Equity Refinance Mortgage Loans Canada - Equity Mortgage Loans Canada - Second Mortgage Loans Canada
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Important Mortgage Websites links

CLICK HERE TO APPLY FOR A SECOND MORTGAGE, EQUITY LOAN OR REFINANCE

If you have good credit and a job then apply with your bank, if you dont have good credit apply above, we have the highest approval rate in the industry no credit no job no problem!

We highly reccomend you visit the sites below to educate yourself so that you and the banks are on equal footing.

Mortgage - The first mortgage someone takes on a house usually with a down payment.
Second Mortgage - A loan based on the equity in your property example you owe 100 on your house but its worth 200 you have 100 equity and that can be borrowed apon.
Refinanace - A refinance is when you pay out the first mortgage and start a second mortgage, when your mortgage comes up for renewal you are refinancing it.

Unfortunatly not everyone knows that private lenders exist, thousands or canadians are loosing their hard earned equity to banks that refuse to refinanace them or give them a second mortgage.
That is where we come in, we deal with private lenders that lend to anyone regardless of credit rating or employment status, if we can't finanace you no one can.
Again we highly reccomend you try traditional lenders prior to applying with us, as the interest rate will be lower, however if you are currently unemployed or have bad credit chances are they will not approve you. The good thing about dealing with a private lender like us is we can give you as much money as you need to get your bad debts paid,and improve your credit so you can then reapply and get approved at one of the traditional lenders like your bank or lenders listed below.

We reccomend when applying for a mortgage renewal or second mortgage, you calculate how much you owe to all your other creditors as credit cards car loans and other forms of financing are at a much higher interest rate then your mortgage. If you can pay off all your high interest debts when your mortgage comes up for renewal or you take out a second mortgage you could be saving thousands in interest payments, and lower your monthly payments dramatically.

Example john has a home that he owes 250000 dollars on, the value of the home is 400000 due to the payments he made, upgrades to the house,
and appreciation in the housing market (almost all juristictions in canada have had there housing values increase)

John also has 15000 in credit cards on which he pays 1000 a month, 30000 car loans which he pays 500 a month, and other small overdrafts
and lines of credit totaling 5000 that he pays 100 a month.

So when john refinanaces his mortgage when it comes up for renewal he asks for a mortgage in the amount of 300000 dollars, with the extra $50000 he receives,
he pays off his car loan his credit cards and overdrafts and lines of credit. Because interest rates now are much lower then they where when john got his first mortgage
he still pays less on his mortgage then he did before he refinanced and also has no more credit card bills to pay his car is paid in full and all his small overdrafts and lines of credit
are paid off. John was paying 3000 for is mortgage and 1600 for his other debts each month totaling 4600, because mortgage rates have gone down after he refinanced his mortgage
rate was only 2500 and the 1600 he was paying for all his other debts is already paid off. This means john has an extra 2100 dollars a month and his credit score has drasticlly improved
because all his debts have been paid in full.

The previous example only works if john is still employed and his credit is still in good standing if you are in a position where you are not employed and you have some bad debts the example
below will show you how to get to the same point john is, requiring a few more steps.

Jane owns her house she owes 300000 on it and its value is 400000 she also has credit card debts totaling 15000 and a car loan totaing 25000, as well as lines of credit and overdrafts totaling 5000,
Janes mortgage comes up for renewal but because she is currently unemployed the banks refuse to refinanace the loan. (I have worked for the major banks most of my proffessional career, they
want you to mess up your credit or loose your job because when you do they can steal your house and your equity, the purposs of this website is to show you how to stop that from happening)
Jane denied by the banks contacts us and gets a refinanace from us for 360000 dollars, she pays off all her debts including her car loan credit cards and overdrafs and keeps the extra 10
as a cushion untill she finds a better job, by paying off all her debts she is saving 2000 a month in creditor payments, and has increased her credit score to an A showing all debts paid off in full,
and over 20000 available credit. 2 months later she finds another job and goes back to the bank to refinanace the loan back to the bank, seeing that she now has perfect credit and is gainfully employed the bank gives her the refinanace and she is able to pay off the private lenders. If jane didnt know about the private lenders she would have lost her house and all the equity in it, she would have had her car repossed and her credit score would have dropped dramatically as she defaults on all her loans. At this point her only option would be credit councilling or bankruptcy, and the banks would have taken her house and all the equity in it.

We do not suggest you use private lenders if you can be approved by the bank, private lenders act like a bandaid untill your situation improves allowing you to keep your property your equity,
pay off all your high interest debts fix your credit and give you enough rainy day cash to ensure you can make it through till your situation improves.
To apply for a mortgage, refinanace or equity loan through a private lender click here to be sent to our application page, once application is received approval takes
24 hours and finanacing takes 48 hours. We have the highest approval rates in the industry contact us today, and we can have you approved tommorow and funded the day after! No job, no credit no problem!
 

In some cases you will get a better deal going to the bank you do your regular banking with,
Unless you have perfect credit chances are the bank you have history with will give you the best rate,
This is not always true however therefore we recommend checking out all the big bank mortgage sites listed below.

