About lender
Centum is a Canadian network of national mortgage broker brands that deals with businesses rendering financial, real estate, and other services. The company does not provide mortgage brokerage services by itself but grants franchises to operate mortgage brokerage businesses to certain qualified independent businesses.
Centum was arranged in 2002 and initially opened its offices in British Columbia, Alberta, Saskatchewan, and New Brunswick. The company’s primary aim was to look for and deliver proper home financing solutions for Canadians. The company's owner is Centrum Financial Group Inc., which Charlwood Pacific Group owns. Centum operates across Canada and spans nearly 200 franchised broker locations and over 2,100 agents.
Features
The Centrum franchise network of brokers offers a wide range of services, including mortgages, leasing, life and disability insurance, and consumer loans. Some services, like mortgages, are provided to people; others, like leasing, are intended for companies. The company states that finding the right mortgage is their business.
Centrum corporation is in business relations with many lenders, and the client may receive several options to select the most acceptable and convenient one. Currently, the corporation provides low rates short-term mortgages.
Their mortgage brokers may also offer life and disability insurance and a protection plan. This plan has been operating since 1995 and gives quick approval, competitive rates, flexible premium collection options, and other options. In addition, the plan is underwritten by a trusted insurance company with long business history.
The consumer loan program has partnered with TransUnion, a credit reporting agency.
Pros and cons
Pros
Comparatively low rates are offered for short-term mortgages.
Mortgage pre-authorization and application can be performed online.
There is a long list of brokers on the company's website for the client to select the most appropriate entity.
The company offers a Mortgage Protection Plan (life and disability insurance).
Reports are submitted to the credit agency.
The company cares about its business image and keeps its brokers as a community, offering them a wide range of services, including coaching and training, helping them create their businesses.
The company does all the paperwork.
The lenders compensate the services of the brokers.
Cons
The company is not liable for the actions of any of its brokers.
Mortgage conditions can vary from one region to another.
A comparatively low mortgage rate is available just for short-term loans.
Centum is a franchised mortgage network and is not liable for the operation of its offices.
Meanwhile, it pledges to find the most appropriate loan for you.
Loan conditions
Since brokers have access to many lenders and several mortgage products to choose from, every product may have specific conditions. For example, Centrum, on its website, offers several calculators counting payment, rent vs. buy difference, affordability, and refinance options.
The rates offered by Centum are the following:
3-Year Fixed 4.59%
5- Year Fixed 4.44%
5-Year Variable 2.65%
Methods of loan funding
The corporate website is not very clear with methods of loan funding as they may depend on the mortgage broker's condition. Therefore, verifying the information on loan funding with the broker is recommended.
