True North Mortgage

True North Mortgage, a Canada-wide mortgage brokerage

True North Mortgage is a Canadian mortgage brokerage that presents itself as a single point of access to rates from multiple lenders. The company states that it has helped Canadians arrange more than $34 billion in mortgages and describes itself as a big-volume brokerage operating under one brand across the country. Its head office is in Calgary, Alberta, and it lists provincial coverage for British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec and Atlantic Canada.

The brokerage says it has been arranging mortgages for over twenty years and was marking its twentieth anniversary at the time of the material reviewed. It positions its service against two alternatives: large banks, which it says charge higher rates and fees, and online-only startups.

Published mortgage rates

The site displays a rate table that, at the time of writing, included the following figures:

• 6-month fixed: 2.49%
• 1-year fixed: 4.54%
• 2-year fixed: 4.39%
• 2-year extended: 5.54%
• 3-year fixed: 4.54%
• 4-year fixed: 4.79%
• 5-year fixed: 4.59%
• 5-year variable: 3.49%
• 5-year open: 4.20%

The company also states that its rates are 0.18% lower on average than those of other providers, and that it regularly buys down the rate, giving up part of its own margin to pass the reduction to the borrower. Its rate guarantee promises the lowest rate for the purchase of a primary residence in Canada, with a commitment to beat any better rate found or pay $500.

Mortgage products and borrower profiles

Beyond standard fixed and variable mortgages, the catalogue covers a range of situations:

• First-time home buyers, with pre-qualification and affordability guidance
• Purchase of a next home, including buying and selling and second homes
• Renewals and switches
• Refinancing to obtain a lower rate or consolidate debt
• Investment properties
• Vacation and secondary homes
• Purchase plus improvements
• Cash-back mortgages
• Mortgages for self-employed borrowers
• Newcomers to Canada
• Home equity line of credit (HELOC)
• Reverse mortgages
• Pre-payment penalties and privileges
• A 40-year mortgage option, described as offering lower monthly payments at prime rates with premium features

Rate Relief and Compass Mortgage

Two proprietary products stand out. Rate Relief is a low-rate, short-term product designed to give borrowers six months of budget room to absorb costs such as closing fees and home expenses before locking into a rate and term. Compass Mortgage is an alternative product aimed at applicants who do not fit conventional lending criteria; it considers a broader set of application details, including non-traditional income sources, extended income ratios and more complex financial situations.

How the brokerage works

True North Mortgage describes its brokers as salaried and highly trained, a structure intended to keep their advice unbiased, and states that there is no cost or obligation while the brokerage deals with lenders and paperwork. Clients can apply online, visit a store or work with mobile brokers who travel to the client, and service is offered in English and French. The company also maintains a directory of agents and stores.

Calculators and educational resources

The site provides a set of mortgage calculators: payment, renewal payment, compare-and-save, affordability, closing costs and land transfer tax. It adds practical tools such as a mortgage checklist, provincial taxes and benefits information, a renewal reminder and a financing sheet for realtors. The education centre covers first-time buyer guidance, variable versus fixed rates, insured mortgages, the mortgage stress test, payment frequency, down payments, credit, income, portability and a glossary, alongside an FAQ section and a regularly updated rate forecast.

Client feedback and recognition

The company reports being close to 20,000 five-star reviews, a figure it presents as the most in its industry in Canada. The testimonials reproduced on the site refer to individual brokers by name and describe experiences with first refinancing, renewals and rate searches, with clients identified by province and month.