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5 Best Mortgage Brokers in Edmonton to Help You Get Your Dream Home

5 Best Mortgage Brokers in Edmonton to Help You Get Your Dream Home

  • Fees: Firstly, we looked at how affordable these brokers' fees were when they partnered with lenders.
  • Service: Secondly, we checked if they offered enough loan variety and if their services were up to par with our standards.
  • Brokers: Of course, we also had to grade brokers themselves by taking a look at how accessible and responsive they were, and if their consultation style was of high quality.
  • Expertise and Reputation: Lastly, we took a look at their years of experience to see their expertise and reputation in the field.

Buying a new house is one of the best milestones one could achieve in their lifetime,  but it’s such a dreadful process. Don’t get me wrong—it can be exciting, but not a lot of people highlight the stressful processes behind the scenes.

Although in my experience, I can take part of the blame, as I didn’t insist on hiring a mortgage broker (I can hear the facepalms already). Fast forward to today, and I’ve made a goal to help other people avoid making the same mistake that I did!

Fortunately, Edmonton doesn’t fall short of mortgage brokers and boy, do I wish I knew this earlier. To help you find your next home without the stress, or at least most of it, here are our top picks for the best mortgage brokers in Edmonton!

1. Spire Mortgage

Highlights: First-time homebuyer, builder mortgages, bad credit mortgages, second mortgages

Website: https://spiremortgage.ca

Address: 807 85 St SW, Calgary, AB T3H 1W7, Canada

Contact details: +1 403-804-5465

Operating hours: Weekdays: 8:30 AM to 5:00 PM

Google reviews score5/5
Yelp reviews score4.4/5
Facebook reviews score5/5
Birdeye reviews score4.8/5
Zillow reviews score5/5
Total reviews4.8/5
Score consistency 4.4/5
Fees (Higher score means better value)4/5
Service5/5
Loan variety5/5
Quality5/5
Brokers5/5
Accessibility5/5
Responsiveness5/5
Consultation style5/5
Expertise and reputation4/5
Years of experience4/5
Track record5/5

Pros

  • Solid selection of mortgage solutions
  • Easy-to-use online application tool
  • Wide variety of mortgage lenders

Cons

  • Fairly new to the industry

Right off the bat, we were impressed with Spire Mortgage when we saw their impressive selection of loan options. From what we’ve seen, they cater to clients with different needs, like those who have bad credit history or those who have just migrated to Canada!

We wanted to highlight the latter even further, as we found out that they allow immigrants to purchase a property with as little as a 5% downpayment. It’s nice that Spire offers this even if the client just moved into the country for 5 years.

Furthermore, their loan options aren’t the only thing that features great variety but their mortgage lenders as well! We can see this further helping clients narrow down their selection for their potential home.

We must mention, though, that we were surprised thay Spire Mortgage has been around for less than 5 years. It did make us a bit sceptical, as we usually look for more tenured companies.

But, at the same time, we couldn’t argue with the services they provide. Also, we can see other people seeing this youngness and being impressed by how much they’ve achieved within a couple of years.

Overall, we think that Spire Mortgage is a reliable broker agency that won’t take long before it becomes a mainstay in the realty industry in Edmonton, or Canada for that matter. Their solid selection of loan variety and talented brokers do drive a hard bargain!

2. Benchmark Mortgages

Highlights: Residential, commercial, construction, private mortgages

Website: https://thinkbenchmark.com

Address: 10171 Saskatchewan Dr NW #101, Edmonton, AB T6E 4R5, Canada

Contact details: +1 780-800-5500

Operating hours: Weekdays: 8:30 AM to 5:00 PM

Google reviews score5/5
Facebook reviews score5/5
Yelp reviews score5/5
Total reviews3/5
Score consistency 4/5
Cost (Higher score means better value)4/5
Service4/5
Loan variety3/5
Quality5/5
Brokers3.7/5
Accessibility3/5
Responsiveness3/5
Consultation style5/5
Expertise and reputation4/5
Years of experience4/5
Track record4/5

Pros

  • Offers a wide variety of mortgage calculators
  • Easy approval processes
  • Handy mobile app
  • Offers customised solutions

Cons

  • Relatively small team
  • Vague mortgage solutions

Benchmark Mortgages promises a “Benchmark Promise,” which basically means that they aim to give the best service and mortgage possible. Usually, we don’t get persuaded by flowery words, but we couldn’t help but be more curious.

Once we took a closer look, we discovered that the way they can keep this promise is through their meticulous process. Their process involves a custom-fit solution, where one of their agents will find a mortgage that will best suit their client’s budget and needs.

What we appreciate about this particular method is that they basically explain everything clearly. They won’t use any fancy jargon and explain things concisely using basic terms instead.

We were disappointed, however, with how vague their mortgage solutions are on their website. Yes, they provided a breakdown of their process, but there’s little to no information about their options.

In fact, you’ll get a better idea of what they have to offer if you download their mobile app. It’s here where you can compare your options, compute the maximum loan you’re eligible for, calculate your estimated minimum down payment and more.

Furthermore, they have a relatively small team. Not only can this lead to occasional unresponsiveness, but it also limits potential clients’ options when choosing a broker they can trust.

