Sponsored by Northwood Mortgage Ltd. License #10349

Ontario Mortgage Brokers

If you’re looking to purchase a home in Ontario you will need the services of an experienced mortgage broker.

What qualifies someone to be an Ontario mortgage broker?

Ontario mortgage brokers need to be licensed with the Financial Services Commission of Ontario (FSCO). Moreover, they need to be a Canadian resident, 18+ and meet certain educational criteria. An Ontario mortgage broker also must receive designation from the Canadian Association of Accredited Mortgage Professionals (CAAMP).

What questions should I ask my broker?

In order to determine if the Ontario mortgage broker you wish to work with is adept at finding the perfect mortgage package to meet your needs, ask them:

  • How long have you been in business? – If a broker is just starting out but they have the right qualifications from CAAMP and FSCO, you can still take a chance on them. Everyone needs to start somewhere!
  • Do you have references? – Ask for testimonials from clients. You may be able to find these on their website or elsewhere online.
  • What lenders do you work with? – Brokers have relationships with different lenders to give their clients more choice. If the broker you are speaking with only deals with one or two lenders, they cannot offer you the best mortgage to suit your needs.
  • What is your availability? – Because of your busy work schedule, you may only be able to meet with your broker in the evening or on the weekend. Most Ontario mortgage brokers will be able to accommodate your schedule. If they cannot, you should find a broker who will.
  • How well do you know the housing market and mortgage industry? – A good broker will have a very basic knowledge of the Ontario housing market and industry. A great broker will know the ins and outs of the market and be able to advise you on everything involved with the mortgage industry not just in Ontario, but in Canada as well.

Do I have to pay for a broker’s services?

You do not have to pay a broker to help you secure funding for your new home. Mortgage brokers are paid a finder’s fee directly from the lender. If a broker is charging you for their services, get out of there!

Why do I need to use an Ontario-based broker?

In Canada, mortgages are province specific. That doesn’t mean that they differ from province to province, but that if you are looking for funding in Ontario, you will need to work with an Ontario accredited broker.

If you are thinking of moving to Ontario and purchasing a property, contact an Ontario mortgage broker to help you secure funding.

A mortgage broker will be the liaison between you and the lender. It’s important to work with an Ontario broker that you trust and have a good rapport with.

Back

Canada’s mortgage website

Your home is your most valuable asset. It is probably the single largest investment you will make in your lifetime. Your home is more than a place to rest your head and raise a family. Your home contains equity. It is a treasured resource and in some cases, can even be used as an ATM (aka cash back mortgages and HELOCs – don’t worry we’ll get there).

We All Need a Mortgage

Everyone who is looking to purchase a home will need a mortgage. But, what is a mortgage exactly and why do you need it? Besides being the term to describe a loan secured by real estate, a mortgage allows you to access funding to procure your dream home.

Mortgage Blog

Why Should We Have Mortgage Loan...

If you want to buy a home, but are unable to put down a minimum down payment of 20% then you will need mortgage loan insurance. Read More

Why Do Mortgage Penalties Matter?

If you are thinking of buying your first home then you are likely not thinking of mortgage penalties. Read More

How to Reduce Mortgage Penalties

When you sign on the dotted line of a mortgage agreement, you do so with the hope that this transaction will ultimately be very beneficial... Read More

Understanding the Mortgages...

We always advise first-time home buyers explore their mortgage options before they do anything else. Read More

100,000
people a month

Trust us to help them save money
and make better financial decisions.

Join the monthly newsletter for financial tips, news, and deals!

Mortgage Reminder

Enter Your Renewal Date:

Please select the Circle and click the SUBMIT button.

Refresh
Northwood Mortgage

We're working harder for you