TD Td Bank Mortgage Page Click to visit

To qualify for a mortgage, an applicant's gross annual income, credit history, and assets and liabilities (past or present) all influence our final credit decision.

To determine the amount of mortgage you may qualify for, try our How Much Can I Afford Calculator to help you determine the amount of mortgage suitable to your financial situation.

Another tool to help you review your mortgage options is our My Mortgage Selector Tool, which recommends what product will best suit your needs.

To apply for a mortgage pre-approval today please visit your local TD Canada Trust branch or contact a Mobile Mortgage Specialist.


compare the best rates

get started now!
Home Value ($)
Mortgage Amount ($)
Amortization
 
- See more at: https://www.ratespy.com/#sthash.9mA88CKz.dpuf

RBC Royal Bank Royal Bank of Canada Mortgage Page Click to visit

Start Your Online Mortgage Pre-Approval

Lock your rate and know exactly how much home you can afford. Start your pre-approval online and an RBC® mortgage specialist will be in touch within 24 hours to help you complete your pre-approval application.

Start Your Pre-Approval

 
 
Scotiabank® Logo Scotiabank Mortgage Page Click to Visit

Your first step is speaking with a
Scotiabank Advisor to talk about your goals, and find the mortgage that’s right for you.

Call us and let us help. 1-800-472-6842


e_logo_BN National Bank of Canada Mortgage Page


Type of application : Pre-approval  (Ideal when shopping around for a home)
  Mortgage loan (Ideal if your offer has been accepted)
  Transfer or renewal (Ideal if you wish to transfer your loan from another financial institution to National Bank)
Do you need to renew a National Bank loan?
Pre-approval

Eligibility criteria
  • Must be of full age
  • Must have employment or rental income

What you need to have on hand
  • Your contact details
  • Certain financial information (income, loans and commitments)

After applying
  • You'll receive a confirmation e-mail
  • A National Bank advisor will contact you within two business days
  • Rest assured - a meeting will be held at a convenient time and place to complete your application.
 
 

* Are you a National Bank client?
 Yes
 No
* Is this a joint application?
 Yes, a joint application with:   
 
 No   
* Have you declared bankruptcy in the past seven years?
 Yes, I was discharged on:         (ddmmyyyy)
 No   
 


HSBC Bank HSBC Bank of Canada Mortgage Page

Start your application for an HSBC Traditional (Residential) Mortgage securely online, anytime

Apply

Call toll-free
1-866-609-4722

Or visit a branch

CIBC logo. Banking that fits your life. CIBC Canadian Imperial Bank of Canada Mortgage Page

Apply by phone

1-800-669-5921

(all time Eastern)
  • Mortgage Pre-Approval
  • Monday to Friday between 9:00 a.m. and 8:30 p.m.
  • Mortgage Application
  • Monday to Friday between 8:00 a.m. and 9:00 p.m.
  • Saturday between 9:00 a.m. and 5:00 p.m.

Online Mortgage Application


Bank of Montreal. We're here to help.  (Desktop version) Bank of Montreal Mortgage Page

Start your pre-approval today

Mortgage Specialist Locator


The Mortgage Group - not one of the 5 big banks however they have low rates and similar acceptance requirments

TMG MORTGAGE APPLICATION



First National Financial LPFirst National is Canada's largest non-bank mortgage lender, offering both commercial mortgages and residential mortgage solutions.

If you have questions about refinancing, please contact us toll-free at 1.888.670.2111 or send an email to a
Mortgage Specialist

Compare Mortgage Rates to Save Tens of Thousands of Dollars!

Buying a home is the most significant financial decision most Canadians will make. That's why it's so important to choose a mortgage that suits your unique needs and minimizes the amount of interest you pay. No matter where you live, it’s fast and easy to find the lowest and best mortgage rates available with LowestRates.ca. We work with the top banks and brokers across the country to provide you with the most competitive mortgage offers in Canada. The best part is it’s a free, no obligation service.

How can comparing mortgage rates save me money?

Banks rarely offer their best rates up front, and they usually make customers negotiate rate discounts over the phone or in person. With LowestRates.ca, you’ll be able to compare the best mortgage rates from over 30 banks and brokers in just seconds. Our quotes are tailored to whatever area you live in, so that you’ll always know you’re getting the best deal, whether you’re in Ontario, Alberta, British Columbia, Quebec, Nova Scotia or anywhere in between!

Comparison sites force brokers and lenders to compete for your business, meaning you’ll see their lowest rates right away, without any hassle or negotiation.

Should I get a mortgage from a broker or a bank?

Banks issue mortgages directly to the customer, while brokers work on their clients’ behalf to find the best deal possible from a range of lenders.

It’s no surprise that Canadians are increasingly using mortgage brokers to get the lowest rates on their home loan. Brokers have access to a variety of lenders, and they often get more competitive rates than regular consumers because of the special relationships they have with the institutions they do business with. Because brokers process a lot of mortgages, they can pass the volume discounts they receive on to borrowers like you!

