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.