FAQs
mbanc is a nationally licensed Canadian Mortgage brokerage that offers the best in rates from over 60 Lenders in Canada, and the best in a proven service track record. A mortgage brokerage that negotiates with the banks for you to get a better deal.
Having to access many banks, credit unions, and mortgage lenders we have funded thousands of mortgages, our position with the lenders gets us lowest and exclusive rate offers not available to the public, at your local banks or even others in the industry. Our deep rate discounting policy passes on the savings to our customers. We don’t charge any fees, and help you get a better deal everytime!
On average, a mortgage brokerage collects upto 1% of the mortgage amount funded in commissions or finder’s fees. In many cases most brokers will play it by ear and negotiate with you. The same concept applies to the Mortgage advisors working for the big banks, their incomes are also dependent on commissions. mbanc is a commission free, service focused company – with a single goal to get you the lowest rate for the best mortgage product. All our employees operate on a salary structure keeping the focus on You, and not the commissions!
- We are direct with all lenders, and have access to their lowest rates and highest commissions, allowing us to buy-down
- the rate to the bare minimum.
- We are mortgage experts, backed by technology making our file completion fast and efficient. This allows us to operate on higher volumes with lesser earnings.
- We compare dozens of lenders to get you the lowest rates every day,
mbanc has 5 office locations around Canada. Most of our offices are by appointment only due to COVID protocols, however our clients are welcome to book an appointment with their advisors to meet in person.
The penalties with your current mortgagee can sometimes be added to the new lender’s mortgage amount offered however it may vary case to case. To find out if you can increase your balance on a switch or transfer, contact us.
As a mortgage brokerage having access to multiple lending options, we love an opportunity to make ourselves shine by helping poor credit situations. In some cases, there may be fees applicable to these so we do an initial assesstement before presenting your options. To get started, please apply here.
Once we receive your application, an advisor is assigned and will reach out to you to answer any questions. The advisor will request documents via a secure link in an email/text where you can upload the required documents. We also work with a CRA partner and your NOA & T4 Income Slips can be electronically retreived eliminating the need for you to find and upload these. We review all paperwork within 2 hours of upload so if anything is missing, your advisor will work with you on getting those sorted out.
Rate holds can vary between lenders, ranging from 30 days to 120 days. Rate holds only apply to fixed rates.
Having to access many banks, credit unions, and mortgage lenders we have funded thousands of mortgages, our position with the lenders gets us lowest and exclusive rate offers not available to the public, at your local banks or even others in the industry. Our deep rate discounting policy passes on the savings to our customers. We don’t charge any fees, and help you get a better deal everytime!
Once the approval is signed, we will continue to monitor your rate and at the time of closing guarantee the lowest rate. You don’t have to send us a lower rate you found online, we will automatically discount the rate for the closing date.
Having to access many banks, credit unions, and mortgage lenders we have funded thousands of mortgages, our position with the lenders gets us lowest and exclusive rate offers not available to the public, at your local banks or even others in the industry. Our deep rate discounting policy passes on the savings to our customers. We don’t charge any fees, and help you get a better deal everytime!
Many lenders will pay us a finder’s fee for the mortgage placement and our efforts in completing the transaction. To discount your Mortgage rate, we use part or most of our earnings to offer you a Gross Saving in your interest costs over the course of your term. This results in a reduced Net rate. The rate on the approval may not reflect the discounted rate, however your mbanc Rate Disclosure will provide your details on exactly how much your Net rate is with the cashback compensation.
Cashbacks are paid out weekly and take 15-30 days from the closing date to be sent out. Cashbacks are sent out directly into your bank account information provided by your for the mortgage re-payment. If you have not received your cashback within 30 days, please email us at [email protected] to request an update. The delay in cashbacks is very rare however possible due to late lender payments.
In many cases, lenders will cap the discount that can be applied to the rate which results in a higher rate. Lender’s do this to be fair to other brokerage partners. Our ability to operate at a lower cost means we can offer our clients higher savings resulting in cashback to discount rates.
Having to access many banks, credit unions, and mortgage lenders we have funded thousands of mortgages, our position with the lenders gets us lowest and exclusive rate offers not available to the public, at your local banks or even others in the industry. Our deep rate discounting policy passes on the savings to our customers. We don’t charge any fees, and help you get a better deal everytime!
You can get a pre-approval from mbanc for any purchase. Refinance transactions do not offer pre-approvals. If you require a pre-approval from a lender, we can process the application as a live deal as well.
You can get a pre-approval from mbanc for any purchase. Refinance transactions do not offer pre-approvals. If you require a pre-approval from a lender, we can process the application as a live deal as well.
mbanc is one of the largest brokerages in Canada. We offer one of the highest counts in products, lenders, options, rates and types of mortgages in Canada.