About lender
True North Mortgage is a mortgage broker solution that offers competitive mortgage rates and attractive options through the network of lenders.
The company helps to select the product that fits your financial needs: mortgage for first-time home buyers, vacation property, making renewal or refinancing, bad credit mortgage, mortgage for newcomers, Home Equity Line of Credit (HELOC), reverse mortgage, mortgage for self-employed, etc.
True North Mortgage was established in Calgary, Alberta, in 2003 to provide Canadians with lower interest rates and more flexible solutions than banks could give.
The company operates in all ten provinces in Canada and has 11 store locations.
Features
True North Mortgage products line lets you select the individual solution with the lowest range and the appropriate lender. For example, you could save money on your first home, vacation investment, or income property.
The company could hold the desirable rate for 120 days and offer you a flexible mortgage plan that fits your needs using a unified brokerage model.
There is one unique product called No Commitment Mortgage. It's exclusively available from the True North mortgage in-house lender, THINK Financial, and only for a 5-year plan.
It's an open mortgage with a variable low term (from 2,75%), with no penalties or restrictions for any actions like making a mortgage early repayments or paying off the entire amount, transfer, or refinance.
True North Mortgage claims to have rates better than the banks. In addition, the strong relationships with the multiple lenders let the brokers find and secure discounted mortgage rates.
The lowest rates have conditions and are available for specific clients. But rates are still competitively low and the broker can offer a solution that fits you best.
You can use, among other instruments:
Compare & Save calculator to see how much money you can save with the company and choose the mortgage type;
Affordability calculator to find out how much house you can afford;
Mortgage payment calculator to see your monthly payments and the minimum down payment.
Pros and cons
This pros and cons review will help you to decide whether True North Mortgage suits you best.
Pros
Large network of lenders
Wide range of mortgage products
Low-interest rates
Free online tools to calculate your mortgage
Apply online, through the chat, over the phone, or in-store
No brokerage fees or commissions
Five stars rating on Trustpilot
Operating all over Canada
There are some drawbacks to consider.
Cons
A minimum 5% down payment is required
Available mainly with a good credit score
The best options and rates are limited for special clients
There are advantages and disadvantages of True North Mortgage. Still, one should borrow responsibly: calculate all charges and rates, and review all options yourself before agreeing to the broker's conditions.
Loan conditions
The company offers a wide range of mortgage options for 1 — 5 years and HELOC.
The annual interest rates depend on the mortgage option: 2,45% — 4,59%.
Variable and fixed rates are available. The variable rate is determined by the prime rate (currently 3,70%), available for 5 year plan, fixed rates are available for 1, 2, 3, 5 year periods.
Your final rate mainly depends on the equity in your home and credit rating.
Your mortgage payment can include combined principal and interest amount, the insurance premium for high-ratio mortgages (less than 20% down payment), closing costs, including Land Transfer Tax or title transfer fees, and renovation costs.
There are pre-payment fees applied for some mortgage products.
