Detailed information
About lender
Mortgage Alliance is a team of mortgage professionals connecting Canadians with the right financing solutions, including mortgages and other products. Along with providing access to mortgage options, the company can connect you with its network of insurance partners.
Launched in 2007 as Right Mortgage®, the company has been operating in the market for 20+ years. As stated on their website, Mortgage Alliance specialists will work on your behalf to find the best financing option. The company serves more than 40,000 Canadians annually.
Features
Mortgage Alliance bases its work on what it calls the Five Diamond Credo:
ENTHUSIASTIC
APPROACHABLE
EMPATHETIC
SINCERE
ACCOUNTABLE
With Mortgage Alliance, you can get financing for different types of properties:
Residential properties
Investment properties
Commercial real estate
If you are looking for mortgage renewal or refinancing, Mortgage Alliances promises to connect you with the best options from their partners.
Pros and cons
Here are the key benefits of working with Mortgage Alliance.
Pros
No cost — Mortgage Alliance professionals don’t charge you their services as long as they get payments from lenders.
Favorable interest rates — Mortgage Alliance can win the discounted rates you wouldn’t get on your own.
Tons of time saved — instead of reaching out to numerous financial institutions, you can just contact a Mortgage Alliance Professional.
Easy application process — apply either online or by phone.
Extended availability — Mortgage Alliance works on evenings and weekends.
Holding the rate after pre-approval — you can count on the rate offered on your pre-approval for 60-120 days, even if the market rates go up.
Still, there are certain drawbacks to be aware of.
Cons
Limited availability of insurance services — the network of Mortgage Alliance’s insurance partners may not be available in all provinces.
Limited access to some lenders — while the company has a vast network of partners, not all the lenders agree to work with mortgage brokers.
Advantages such as affordability, ease of application, and time savings make Mortgage Alliance an attractive mortgage broker. As for disadvantages, we can highlight the potentially limited availability of certain services and lenders.
Loan conditions
Mortgage Alliance doesn’t specify differences in mortgage conditions for first-time lenders and buyers purchasing their next property. But, as they claim, their specialists will help you identify what’s in your best interest. So, they encourage everyone to talk to a local Mortgage Alliance Professional.
With Mortgage Alliance, you can choose between fixed-rate mortgages and variable-rate mortgages. Fixed rates stay the same through your term, regardless of market fluctuations. Variable rates are subject to change based on the market fluctuations. Note the rate they offers are “Today’s rates.”
According to the website, fixed rates start from 4.79%, and the variable rate for a 5-year term can be 2.75%. Remember that rates may vary provincially and are subject to change without notice OAC.
The mortgage terms range from 1 to 10 years.
Methods of loan funding
Mortgage Alliance doesn’t provide information on the available methods of loan funding. The company partners with a vast network of lenders so that loan funding methods may differ across the financial institutions.