Taking a mortgage with your local bank does allow you to consolidate all of your financial services (bank account, credit card, insurance, mortgage, etc) with one institution. It’s a small but not insignificant advantage banks enjoy over brokers. However, brokers have access to mortgage offers from most of Canada’s major banks, so you can still find a great mortgage rate from a major bank through a mortgage broker.

Recent surveys show that brokers are particularly popular with young Canadians and first-time home buyers. The latest Canadian Association of Accredited Mortgage Professionals (CAAMP) report shows brokers processing over a third of all mortgages in these two categories:

Source: Annual State of the Residential Mortgage Market in Canada, CAAMP November 2013

Do mortgage rates vary by province?

They can. Some provinces have greater competition among lenders, which tends to result in slightly lower mortgage rates.

Should I select a variable or fixed rate mortgage?

It depends on your tolerance for interest rate risk and your financial profile.

Fixed rate mortgages offer the most security because your payments will stay the same for the duration of the mortgage term, while variable rates fluctuate with market conditions, so your mortgage payments can go up or down, depending on the interest rate environment at the time. If you want the lowest mortgage rates possible, however, then variable rates are usually better because they tend to be lower than fixed rates, especially over the long term.

Fixed rates, which remain near historic lows, have been a popular choice among Canadians recently.

Percentages of Mortgages by Type, For New Purchase Mortgages and Recent Renewals:
Mortgage Type Purchase During 2013 Renewal or Refinance During 2013 All Mortgages
Fixed-rate 82% 66% 66%
Variable or Adjustable Rate 9% 24% 26%
Combination 9% 10% 8%
All Types 100% 100% 100%

Source: Annual State of the Residential Mortgage Market in Canada, November 2013

What’s the difference between an open mortgage and a closed mortgage?

Open mortgages can be paid off at any time without penalty, while closed mortgages essentially lock you into the loan for the duration of the term. With a closed mortgage, you’ll most likely get a lower interest rate than you would on a comparable open mortgage. If you must pay off a closed mortgage, you’ll still be able to do so but will have to pay a steep “penalty” for exiting the loan ahead of schedule.

How is a mortgage term different from an amortization period?

A mortgage term is the amount of time the conditions of your mortgage contract (interest rate, payment schedule, etc) remain in effect. At the end of the term you’ll need to renew your mortgage. Think of the term as a contract that is renegotiated with new conditions just before it expires. In Canada, the majority of mortgage terms are five years, as you can see from a CAAMP survey below:

Canadian Mortgages By Term:
Length of Morgage Term Age of Borrower
Term 18-34 35-54 55+ All ages
1 year or less 5% 7% 6% 6%
1-2 years 11% 4% 5% 7%
2-3 years 10% 8% 2% 7%
3-4 years 6% 6% 5% 6%
5 years 66% 65% 69% 66%
6-10 years 3% 9% 10% 7%

Source: Canadian Association of Accredited Mortgage Professionals, November 2010 Report

The amortization period, on the other hand, is the total length of time it will take to pay off your loan. Most amortization periods are 25 years, and if your down payment is less than 20 percent, this is the longest amortization period currently offered. The longer the amortization, the lower your monthly payment because you’ll be paying the loan off over a greater period of time. The flip-side of course is that you’ll end up paying more total interest over the life of the loan.

How does the payment schedule work on a mortgage?

In the past, mortgage payments were only made once a month, but this tradition is rapidly changing. Modern mortgages allow you to pay more frequently – you can choose a variety of different payment options, including semi-monthly or even weekly. By making payments more frequently, you’ll pay your mortgage down quicker and save on interest.

You’ll save the most if you choose accelerated payments. With an accelerated bi-weekly payment, for example, you’ll pay one-half of your monthly payment every two weeks, rather than two times per month. The result is that you end up making 26 payments per year instead of 24, which yields significant savings over time.

The chart below breaks down the interest savings you would receive using different payment schedules on a mortgage of $300,000 at 5% interest with a 25 year amortization:
Payment frequency Payment Number of payments per year Total interest you pay Interest saved
Monthly (one payment per month) $1,744.82 12 $223,443.02 $0.00
Semi-monthly ( half your monthly payment, twice each month) $872.41 24 $222,381.43 $1,061.59
Bi-weekly (you make a payment every two weeks) $805.30 26 $220,571.04 $2,871.98
Rapid bi-weekly (half your monthly payment, every two weeks) $872.41 26 $185,882.99 $37,560.03
Weekly (You make a payment every week) $402.65 52 $220,088.08 $3,354.94
Rapid Weekly $436.21 52 $185,471.03 $37,971.99

Based on a mortgage of 300,000 at 5% (APR) interest on a fixed 5-year term, with a 25-year amortization.

Home Like Ratespy and ratehub, compares hundreds of mortgage rates to find you best mortgage rate


10 great reasons to use a mortgage broker

A mortgage can be a powerful but complicated financial product. As a result, more homeowners are turning to mortgage brokers to help them better understand their options. Mortgage brokers are well positioned to provide the answers and help you get the right mortgage products. In fact, more than a quarter of all Canadian mortgages are now arranged through a mortgage broker.

