Butler Mortgage broker review
Lock in the money you need to buy or refinance your home at affordable rates with this online mortgage broker.
This online digital platform is designed to get you the best rates and terms for your mortgage. And the best part is, you’ll get customer service from a dedicated customer service team along with guaranteed interest rates while you shop for the right property.
Whether you’re building a real estate empire or buying your first-ever home, getting a mortgage can be a difficult process to navigate. Lucky for you, Butler Mortgage is taking some of the guesswork out of locking in the financing you need.
How does a loan with Butler Mortgage work?Butler Mortgage is an online company that works with lenders from across Canada to help you finance your mortgage. Once you request a quote and book a consultation with a mortgage expert, you’ll get multiple offers to choose from based on your unique set of needs and your financial situation. From there, you’ll need to choose an offer and get approved for the money you want to borrow.
Once you’re approved, you’ll be able to shop around for a new home with a fixed-rate guarantee. This means that your interest rates won’t go up while you’re exploring the housing market. You’ll also get dedicated customer support from Butler Mortgage‘s team of mortgage specialists as soon as you qualify. All you need to do to get started is fill out a quick application to see how much you can borrow.
What loan options does Butler Mortgage offer?Butler Mortgage offers financing for new and pre-existing mortgages. You can use these loans to purchase a new home, consolidate your debt or pay for renovations.
- Mortgages. Compare lenders to lock in affordable rates and better terms on a mortgage that fits your budget.
- Refinancing. Borrow additional funds or secure a better deal on your existing mortgage by refinancing with more favourable rates and terms.
- Secured line of credit. Use the equity in your home as collateral for a secured line of credit worth up to 65% of your home value.
- Second mortgage. Take out an equity-based second mortgage to cover unexpected expenses worth up to 85% of your home value.
How much money can I save?
The amount of money you can save on your mortgage will depend on your unique financial situation as well as on the size of the mortgage you need. But no matter who you are, Butler Mortgage can potentially save you thousands of dollars on your home loan by comparing multiple lenders through its tech-driven process.
One of the best features of Butler Mortgage‘s app is that it will use your online profile to match you with suitable providers. This means you’ll get a wealth of options to choose from along with full transparency surrounding the details of your mortgage, right down to how much you’ll have to pay for your monthly payment.
What should I know before I apply?
To apply for a mortgage with Butler Mortgage, you need to meet the following criteria:
- Be at least 18 years old (and 19 in some provinces).
- Be a citizen or resident of Canada.
- Be free from bankruptcy or other forms of unmanageable debt.
- Have at least a 5% down payment.
Required documents and information
- Government-issued ID. You’ll have to show proof of ID like your driver’s licence or passport.
- Proof of income. You’ll be required to submit documents like pay stubs and letters of employment to verify how much money you make.
- Credit report. You’ll need to authorize Butler Mortgage to pull your credit report so that the company can assess your creditworthiness.
- Other financial information. You may have to provide a list of your debts and assets, along with proof that you can pay for your down payment and closing costs.
How to apply
If you’re ready to apply for a mortgage with Butler Mortgage, you’ll just need to follow these simple steps.
- Use the online application to provide personal information like your name, email address, proof of ID and relevant documents.
- Review and submit your application.
- Get verified and work with Butler Mortgage to negotiate the terms of your mortgage if you meet the eligibility requirements.
How does the approval process work?Butler Mortgage has a three-stage approval process designed to allow you to put in a strong offer on a home as soon as you want to buy it.
- Pre-qualified approval. Answer a few simple questions and give permission for Butler Mortgage to check your credit. From there, you’ll get a Prequalified Approval Letter that states how much you’re eligible to borrow.
- Verified Approval. Verify your income and assets to get a Verified Approval Letter that reinforces your eligibility for credit with your chosen lender. This should give you an edge over the competition if you’re putting in an offer on a home.
- RateGuard Approval. Protect the rates you lock in on your mortgage for up to 120 days. This will let you focus on finding the right home without worrying about your monthly payments going up.
Benefits and drawbacks
- Easy application. It’s possible to apply in a matter of minutes with one simple and straightforward application.
Big savings. You can save thousands of dollars on your mortgage by shopping around for the best deal using this innovative technology.
- More choice. You’ll get offers from several lenders that are handpicked to suit your needs and budget.
- Guaranteed rates. It’s possible to lock in a favourable offer for up to 120 days when you go through Butler Mortgage‘s verified approval process.
- Expert guidance. You’ll be paired with a mortgage expert who will give you dedicated support with everything from your application to closing your mortgage.
- Financing for self-employed. You may be able to qualify as a self-employed worker if you have a clean credit history and paperwork to prove your employment history.
- Referral bonus. If you refer a friend who closes their mortgage, you could be eligible to receive a bonus of up to $1,000 in cash.
What to watch out for
- Limited physical locations. There are only physical locations in some provinces and not others (with service limited to Ontario, BC and Alberta).
- No in-person service. You won’t be able to visit Butler Mortgage in-person to discuss your mortgage needs.
- Computer-based. You’ll have to be a little bit tech-savvy to navigate the online application and document upload process.