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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Centum

Finanso.Multilogin™

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.

FAQ

What is Centum?

Centrum is a mortgage broker brands platform that works all over Canada. The company's mortgage brokers are in business relations with many lenders and can help select the mortgage with the lowest possible rates for a client. In addition, except for mortgages, the company offers life and disability insurance, consumer loans, and leasing.

Who owns Centum?

Centum is owned by Centum Financial Group Inc., which belongs to Charlwood Pacific Group of Companies. This privately held company owns the master and/or territory franchise rights to leading brands in Canada and worldwide travel, real estate, property management, and mortgage brokerage businesses. It is a member of IFA (the International Franchise Association) and CREA (the Canadian Real Estate Association).

How do you qualify for Centum?

Qualification requirements depend on the product of the company you wish to use. The conditions may also vary from province to province in Canada. Thus, you should verify the exact qualification criteria with the chosen mortgage broker.

However, to get a mortgage, you will have to:

  • Pass a broker's preapproval. At this stage, a broker needs to know your assets, income, and level of debt.

  • Provide identification.

  • Be employed and provide the proof of employment or notices of assessment from the Canada Revenue Agency for the past two years if you’re self-employed.

  • Provide exact data on your debts and financial obligations.

  • Possess a down payment in the appropriate amount.

How much can you borrow from Centum?

The maximum amount you can afford depends on your income, your current debts, the value of your assets, your creditability, your credit score, and some other aspects. Again, your mortgage broker will give you more detailed information.

Is Centum a legitimate company?

Yes, the company is entirely legitimate. It is a part of Charlwood Pacific Group of Companies and enjoys business relations with persons and entities. Within its activity, the company follows the acting rules and regulations of the Canadian legislation.

Company documents

Terms of use
Privacy Policy

At CENTUM, we are Looking Out For Your Best Interest

© entum Financial Group Inc.

Financial products

Centum
Mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$100,000-$6,000,000
Rate
i

Effective interest rate on the product

up to 4.59%
Term
i

Loan term for the financial product

up to 10 years

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$10,000 - $2,500,000
Rate
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Effective interest rate on the product

starting from 1.05%
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up to 30 years

Calculate loan payments in Centum

Centum calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
i

Enter the desired loan amount

CAD
CAD
100000 $
6000000 $
Loan term
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Specify the loan term for the calculation

years
months
1
10

What to pay attention to when applying for a loan from Centum

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Centum from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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