Here’s why.

1. More choice

Mortgage brokers have access to a large network of lenders and as a result their clients have the best choice of rates and products. With a large network of major lenders to choose from, mortgage brokers can source your ideal mortgage options from banks, credit unions, non-traditional lenders and more.

2. Independent and objective.

Mortgage brokers do not work for a specific lender. They work for you and can make an objective and impartial recommendation on financing solutions through many lenders. A mortgage broker is a trusted advisor who provides unbiased advice on your financial options.

3. Access to the best rates.

Getting a lower rate can save you thousands of dollars over the life of your mortgage. Mortgage brokers have many lenders vying for their business and as a result you are more likely to receive a lower rate. A recent Bank of Canada report stated that “Over the full sample the average impact of a mortgage broker is to reduce rates by 17.5 basis points.” That’s $1,670 of interest savings on a typical $200,000 mortgage over five years. The link below is a quick summary on how to get the best mortgage rates and it speaks to why you need to use the services of a Mortgage Broker.
http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2011/02/getting-the-best-mortgage-rate.html

4. We can negotiate for you.

Mortgage brokers act in your best interest and do all the negotiating to secure competitive rates and terms that fit your situation.

5. Rate promotions.

Your mortgage broker has access to lenders that offer many types of promotions and sales that may be of interest to you. For example – some lenders have special rate promotions for clients that are able to close a mortgage in a shorter time frame than normal. These promotions are called quick close offers and generally offered at discounted rates.

6. Experts in our field.

Mortgage brokers are specialists providing expert advice and guidance on mortgage products, interest rates and current housing market conditions. Their knowledge is derived from selling only mortgage and mortgage related products.

7. One stop shopping.

Shopping at several banks can be frustrating, inefficient and extremely time consuming. Your mortgage broker can show you every lenders product offering with just one visit.

8. Preserve your credit rating.

Rate-shopping on your own can actually be hazardous to your credit rating. Every time a lender checks your credit, the credit bureaus take notice. Too many inquiries and your credit rating can weaken, possibly affecting the rate and terms of your mortgage. Your mortgage broker does one inquiry only, regardless how many lenders you’re looking at.

9. Personal attention.

Mortgage brokers are able to work one-on-one with each individual client, evaluate their specific needs and find a lender that suits them personally. You will ultimately receive a mortgage plan that is customized for you and meets your unique requirements.

10. A free service

The services of a mortgage broker are at no cost to you. In general, the winning lender pays compensation to your mortgage broker for the services and solution provided.

Canadian Mortgage Lender is a Mortgage Broker Company

Many Canadians have successful small business ventures and would not trade the lifestyle for anything in the world. However, many begin to question their lifestyle and business choices when they first attempt to obtain financing for their home, or even something as simple as a new credit card or vehicle. The nature of self-employment income can sometimes leave the self-employed looking like poor credit risks, even though they may actually have a more stable source of income than those who are working 9 to 5 for an employer.

Thankfully, Canadian mortgage lenders are starting to understand the importance of self-employment in our culture, and are making great mortgage programs available to the self-employed to finance their primary residence and even their vacation homes.

Licensed mortgage professionals are experts at assisting self-employed individuals with getting a mortgage, and they will ensure you get the best mortgage available through one of Canada’s largest lenders.

Obtaining a mortgage if you’re self employed has never been easier, and you will be excited to learn that the mortgage products available today are structured to help you succeed in your business and your personal life.
 


Dominion Lending Centres


Calculators

Savings Goal

Determine how much you will need to set aside in order to achieve your financial goal

Savings Calculator

How much will your monthly savings accumulate to over a period of time?

Mortgage Affordability

How much of a mortgage can you qualify for? Please enter the maximum monthly mortgage payment you can afford and let the calculator do the rest.

Monthly Mortgage Payment

Calculate your monthly mortgage payments and view an amortization schedule. Find out how much total interest and total principal you will pay at the end of you mortgage.

Mortgage Prepayment Charge and Mortgage Privilege Payment Calculator

To find out an estimated penalty cost if you are paying off your mortgage before the maturity date; or, the potential savings from accelerating mortgage payment frequency, making lump sum payments or increasing your mortgage payments.

Term Deposit Comparison

Find out the ICICI Bank Canada Term Deposit Advantage over the other Banks.

ICIC Bank Canada Mortgage Page

Fixed Mortgage vs. Variable Mortgage

Fixed or Variable Rate Mortgage: What’s the difference? What’s better?

One of the most common questions mortgage shoppers have when they start their mortgage search is…”should I go with either a fixed or variable rate?”. So – what’s the difference, and what’s better?

What is a Fixed Mortgage Rate?

A fixed mortgage rate enables you to “lock in” a predetermined rate for a set period of time (i.e. term). The most popular term is 5 years.

A fixed mortgage rate gives you a bit more comfort and security knowing what your monthly payments will be each month for the duration of your term. This makes financial planning and budgeting a lot easier.

