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Why Choose a LIcensed Mortgage Broker?

Why Choose a Broker

For many Canadians, the purchase of a home is likely the biggest financial investment decision they will make in their lifetime. To help realize the dream of homeownership, you'll want to work with a professional mortgage broker who will offer sound, professional advice and provide a mortgage solution that matches your needs and circumstances.

It is the job of a professional mortgage broker to stay ahead of the game, learning about the array of products available that best suit their clients’ needs. Generally, the broker is paid a referral fee by the lender, not by their client. Lending institutions will usually provide their best interest rates to the broker ensuring that, as the homebuyer, you don’t have to negotiate to get the best rate.

By assessing your needs, a broker will carefully weigh important decisions, such as lump sum payments and fixed versus variable rates, before they are made. A broker will also guide you through the process of completing and submitting mortgage applications and supporting documentation required by the lender. If the terminology seems a little confusing, your broker is there to explain important information and conditions set out by the lender as well as any steps required to close the mortgage transaction.

A few things to note about mortgage brokers:

  • Mortgage brokers are professionals and many are licensed by the province within which they work. They must maintain a high level of professionalism and keep up with all of the offerings and developments within the industry.
  • Mortgage brokers should have an established place of business. They have chosen mortgage brokerage as their career and demonstrate their long-term commitment to the industry. In this regard, they are no different than insurance brokers.
  • In order to best meet a consumer’s needs, mortgage brokers have a wide array of products from which to choose – mortgage banks, private sources, independent lenders, etc. And, a lender will deal with a broker only after a thorough selection process, checking references, interviewing and obtaining a copy of their broker licence.
  • In addition to the above points, and for obvious reasons, be sure that you have a good interpersonal rapport with the broker you choose. It’s all about trust, credibility and ultimately the relationship.

In short, consumers choose a mortgage broker for four reasons: choice, advice, service and savings. By considering these factors, you’ll be able to make an informed decision, comfortably.

Source: http://mbsweblist.fsco.gov.on.ca/

Here is a list of Licensed Mortgage Brokers in Ontario as of February 15th, 2018

1463000 Ontario Ltd.

Licence #: 11682
Principal Broker: BISSELL, MARC
Contact Information: MARS Centre - Heritage Building, 101 College Street, Suite 145 Toronto ON M5G1L7
Telephone: 416-955-4646
Status: Licensed

1500123 Ontario Inc. operating as Fairchoice Mortgage Co.

Licence #: 11387
Principal Broker: HANDY, SEAN
Contact Information: 245 Fairview Mall Drive, Unit 303 Toronto ON M2J4T1
Telephone: 905-625-2288
Status: Licensed

1508778 Ontario Ltd.

Licence #: 11197
Principal Broker: SPEZIALI, ROCCO
Contact Information: 28 Upwood Ave. Toronto ON M6L3A5
Telephone: 416-579-7653
Status: Revoked
Effective Date: May 30, 2022

1567116 Ontario Inc. operating as Verico Dynamic Mortgages

Licence #: 10125
Principal Broker: KOMJATHY, ARPAD
Contact Information: 2001 Sheppard Avenue Ast, Suite 107 Toronto ON M2J4Z8
Telephone: 416-410-0892
Status: Licensed

1719751 Ontario Ltd. operating as Mortgage Direct

Licence #: 10123
Principal Broker: ALIFERIS, DEMO
Contact Information: 50 Gervais Drive, Suite 505 Toronto ON M3C1Z3
Telephone: 416-446-0340
Status: Surrendered
Effective Date: February 9, 2022

1756211 Ontario Inc.

Licence #: 10673
Principal Broker: PANDYA, VYOMESH
Contact Information: 20 Forest Manor Road, Suite 1412 Toronto ON M2J1M2
Telephone: 416-494-2933
Status: Licensed

1870069 Ontario Ltd. operating as Everything Mortgages

Licence #: 12755
Principal Broker: PATEL, MANZEEL
Contact Information: 1500 Don Mills Road, Unit 704 Toronto ON M3B3L7
Telephone: 416-840-6368
Status: Licensed

1904441 Ontario Inc. operating as Dominion Lernding Centres Keystone Financial Services

Licence #: 12653
Principal Broker: COMRIE, COLLETT
Contact Information: 2190 Warden Avenue, Suite 208 Toronto ON M1T1R6
Telephone: 416-901-7880
Status: Revoked
Effective Date: January 11, 2022

1966 Ontario Capital Inc.

Licence #: 12246
Principal Broker: ALLEN, HOLLY
Contact Information: 77 Bloor Street West, Suite 1704 Toronto ON M5S1M2
Telephone: 416-271-9291
Status: Licensed

2139073 Ontario Inc. operating as Dominion Lending Centres Mortgage House

Licence #: 10557
Principal Broker: JOHNSON, BARNEY
Contact Information: 1051 McNicoll Avenue Toronto ON L6W3W6
Telephone: 416-491-4002
Status: Licensed


Canada’s mortgage website

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