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Lender
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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.

True North Mortgage

Finanso.Multilogin™

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.

FAQ

What is True North Mortgage?

True North Mortgage is a corporation offering a large selection of mortgage products with relatively low rates, different options, and fast applications all over Canada.

Who owns True North Mortgage?

True North Mortgage is a private corporation established by Dan Eisner, the founder, and CEO, in 2003 in Calgary, Alberta.

How do you qualify for True North mortgage?

Lenders have different requirements, but in general to qualify borrower should:

  • Be a Canadian resident over 18

  • Have a stable job and employment history

  • Have a sufficient and proven income

  • Have a good credit standing

  • Have no or minimum debts or bankruptcy

  • Be able to pay a required down payment (5% of the purchase price minimum)

  • Have a reasonable home price

A strong mortgage application will have:

  • A housing expense ratio (Gross Debt Service) no greater than 39%;

  • A debt-to-income ratio (Total Debt Service) no greater than 44%.

You need to qualify for your mortgage rate using the latest federal stress test regulations.

How much can you borrow from True North Mortgage?

You can borrow up to $1,900,000.

Is True North mortgage a legitimate company?

Yes, it is. True North Mortgage has been operating in Canada ыштсу 2003. It has more than 6,500 5-star reviews on Google, over 1,100 good reviews with a 4,9/5 rating on Facebook, and over 3,400 excellent reviews with a 5/5 mark on TrustPilot.

How does True North mortgage work?

You can apply through the official website, chat, phone, email, or in-person at the store.

For pre-approval provide contact info, financial info and required documents. Then, fill in your desired mortgage details. The broker contacts you within business hours to help finish the application.

The entire mortgage pre-approval may take from a few minutes to two weeks. Again, itAgain, it depends on your situation and the data you've provided.

A mortgage broker explains all the documents that the lender requires. Then, the paperwork will be sent to the lawyer of your choice at closing.

Company documents

Privacy Policy

Better mortgages are all we do, and providing you with unbeatable service is our top priority.

© True North Mortgage

Calculate loan payments in True North Mortgage

True North Mortgage calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
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Enter the desired loan amount

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100000 $
1900000 $
Loan term
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Specify the loan term for the calculation

years
months
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30

What to pay attention to when applying for a loan from True North Mortgage

  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 True North Mortgage 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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