What is a Variable Mortgage Rate?

A variable mortgage rate changes based on the mortgage lender’s prime rate. For example: if a lender is advertising a rate of -0.1 and prime is 3%, the rate would be 2.9%. In other words, your mortgage rate increases and decreases along with the prime rate.

Since prime can increase or decrease on a monthly basis – variable rates are not for the faint of heart. Anyone taking on a variable mortgage needs to be able to handle changes to their monthly payments not only financially, but psychologically as well. If the thought of paying an extra $200 in mortgage payments causes you to lose sleep, a variable rate may not be for you.

What is “Prime”?

Prime is the benchmark interest rate used by major banks when pricing for short term loans. Prime is directly influenced by the Bank of Canada’s overnight lending rate and can fluctuate on a monthly basis. Changes to both the BOC’s overnight lending rate and the prime lending rate are determined by current economic conditions.

Over the last 25 years, the Bank of Canada has:

  • Made changes to the prime lending rate an average of 6 times each year (directly affecting prime rates)
  • Each change to the rate has been by either 0.25% or 0.50%
  • Year over year the prime lending rate has fluctuated by 1.23%

Fixed vs. Variable – Which is “better”?

Fixed vs. Variable Mortgage:

Comparison Table

Fixed versus variable is one of the most important decisions when shopping for a mortgage. Here’s a quick summary of the main differences between these types of rates.

  Fixed Rates Variable Rates
Definition Allow you to lock in a rate for fixed period of time, the term of the mortgage Fluctuates with the lenders Prime Interest Rate
Benefit You know what your payments will be every month Typically lower interest rate than with a fixed rate mortgage
Risk You pay a premium for the security you get with a fixed rate in the form of higher interest rates The fear of rising rates, which would increase your monthly payments
Risk Tolerance Low High
Affects Government of Canada bond yield for the same term The Prime rate which is ultimately affected by the Bank of Canada key overnight lending rate
Penalty to break contract Lenders charge the greater of three months’ interest or an “interest rate differential” (IRD) which compensates them for interest lost as a result of you breaking your mortgage – this can get expensive Three months’ interest
What has worked in the past? Today’s economic environment is pretty unique, given that fixed mortgage rates are at all time lows. Many counties are still struggling to against high debt, increasing unemployment and a damaged housing market. A study done by Dr. Moshe Milevsky, associate professor of finance, Schulich School of Business, York University,found that based on data from 1950 to 2007, the average Canadian could expect to save interest 90.1% of the time by choosing a variable-rate mortgage instead of a fixed rate. The average savings was $20,630 over 15 years per $100,000 borrowed.

Should I always go with the lower rate?

The difference between the variable and fixed rates can be quite large, so is it always better to go with the lower rate?

Example

Let’s compare a Fixed Rate of 3.99% versus a Variable Rate of 2.05%, both on 5 year terms. The interest difference between the two is 1.94%, so what would the difference in payments be? If we look at an average $250,000 mortgage amortized over 25 years, that turns out be a difference of $249.03/month or $2,988.36/year!

Comparing a fixed rate to a variable rate is really like comparing apples to oranges. Security has a price (as does everything!), meaning that you’re always going to pay a premium for the security of having a fixed mortgage rate. If having steady payments is important to you, think of it as buying a bit of insurance.

So…which is “better”?

A few studies have been done in the past trying to figure out which option saves you the most money. The largest study was done by Dr. Moshe Milevsky, Associate Professor of Finance at York University’s Schulich School of Business, using data from 1950 to 2007 (keep in mind that this also means that 10% of the time mortgage holders would have saved money by choosing a fixed rate mortgage).

90.1% would Save Money with Variable Rate

The average Canadian would save 90.1% of the time by choosing a variable-rate mortgage instead of a fixed.

Average Savings was $20,630

Over 15 years per $100,000 borrowed.

The Gist? Security has a Price…Most of the Time

Variable rate mortgages have typically been a better choice for Canadians over the last 25 years and over the long run, homeowners can end up paying extra for a fixed rate – but this isn’t always the case.

The spread between fixed and variable rates can sometimes narrow, and when it does consumers find it increasingly difficult to gamble on a variable rate. Consumers experienced this at the beginning of 2012 which marked a time when major banks and other lenders were pricing mid-term mortgage rates (3 to 5 year fixed) below prime!

What’s “better” in the end is a combination of your personal tolerance, and the current conditions in the mortgage market. If you’re unsure on which would work better for you, it’s best to talk to a mortgage expert who can help you determine which product will best suit your current needs.
 



