Being a Mortgage Broker we have access to over 40 lenders at any given time. No mortgage is ever created equal so having this variety of lenders works best for the person looking for a mortgage. Most often, the mortgage that ends up being the best mortgage is from a lender that the average person has never heard of. With that, the question that follows is “Is (insert mortgage lender here) a safe place to put my mortgage?” That answer is Yes.
There are many mortgage lenders outside the Big 6 in Canada. First National, Merix Financial, Home Trust, Dominion Mortgages, ICICI Bank to name a few. All these lenders a very well backed financially. Some even have investors that include one of the Big 6 banks.
Paradigm Quest is one of the largest mortgage funders outside of the Big 6 banks. They are the financial background for 14 different Mortgage Brands. They themselves hold $18 Billion dollars in residential mortgages in Canada. You could say they have money and are very safe.
There used to be a mortgage lender called Maple Trust. This company was lending money with 50% of the company owned by the Ontario Teachers Pension Plan Board and the National Bank of Canada. They were one of the best mortgage companies to work with as a Mortgage Broker. They understood the client, and they wanted to do mortgages. In 2006, Maple Trust was sold to ScotiaBank for $233 Million. Scotia took over their 42,000+ mortgages equaling over $7.5 Billion. This is what happens when a company either wants to get out of the mortgage lending business or for whatever reason, felt like they were in Hard Times and had to get out. Mortgages make money, and lenders want to make money. Their book of business just gets sold to the other guy that wants to do the business. There will always be someone that wants those mortgages.
So is your mortgage safe with a lender that you have never heard of? Yes, talk to a mortgage broker and get the best mortgage for you.
Don’t Just get a mortgage, Know your mortgage!
Thanks for Reading,
Scott Bourke, AMP
Dominion Lending Centres Regional Mortgage Group.
403-598-1055 – firstname.lastname@example.org