True North Mortgage Review

  • 4 min read

True North Mortgage offers a great alternative to the big five Canadian banks for a mortgage solution. With no “bricks and mortar” locations, they provide customer services via the phone, online, and in-person. They deal with a vast number of accredited lenders to offer clients the best mortgage options, and mortgage rates. Their goal is to pass along their volume discounts to bring their customers the lowest mortgage rate possible, saving thousands of dollars over the long term.

In fact, they stand by their “lowest mortgage rate” offer by providing a guarantee. If you can find a better interest rate on a Primary residence mortgage in Canada, they will either beat it or give you $500.

They will pre-qualify you within minutes. With a plus a five-star client rating, free home appraisals, and more, True North Mortgage may be your best choice for your next mortgage. Below is an overview of their mortgage product options:

First Time Home Buyer Information

Buying your first home can be a scary venture, and perhaps for you, the biggest commitment and investment you will ever make. True North Mortgage aims to simplify the process for first-time home buyers, by always presenting all their recommendations and options during the entire process, to make your first-time home buying experience as stress-free as possible. From the pre-approval step to later paperwork, plus closing details (and more)— True North Mortgage promises to be there with you, every step of the way!

Purchase Plus Improvements

If you need money for renovations on the new home you are planning to purchase, then the “Purchase Plus Improvements” solution is a great option. It allows you to immediately give your home the TLC it needs and the costs are rolled into one payment, your mortgage!

Investment Properties

True North Mortgage offers variable, fixed, and adjustable mortgage rates for Investment Property mortgages, with extended amortizations of up to 30 years.

Vacation or Second Homes

People want second homes for a multitude of reasons. Whether you are looking to purchase a condo in the city to decrease your commute time, or a cottage on a lake to make great family memories, True North Mortgage can make this dream happen if you have a down payment as low as 5%.

Newcomers to Canada

Homeownership in Canada is a dream that can sometimes feel unattainable for those new to this country; however, True North Mortgages offers a program to newcomers where they can successfully achieve this. Some requirements include a down payment of 35%, proof of credit (Canadian Credit Bureau, International Credit Bureau, or a bank letter of reference), as well as proof of income.

Home Equity Line of Credit (HELOC)

A secured line of credit against your home, HELOC, helps clients use the equity in their house for renovations, funding education plans for their children, as well as other projects. True North Mortgage attaches the HELOC to a chequing account, and the credit product is simple to use. Clients can access funds using their debit cards, cash withdrawals, or by writing cheques.

International Home Purchase

If you are looking to purchase property outside of Canada and need to pull equity from your current home in Canada, there is a way to achieve this through True North’s International Home Purchases product. While they do not offer international broker services, they do point their clients to the right people who can help!

Mortgages for the Self-Employed

It can be a struggle for some who are self-employed to gain access to a mortgage or credit products; especially if they have just launched a business. True North Mortgages makes it much easier for their self-employed clients to purchase a home. Some requirements of the program include good credit, a reasonable income, a minimum of two years in business, proof of no income taxes owing, a down payment of 5%, plus other requirements.

Reverse Mortgage

A reverse mortgage helps clients live their best retirement life, on their terms, and in their own house. True North Mortgage partners up with Equitable Bank and HomeEquity Bank to provide senior clients access to their home equity when they need funds.

With a reverse mortgage, customers gain access to a source of money, without having to worry about mortgage payments. No monthly mortgage payment is needed until you sell your home.

View for more information about True North Mortgage, and their mortgage solutions.

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Christopher - BSc, MBA

With over two decades of combined Big 5 Banking and Agency experience, Christopher launched Underbanked® to cut through the noise and complexity of financial information. Christopher has an MBA degree from McMaster University and BSc. from Western University in Canada.