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Best Mortgage Rates in Canada
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Listings of the top mortgage brokers in canada for the last year, the top 5 contributed 20% of the mortgage volume

TOP 75 BROKERS
Rank Name Company City / Town Funded Volume (S) Email
1 Collin Bruce Dominion Lending Centres Mortgage Mentors Edmonton, Alta. 258,615,820 cbruce@dominionlending.ca
2 Dave Butler Verico Butler Mortgage Inc. Mississauga / Hamilton, Ont. 201,973,043 dave.butler@butlermortgages.com
3 Harman Arora Dominion Lending Centres House Calgary, Alta. 126,000,000 harora@dominionlending.ca
4 Christine Xu Mortgage Architects Markham, Ont. 120,034,969 cxu@moneybroker.ca
5 Michael Noik Dominion Lending Centres Centura Finance Montreal, Que. 112,400,000 michael.noik@centurafinance.com
6 Irina Antipova Axiom Assured Mortgage Services Toronto, Ont. 102,196,597 antipova@antipovairina.com
7 Scott Travelbea Dominion Lending Centres & Travelbea Associates Victoria, B.C. 99,393,338 scott@mortgagevictoria.com
8 Christopher Bisson The Mortgage Centre Complementary Real Estate
Services Inc.
Guelph, Ont. 96,448,244 bisson.c@mortgagecentre.com
9 Mark Goode Mortgage Man Dominion Lending Centres Orillia, Ont. 82,549,712 mark@markgoode.ca
10 Angela Calla Dominion Lending Centres Angela Calla Mortgage Team Port Coquitlam, B.C. 81,732,056 acalla@dominionlending.ca
11 Viktor Schaefer Verico Onelink Mortgage & Financial Steinbach, Man 78,277,110 save@vsmortgage.ca
12 Susie Inglis Dominion Lending Centres Mortgage Evolution North Vancouver, B.C. 76,211,831 susie@mortgageevolution.ca
13 Nicholas L'Ecuyer Verico The Mortgage Wellness Group Barrie, Ont. 72,678,321 nlecuyer@mortgagewellness.ca
14 Win Lui Verico Clear Trust Mortgages Vancouver, B.C. 72,673,881 win.lui@cleartrust.ca
15 Skye McLean Mortgage Architects Atlantic (HS) Financial Calgary, Alta. 70,445,399 mtg@skyemclean.com
16 Dustan Woodhouse Dominion Lending Centres Canadian Mortgage Experts Coquitlam, B.C. 70,267,574 dustan@ourmortgageexpert.com
17 Steven Brouwer Dominion Lending Centres Drake Entrust Mortgage Services Chilliwack, B.C. 64,534,256 steve@entrustmortgage.ca
18 Jordan D'Haese Jayman Financial Calgary, Alta. 64,482,396 jdhaese@jayman.com
19 Terry Kilakos Verico North East Mortgages Montreal, Que. 63,432,457 skilakos@northeastmortgages.com
20 Shawn Allen Matrix Mortgage Global Toronto, Ont. 62,000,000 sallen@vmmb.net
21 Jordi Browne Verico By Referral Mortgage Corp Chilliwack, B.C. 59,399,225 jordib@brmc.ca
22 Debbie Belair Dominion Lending Centres Smart Debt Ottawa, Ont. 59,243,000 debbie@belairmortgagegroup.com
23 Andre L'Ecuyer Neighbourhood Dominion Lending Centres Petawawa, Ont. 58,765,649 andre@ndlc.ca
24 James Loewen RMAI Loewen Group Mortgages Burlington, Ont. 56,487,343 james@loewengroup.ca
25 Chris Landry Verico Paragon Mortgage Group Vancouver, B.C. 56,111,824 chris.landry@shaw.ca
26 Nick Kaaki Dominion Lending Centres The Mortgage Source Ottawa, Ont. 54,068,075 nick@mortgageking.ca
27 Todd Payzant Dominion Lending Centres Neighbourhood Sudbury, Ont. 53,987,768 toddp@ndlc.ca
28 Deborah White Dominion Lending Centres White House Mortgages Vernon, B.C. 53,609,317 deb.w@telus.net
29 Greg Martel Dominion Lending Centres Zilla Mortgage Corp. Victoria, B.C. 53,079,415 greg@zillamortgage.com
30 Ling Lem Jayman Financial Calgary, Alta. 52,787,304 llem@jayman.com
31 David Griffin Dominion Lending Centres Griffin Financial Group Peterborough, Ont. 52,113,395 dgriffin@dominionlending.ca
32 Enza Venuto Centum StreetwiseMortgages.com Vaughan, Ont. 52,000,000 enza_venuto@centum.ca
33 Bernadette P.
Laxamana
Verico Xeva Mortgage LLP Burnaby, B.C. 51,702,029 blaxamana@xeva.ca
34 Narish Maharaj Dominion Lending Centres Mortgage Mentors Edmonton, Alta. 51,210,843 narish@dominionmortgagepros.ca
35 John Panagakos Dominion Lending Centres Home Financial Inc. Toronto, Ont. 51,000,000 john@mortgagelive.ca
36 Lisa Manwaring Meridian Southwest Mortgage Delta, B.C. 49,000,000 lisa@southwestmortgage.ca
37 Max Omar Dominion Lending Centres Capital Region Edmonton, Alta. 47,294,256 Maxomarmortgage@gmail.com
