Top mortgage brokers are licensed professionals who have access to an assorted group of lenders, which allows you to find the best mortgage product and rate for YOU. A great mortgage broker will do all of the work to shop the current market for you and will negotiate the most beneficial mortgage contract for your needs. If you have a unique situation, such as seeking a self-employed mortgage broker, are new to Canada, or have been rebuilding your credit – a mortgage broker may be the best route for you with their vast and exclusive lending network.

When you use a bank representative to obtain your mortgage, you are limited to the products and rates of that particular financial institution. There’s nothing wrong with getting a mortgage from your home bank, however mortgage brokers do have access to many more mortgage product options and typically complete a mortgage approval faster with their robust lender relationships.

The short answer is no – in most cases, a mortgage loan broker is paid a commission by the lender or financial institution where your new mortgage is placed. The amount of the commission can change depending on the type of mortgage, the size of the loan and the quality of the client.

If a client’s application is not standard or doesn’t fit with a standard lender, we have access to alternative lending options. For bad credit applications or in the case of alternative lending, there may be a fee to the client, but due to its rarity, it’s best to connect with our team to learn more about these programs.

Though it may have been drilled into you that you need to save up a 20% down payment to purchase real estate, this is actually not the case. Your mortgage advisor will help you determine the best plan of action for the down payment amount that makes the most sense for your financial circumstances. Note that if your down payment is less than 20%, you will be subject to Canadian Mortgage and Housing Corporation fees.

Most often you will be charged a penalty for discharging your mortgage prior to its completion or renewal. The discharge fee for a fixed rate mortgage versus a variable rate mortgage does differ. Each financial institution generally offers a lump sum or extra payment allowance annually that will allow you to make extra payments. In the event that you move, and are able to port your mortgage, you should be able to avoid any pre-payment fees.

Be sure that you’re heading into your mortgage application with a clear picture of your investing goals – Whether you’re looking for a mortgage in the Toronto area, or another area in Canada, and have more questions that you’d like our team of mortgage consultants to answer, we are only a call way.