These are all good questions. “Mono” means “one”. So it’s a “one-line” lender that doesn’t do anything else except mortgage lending. They won’t be asking you to do your banking with them, or try to cross-sell you investments. They do one thing: mortgage lending. They’re an important factor in the mortgage market here in Canada because they improve consumer choice and ensure that our banks remain competitive!
How do you access a monoline lender? Our only job is to get you the perfect mortgage – a combination of rate and features that allows you to live comfortably with your mortgage and save money in the long term. To do that, we work with most of the major banks and credit unions, private lenders, and we work with several monoline lenders. There are a few reasons why a monoline lender might be the perfect option for you.
- Lower penalties. A monoline lender’s penalty to break a fixed-rate mortgage is typically much less than what Banks charge. If your circumstances change and you need to get out of your mortgage, this could save you thousands.
- Easier to transfer. A mortgage with a monoline lender is registered on title as a “standard charge” rather than a “collateral charge”. That means it can be easier and cheaper to transfer your mortgage to another lender at renewal for a better deal.
- Great rates. Monoline lenders do not have bricks and mortar branches so they can keep their overhead costs low and focus on competitive interest rates.
Most monoline lenders are only available through mortgage brokers, which is one of the reasons so many Canadians are turning to mortgage brokers for their purchases, refinances and renewals. Get in touch with the experts at MiMortgage.ca at 1.866.452.1100 for a review of all your lender options for your next mortgage.
Some of the Monoline Lenders we deal with – Merix, First National, MCAP, RMG, CMLS
Is your mortgage coming up for renewal this year? If so, you’re not alone. In fact, there’s an unprecedented spike in the number of mortgages renewing in 2018! If you’re one of them, then you’ve got a perfect opportunity to potentially save thousands of dollars. Get in touch with the team at MiMortgage.ca at 1.866.452.1100 to speak to an expert now. Together we can review what your current lender is offering, and also look at the marketplace to see if it makes sense for you to take your mortgage elsewhere.
If you are self employed, you already know it makes sense to go to a specialist to get the job done. Contact the team at MiMortgage.ca at 1-866-452-1100 to speak to a specialist now!