38 Tammy Pope Jayman Financial Edmonton, Alta. 47,093,778 tpope@jayman.com
39 Adam Bazuk Dominion Lending Centres YBM Group Ltd. Thornton, Ont. 46,369,985 abazuk@dominionlending.ca
40 Janet MacDonald Verico The Mortgage Professionals Kingston, Ont. 46,154,758 janet@mtgprof.com
41 Joseph Park Verico JP Mortgage Services Toronto, Ont. 45,000,000 jp@jpmtg.com
42 Ron Lefebvre Invis Pure Mortgage Edmonton, Alta. 44,585,773 ron@puremortgage.ca
43 Jeff Attwooll Verico K-W Mortgage Inc. Cambridge, Ont. 44,137,751 jeff@jeffattwooll.ca
44 Clinton Wilkins CENTUM Home Lenders Ltd. Dartmouth, N.S. 43,810,825 clinton@teamclinton.ca
45 Mackenzie Gartside VERICO Select Courtenay, B.C. 43,122,995 mgartside@comoxmortgages.com
46 Sabeena Bubber Verico Xeva Mortgage West Vancouver, B.C. 43,083,280 sabeena@xeva.ca
47 Morris Briglio Verico The Mortgage Advantage North Vancouver, B.C. 43,066,700 morris@themortgageadvantage.ca
48 Sundeep Saggu Verico The Mortgage Wizards Toronto, Ont. 42,181,141 sundeep.saggu@verico.ca
49 Adil Mawji Invis Calgary, Alta. 41,826,101 adilmawji@invis.ca
50 Yves Cormier Verico Cormier & Cormier Consulting Edmundston, N.B. 41,708,867 yves@cormiercormier.ca
51 Jody Henry Dominion Lending Centres Arrowsmith Qualicum Beach, B.C. 41,322,374 jhenry@dominionlending.ca
52 Gert Martens Dominion Lending Centres HT Mortgage Group Grande Prairie, Alta. 40,896,633 gmartens@dominionlending.ca
53 Luisa Hough Verico Xeva Mortgage Surrey, B.C. 40,580,689 lhough@xeva.ca
54 Charlene Elliott Dominion Lending Centres Mortgage Mentors Fort McMurray, Alta. 40,113,774 charlene.elliott@me.com
55 Karen Garrett Dominion Lending Centres Sea to Sky Mortgages Whistler, B.C. 39,971,500 karen@seatoskymortgages.com
56 Sarah Davison Mortgage Intelligence Grande Prairie, Alta. 39,028,682 mymortgage@telus.net
57 Kent Bittner Dominion Lending Centres Bittner Mortgages Regina, Sask. 39,021,000 kent@bittnermortgages.com
58 Scott H. Bentley Verico Premiere Mortgage Centre Halifax, N.S. 39,015,917 scott.bentley@premieremortgage.ca
59 Jason Georgopoulos Dominion Lending Centres Estate Mortgages Inc. Toronto, Ont. 39,000,000 jasong@dominionlending.ca
60 Sharnjit Singh Gill Verico Superior Mortgage Inc Surrey, B.C. 38,319,195 sharnjitgill@shaw.ca
61 Denny Segal Dominion Lending Centres Origin Home Financial Partners Vancouver, B.C. 38,000,000 denny@originmortgages.ca
62 Dave McNabb Dominion Lending Centres Regional Mortgage Group Red Deer, Alta. 37,109,822 damcnabb@regionalmortgage.ca
63 Anthony Spadafora Verico Premiere Mortgage Centre Burlington, Ont. 36,972,145 anthony@premieremortgage.ca
64 James Harrison Dominion Lending Centres Mortgage Village Mississauga, Ont. 35,270,567 james@mortgages.ca
65 (tie) Lena Ohanjanians Verico Ultimate Mortgage and Finance Solutions Toronto, Ont. 34,757,500 info@mortgagewithlena.com
65 (tie) Catherine Evel Dominion Lending Centres Homestead Financial Waterdown, Ont. 34,757,500 catherine.evel@dominionlending.ca
66 Terry Short The Mortgage Centre Advantage Financial Services Inc. St John's, Nfld. 34,410,802 tshort@homemortgagecentre.ca
67 Teague Brinkworth The Mortgage Centre Dico Holdings Inc./ Mortgage West
Brokers Inc.
Kamloops, B.C. 34,265,303 teague@brinkworth.ca
68 Ryan Joseph Jayman Financial Calgary, Alta. 34,127,818 rjoseph@jayman.com
69 Barry Patchett Dominion Lending Centres Great Lakes Kitchener/Waterloo, Ont. 34,103,403 bpatchett@dominionlending.ca
70 Liliana Peric Dominion Lending Centres Capital Region Edmonton, Alta. 33,710,000 lperic@dominionlending.ca
71 Jean-Guy Turcotte Dominion Lending Centres Regional Mortgage Group Red Deer, Alta. 33,442,458 jturcotte@regionalmortgage.ca
72 Pierre J. Blais Jayman Financial Edmonton, Alta. 32,940,968 pblais@jayman.com
73 Corey Klassen Dominion Lending Centres Powerhouse Mortgages Saskatoon, Sask. 32,895,036 corey.klassen@shaw.ca
74 Ken Lankin Mortgage Intelligence Niagara Falls, Ont. 32,780,714 ken.lankin@migroup.ca
75 Denise Devente Dominion Lending Centres Mortgage Evolution Vancouver, B.C. 32,581,893 denise@mortgageevoluti


Mortgage Market Share — Top 10 Lenders



Big-Banks

We haven’t run a lender market share story in a while, so no better time than the present.