3. True North Mortgage

True North Mortgage's Homepage

Highlights: Reverse mortgage, rate relief, no commitment mortgage, purchase plus improvements, investment properties

Website: https://www.truenorthmortgage.ca

Address: 1 102A Ave NW Unit 140, Edmonton, AB T5J 2Y9, Canada

Contact details: +1 587-400-2799

Operating hours: Weekdays from 9:00 AM to 5:00 PM

Google reviews score5/5
Facebook reviews score4.9/5
TrustPilot reviews score5/5
Yelp reviews score2.6/5
Total reviews4/5
Score consistency 3/5
Cost (Higher score means better value)4/5
Service4/5
Loan variety3/5
Quality5/5
Brokers5/5
Accessibility5/5
Responsiveness5/5
Consultation style5/5
Expertise and reputation4.5/5
Years of experience4/5
Track record5/5

Pros

  • Offers fixed rates
  • Wide variety of unique services
  • Can be found in different parts of Calgary
  • Over 15 years of experience in the industry

Cons

  • Lack of commercial mortgage services
  • Relatively small team

True North Mortgage is one of the most famous brokers in Canada because of their several locations across the country. It’s only right to include them on this list not just because of their accessible location but for their unique services and fixed rates.

The first thing we wanted to highlight with True North is their aforementioned services, which we highly appreciate since we’ve experienced the stress of mortgages before. 

One of these services is the no-commitment mortgage, which eliminates the stress and penalties when home buyers plan to transfer their mortgage to another lender.

True North also offers a specific service for first-time homebuyers, which from the name itself, guides aspiring property owners with their first purchase. They do this by offering guides and programs that could ease their clients into the hectic process.

We were also impressed with their website when we were doing our research, as it consisted of various guides, tools and calculators that are all free to use!

What further cemented our confidence in them was their tenure in the field. They’ve been around for more than 15 years so we concluded that if there was someone who knows the real estate scene in Edmonton, it would be one of their agents.

The only problem here is that they lack commercial mortgage services. It’s not a big deal, especially if you’re only planning on buying residential properties, but we still thought that it’s worth mentioning here.

4. Collin Bruce Mortgage Team

Highlights: Spousal buyout programs, renewals, refinancing, borrowed down payment, purchase and improvements

Website: https://collinbruce.ca

Address: 260 91 St SW, Edmonton, AB T6X 1W8, Canada

Contact details: +1 780-436-2511

Operating hours: Weekdays: 9:00 AM to 5:00 PM

Google reviews score4.7/5
Yelp reviews score5/5
Total reviews3/5
Score consistency 4/5
Cost (Higher score means better value)4/5
Service4/5
Loan variety3/5
Quality5/5
Brokers5/5
Accessibility5/5
Responsiveness5/5
Consultation style5/5
Expertise and reputation5/5
Years of experience5/5
Track record5/5

Pros

  • Impressive selection of mortgage solutions
  • Easy application process
  • Wide variety of brokers

Cons

  • Lack of commercial mortgage services

Collin Bruce Mortgage Team was on our radar as soon as we started making this list because of its impressive list of accolades. Boasting awards such as Canada’s Brokerage of the Year for multiple years, we already had high hopes from the get-go.

Of course, we can’t just be driven by hype, so we decided to take a closer look and thankfully we did. One of the things that immediately caught our eye was their widely varied mortgage solutions such as renewals and refinancing.

One of the things that stood out to us was their second property solution. It’s geared towards clients who are looking to buy another property for the sake of generating passive income through rent.

They also offer a solution for those who are “new to Canada”, where immigrants can purchase their first home in the country by paying as little as a 5% down payment. 

We appreciated their friendly approach too, as they’re eager to work, whether the client is a permanent resident or if they’re in the country because of a work visa.

If we were to nitpick something we wished they could improve upon was their lack of commercial mortgage services. Then again, if you’re solely focused on finding a residential property, this is still a solid option.

5. The Mortgage Force Team Edmonton – 

Highlights: Mortgage pre-approval, mortgage renewal, first-time homebuyer

Website: https://www.mortgageapplyonline.ca

Address: 9241 50 St NW, Edmonton, AB T6B 3B6, Canada

Contact details: +1 780-466-9898

Operating hours:

  • Weekdays: 9:00 AM to 9:00 PM
  • Weekends: 10:00 AM to 8:00 PM
Google reviews score5/5
Total reviews2/5
Score consistency 4/5
Cost (Higher score means better value)4/5
Service5/5
Loan variety5/5
Quality5/5
Brokers4.7/5
Accessibility4/5
Responsiveness5/5
Consultation style5/5
Expertise and reputation4/5
Years of experience3/5
Track record5/5

Pros

  • Available seven days a week
  • Offers both residential and commercial mortgage solutions

Cons

  • Less than 10 years of experience
  • Relatively small team of agents

The Mortgage Force Team is another name that piqued our attention when we found out its list of accolades, which includes the most coveted Elite Hall of Fame.

Awards aside, we still think that this broker is a great choice because of its wide variety of mortgage solutions. For starters, they offer both commercial and residential mortgage services, and what’s better is that there are several options underneath them.

For instance, they offer home equity loans and refinancing services under their residential mortgage. Meanwhile, their commercial mortgage solutions involve commercial financing and equipment leasing.

We also wanted to highlight their quick and easy application process, which could entirely be done within 2 minutes on their website. We’re always a fan of seeing today’s technology being implemented in ways like this, so instant A+ for us!

Their past clients didn’t shy away from praising their agents as well. At first, we thought that a three-man (and woman) team is a bit small, but seeing how they’re being highly regarded made us think it’s a matter of quality over quantity.

One thing we noticed, however, is that they have been around for less than 10 years. Although this isn’t necessarily a disadvantage to us, we thought it’s worth noting here since a lot of clients base a company’s legitimacy based on years of experience.

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