as a 5-year variable rate or 5-year fixed rate. You also need to input the mortgage type, amount, and amortization. Then, you will get a list of lenders in Ottawa and their mortgage rates that fit your needs. Once you apply with them online, you can be approved within 24 to 48 hours.
So, using intelliMortgage.com instead of a traditional mortgage broker in Ottawa is much quicker and easier. You don’t even need to leave the comfort of your own home. And you can save money!
Do Your Research First: Evaluate Your Broker
If you want to work with traditional Ottawa mortgage brokers; instead, you need to ensure you evaluate them first. The best way to do this is to see what their past customers have said about them. If a friend or family member referred you, asking them directly is easy. If you found the mortgage brokers on your own, you can look for reviews.
If there are many bad reviews with reasonable arguments, it’s best to keep these mortgage brokers off your list. Some lenders may also be willing to provide you with references you can contact as well.
Once you have narrowed it down to two to three mortgage Ottawa brokers, meet with each of them. You should prepare a list of questions (which we’ll touch on next) to ask each mortgage broker. If they aren’t willing to answer something, that is a red flag, and you may want to eliminate them from your list. Whether you are on your tenth home or are a first-time homeowner, you always need a great broker on your side.
Ask Your Broker Important Questions
When you meet a mortgage broker or talk to them, here are some of the critical questions you should ask.
- What interest rates will I qualify for as a first-time homeowner?
- What types of loans do you offer?
- What are your fees?
- What lenders do you work with?
- Are the lenders reputable?
- Which lender do you think is best for my financial situation?
- Why should I work with you over other mortgage brokers in Ottawa?
- Can you break down your rates for me?
- Can you provide me with a loan estimate?
- Is a 5-year fixed rate or 5-year variable rate a better option for me?
- How large does my down payment need to be?
- Do you think a lender will approve me?
- Will my closing be on time with you?
Mortgage brokers will not always have the ideal answer for each question. That doesn’t mean they’re not a good option. An Ottawa mortgage broker should be honest upfront, as that means they won’t try to hide anything from you down the line.
Ask Yourself, Is Your Broker Attuned to Your Needs?
Once you’ve met all of the mortgage brokers on your list and asked them your questions, what’s next? The final question you should ask yourself is: is your broker attuned to your needs?
As a first-time homeowner, you may not know what your needs are exactly. So think about whether or not you think the mortgage broker has your best interest in mind. Are they offering you products that make sense for your financial situation? Or, are they offering products that will make them a higher commission?
The best mortgage broker is always a customer-oriented one. If you think the mortgage broker is not considering your needs, keep looking.
The Bottom Line
If online mortgage brokers aren’t for you, there are still plenty of great options in Ottawa. The vital thing to keep in mind when looking for the best mortgage brokers is whether they have your best interest in mind.
Finding a lender with the best rates for your mortgage is essential. But, finding a lender that suits your specific financial needs is even more critical. You don’t want to be stuck with a mortgage you can’t pay down the line.
Owning your first home doesn’t have to be scary. Income.ca is here to help you through the process with advice on everything to do with home ownership, from mortgages to home insurance.
