The Difference Types of Mortgage Lenders

This week’s episode gives an outline and history of the different lending options in the Canadian mortgage marketplace. If you’ve seen a mortgage broker, you’ll know of these mortgage finance companies like First National and MCAP, but the majority of people still only think of the big banks as the optimal lending options. Have a listen to this week’s episode to learn more about the backgrounds of these mortgage finance companies and how they came into fruition.

Pay special attention at around the 25-minute mark where we explore the concept of open banking. Many countries around the world have been able to leverage the idea with innovative fintech solutions, but not Canada. The big banks have so much lobbying power with the federal government and they stand to lose a lot of the control they have over the Canadian consumer if their data were to be shared and used in innovative products. Hopefully Canada doesn’t reach this point embarrassingly late.

 

If you're looking for a stable investment, take a look at the Cannect Mortgage Fund.

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0:00 - Intro
2:02 - Marcus outlines the different types of lenders in the Canadian mortgage market, how they differ, and their history.
11:22 - Iain recalls when he learned the true intentions of the banks.
16:34 - Sarah calls in to ask about the rate offer she received from a mortgage finance company through her broker.
20:27 - Marcus summarizes the advantages Sarah is facing by going with a mortgage finance company like MCAP.
21:52 - Jack calls in to ask about the service mortgage finance companies can offer compared to the banks.
25:05 - Marcus explains how the banks are holding fintechs back from leveraging open banking.
29:36 - Tina calls in to describe her situation and to ask if a renewal or a HELOC is the better option.
36:23 - Justin wraps up the show by reminding listeners that they should be breaking their mortgages.