For share data, we like to call on David McVay of McVay and Associates Ltd. He tracks lender performance for a living and is always kind enough to share his stats with us.

That said, and without further ado, here are the top 10 Canadian mortgage lenders by market share, with some related comments…

 

********

The Big Hitters

Rank  Lender Mortgage Book Market Share* 12 Mo Chg
1 RBC $198.2 billion 16.96%

-14bps

2 Scotiabank $187.4 billion 16.04%

+265bps

3 TD Bank $175.9 billion 15.05%

+54bps

4 CIBC $146.6 billion 12.55%

-82bps

5 Desjardins $86.6 billion 7.44%

+1bps

6 BMO $82.6 billion 7.07%

+53bps

7 First National $50.6 billion 4.34%

+42bps

8 National Bank $34.7 billion 2.97%

+20bps

9 HSBC $18.5 billion 1.59%

-20bps

10 Home Trust $15.9 billion 1.36%

+2bps

Quick takes:

  • The Big 5 banks still hold two out of three Canadian mortgages, a number relatively unchanged since our last mortgage market share report 16 months ago.
  • 248 bps of Scotiabank’s massive 265 bps market share gain is thanks to its ING Direct acquisition, McVay says.
  • HSBC, ING Direct and CIBC all left the broker market, and not coincidentally, they all sit near the bottom in terms of market share performance. CIBC has taken the biggest hit of any bank in the last 12 months, losing 82 bps of share while it tries to replace broker originations with mortgages sold by its own sales force.
  • BMO lost 275 bps of share from February 2007 through January 2012, thanks largely to its broker market exit. It has never recovered that loss, despite massively undercutting rivals on advertised rates. That said, being a price leader has started to pay off with BMO recouping 53 bps in the last year. Low rates have also gained it more free advertising than most other banks combined. (How many times did we hear about BMO’s 2.99% rate sales in the past 4 quarters?) That, of course, says little about its margins. Unfortunately, mortgage profitability is a black box at the banks and hard to analyze. But McVay notes, “Losing 34% of volume is a lot of
    revenue (for BMO) to replace.” (Note: We also have no way of knowing how much of BMO’s recent share gain is due to it reportedly funding some of MCAP‘s mortgages.)
  • First National’s mortgage book (as seen here) consists of single-family residential mortgages under administration. That includes mortgages owned by other parties, where First National (FNF) is essentially collecting servicing/administration fees.

Broker Market Leaders (Q1 2013)

Rank  Lender Market Share** 12 Mo Chg
1 Scotiabank 19.5%

+80bps

2 First National 13.2%

-140bps

3 Street Capital 12.9%

+480bps

4 MCAP 9.5%

+320bps

5 Home Trust 8.4%

+200bps

6 TD Canada Trust 7.4%

0bps

7 National Bank 4.1%

-120bps

8 Merix Financial 3.6%

-30bps

9 ING Direct 3.5%

+60bps

10 Equitable Trust 2.5%

+30bps

Quick takes:

  • Broker channel volume, as measured by D+H, dropped 12.5% in Q1 Y/Y
  • Street Capital has posted massive 12-month growth through the first quarter of 2013. That positioned it just 30 bps behind First National for second place in the broker market. Some of the reasons: On standard mortgages, Street’s product features are second to few, its sales force is exceptional at relationship building and Street pays trailers (which some brokers love because they don’t have to fight lenders for their clients at renewal).
  • MCAP has also turned it on in the prior 12 months. Like Street, MCAP picked up brokers stranded by CIBC’s wind-down of FirstLine. On top of that, MCAP’s pricing has been sharp for status brokers.
  • Home Trust also racked up significant share gains (200 bps) in Q1. It did that by targeting deals that banks no longer approve due to tighter lending guidelines

* Overall Market Sources: Market share figures are estimates based on data from OSFI, the Bank of Canada, and McVay and Associates Ltd.’s proprietary sources. Data is as of April 2013 (there is a lag in lender reporting). McVay and Associates is a source of market intelligence and market share data in retail banking. Founded by David McVay, a 31 year veteran in financial services, McVay and Associates produces two widely-referenced industry reports: The Banking Personal Market Report and The Credit Union Report.

** Broker Market Source: D+H puts out a terrific, non-public report called Lender Insights, which compiles lender market share data in the mortgage broker industry. We receive data from that report via third party sources and have quoted it here. This data is not confirmed, but is believed reliable. Note: These market share figures do not count MorWeb volumes (D+H’s smaller competitor) but the data does provide a decent proxy of industry-wide market share.

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