If you are looking to buy a house, you need to consider several things. Between determining your budget and desired neighbourhood, it can be hard to find the right mortgage company.
So today, the team at Insurdinary put together this comprehensive Marathon Mortgage review. We will talk about the pros and cons of Marathon Mortgage and whether this company can meet your needs to help you buy a home.
About Marathon Mortgage
Operating since 2011, Marathon Mortgage offers prime residential mortgages, underwriting, and servicing. Marathon distinguishes itself from competitors by marketing competitive prime mortgages. Marathon prides itself on its dedicated customer service that seeks to provide a smooth and seamless mortgage experience.
Based in Toronto, Marathon Mortgage has recently undergone restructuring under the guidance of new CEO Albert Collu, with the goal of improving customer relations and streamlining the mortgage application process. Marathon Mortgage focused on improving its online portal, generating a very positive response from consumers and mortgage brokers.
What Types of Mortgages Does Marathon Mortgage Offer?
Marathon Mortgage offers a wide range of mortgage services for residential properties, including:
- Mortgages for first-time home buyers
- Mortgages for self-employed individuals
- Mortgage transfers
- Rental mortgages
Borrowers can secure a mortgage for single-family homes, multi-units, owner-occupied units, and more. Marathon does not offer commercial mortgages.
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Marathon Mortgage Rates
Marathon Mortgage offers both fixed- and variable-rate mortgages. Typical mortgage rates depend on Canada's prime rate but are usually around 4.54% for a fixed five-year mortgage and 4.79% for a fixed three-year mortgage. Of course, your actual rates will depend on the loan amount, value of the property, and your credit history.
The minimum amortization period — the total time it takes to pay off the mortgage — for a Marathon Mortgage loan is 18 years, while the maximum is 25 years.
Lastly, Marathon Mortgage offers several flexible payment options for loans. Home buyers can opt for monthly, weekly, biweekly, or accelerated payment plans. This payment flexibility further increases the options home buyers have for financing their purchase.
Applying for a Marathon Mortgage Loan
Applying for a Marathon Mortgage loan is simple. Just provide an email address and enter the verification code. From there, the site will take you to the comparison tool so you can search, check, and compare rates. Once you select a mortgage that fits your needs, you can get approval and make your first payments.
Marathon Mortgage Customer Reviews
Customer reviews are one of the best ways to get a neutral picture of a company's service. Marathon Mortgage has an extremely positive track record, with high rankings on many prominent customer review sites.
The vast majority of reviews praise the helpful and responsive customer support team. Marathon has put a lot of effort into improving this segment of its services, and it shows. Customers also praise how fast the underwriting and approval process is, with many claiming they received notification within 48 hours.
Marathon Mortgage Pros and Cons
This Marathon Mortgage review wouldn't be complete without some pros and cons. Below are some advantages and disadvantages of getting a home loan through Marathon Mortgage.
- Marathon Mortgage offers several different types of products to finance your home purchase. No matter where you are in your home-buying journey, Marathon can help you find a product that fits your needs and budget.
- Marathon offers competitive mortgage rates, many of which hover below the Canadian national average, along with flexible payment options.
- The streamlined process makes it easy to search and compare mortgages from their product lineup. You do not have to make an account to search for products, but creating an account lets you save an existing application.
- The website has a useful calculator tool so you can estimate your maximum mortgage amount and monthly balance to plan your payments.
- Customer service is fast and responsive, with knowledgeable experts to help guide you through the process.
- Marathon Mortgage only offers mortgages and no other types of loan products like personal loans.
- Some customers claim it takes a long time to receive loan approval, while other customers say they received it in just a few days.
- Rates are subject to change without notice, depending on provincial rules.
- The process takes place entirely online, but some customers might prefer face-to-face meetings with company representatives.
Overall, Marathon Mortgage is a good option to work with for home buyers who want a straightforward and streamlined loan application process. Marathon has proven to be a reliable underwriter, and the process of applying for a loan takes place entirely online. Moreover, Marathon Mortgage offers fixed and variable three- and five-year plans with competitive interest rates.
At Insurdinary, we simplify the process of selecting your mortgage by helping you compare mortgage providers and mortgage insurance companies. Fill out our quote form or contact us to compare competitive mortgage rates from Canada's top providers.