About lender
Butler Mortgage is a Canadian lending company that provides customers with mortgage brokerage services across the Greater Toronto Area, Ottawa, Vancouver, and Calgary. Over the years, the company has developed a vast network of lenders to provide customers with different mortgage options. The company guarantees customers a wide range of mortgage options to choose from so customers can find the best solution that would fit their needs in the best way. Butler Mortgage offers customers mortgages for purchases, refinancing, renewals, etc.
Features
One of the most significant features of Butler Mortgage is that it is not a lender but a broker. As a result, the company has an extensive network of partners that lets them provide customers with varying financial solutions that can fit their needs.
Also, Butler Mortgage offers different types of mortgages for different requirements of different customers. These are mortgages for purchases, refinancing, renewals, home equity lines of credit, solutions for self-employed, first-time buyers, newcomers to Canada, etc. Also, Butler Mortgage provides financial products that would suit customers who need to repair their credit or divorce.
Butler Mortgage offers mortgages with fixed and variable rates. The fixed ones depend on the term customers need. For example, the fixed rate for a one-year mortgage would be 4,63%, while the rate for a ten-year mortgage is 5,32%. Variable rates mortgages can be given for 3 or 5 years and will have 4,90% and 3,44%, respectively. As was noted above, the company also offers such a product as a home equity line of credit (HELOC) that has a variable rate starting from 5,20%.
Customers can apply for a mortgage by Butler Mortgage in 3 ways: online on the website, by phone, or by fax. Besides, customers can use the online mortgage calculator on the company’s website that shows what regular payments customers will need to make during a specific term with a certain rate.
Pros and cons
Pros
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The company offers different types of mortgages;
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Self-employed customers can be approved;
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Different ways of applying for a mortgage;
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Customers can use the online mortgage calculator;
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The company has a vast network of lenders that work closely with customers;
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Customers can get a $1,000 bonus for each friend they refer that closes their mortgage.
There are still several disadvantages that can impact customers' decisions.
Cons
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The company has offices only in Ontario, British Columbia, and Alberta. And even with these locations, they do not provide much in-person service;
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Mainly, the company operates only online, so customers who have weak computer skills may have problems;
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The conditions still depend on the lender since Butler Mortgage is a broker;
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The company’s website doesn’t contain enough information. For example, there are no words about their mobile application, but it exists.
Loan conditions
To apply for a mortgage from Butler Mortgage, customers must fill out the online application form on the company’s website. Next, they need to click the “Apply Now” button on the top of the homepage and provide their personal information, name, email, and other data. Finally, customers can choose the most suitable mortgage solution when the company confirms that all the information is legit.
However, customers will need to face some eligibility requirements of the company. For example, they must be at least 18-19 years of age, be Canadian citizens or at least residents of Canada, not have any unmanageable form of debt such as bankruptcy, and be able to provide at least a 5% down payment on the home.
Besides, they also will need to collect a package of required documents to be eligible for the mortgage, such as a government-issued form of identification; proof of income: pay stubs and letters of employment will be required; credit report: authorization for the company to pull their credit report will be needed and a list of debts and assets to prove that they will be able to repay the loan.
Methods of loan funding
As Butler Mortgage works with many different lenders, loan funding methods depend on them.
