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We access these lenders because, well, we can — to give you an advantage for better rates and mortgage options.
Post updated June 2021
True North Mortgage is the largest independent mortgage brokerage in Canada. We partner with several 'A' lenders to offer your best mortgage rates and solutions, including major banks and trust companies — and Monoline lenders.
Monoline lenders only offer mortgages. They don't offer any other lending services, such as credit cards or even chequing accounts, and usually don't have physical locations. Their simple business model means low overhead, and their focus is strictly on residential mortgage clients. Major banks can't access them, but we can. In fact, the lowest rates we advertise are often offered by Monolines, including our own THINK Financial.
Monolines are no riskier than any other type of bank. They're in the business of lending money, not holding it, but they have the same strict government regulations as the major banks. They also must follow similar disclosures and lending guidelines. In fact, many Monolines actually receive funding from major banks.
Should a Monoline lender terminate their business operations, another financial institution would take over their mortgages. For example, when Scotiabank acquired Tangerine (formally known as ING Direct) along with FirstLine (who was in the process of transferring their mortgages over to CIBC), all of the mortgages held stayed 'as-is' throughout the process, with virtually no impact to the borrower.
Because a Monoline lender focuses on residential mortgages, they can offer more flexibility in approval turn-around times, pre-payment options, and penalties in the event that you have to break your mortgage.
Your mortgage situation is unique, and every client has different mortgage needs. But all deserve the best rate. We assess each one, quickly and thoroughly, to determine which lender is the best fit — and quite often, we recommend a Monoline lender.
We make it easy. And we're here to help. Stop by or give us a call, and one of our friendly, expert mortgage brokers will gladly assist you!
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