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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

Abacus Mortgages Inc.

Licence #: 10196
Principal Broker: BLAU, FRANCES
Contact Information: 4699 Keele Street, Suite 218 Toronto ON M3J2N8
Telephone: 416-638-6200
Status: Licensed

ACM Advisors Ltd.

Licence #: 12182
Principal Broker: MALLOW, CHADWICK
Contact Information: 80 Richmond Street West, Suite 804 Toronto ON M5H2A4
Telephone: 416-860-6242
Status: Licensed

Admore Financial Services Inc.

Licence #: 10463
Principal Broker: CARNEVALE, FRANK
Contact Information: 718 Wilson Avenue, Suite 204 Toronto ON M3K1E2
Telephone: 416-630-7554
Status: Licensed

Affinity Mortgage Services Inc.

Licence #: 11948
Contact Information: 41 Wynford Drive, Suite 102 Toronto ON M3C1K1
Telephone: 416-380-7551
Status: Licensed

Alasco Services Inc.

Licence #: 12838
Principal Broker: Not Applicable
Contact Information: 77 King Street West Toronto ON M5K0A1
Telephone: 780-484-0075
Status: Surrendered
Effective Date: April 6, 2022

Alexander So

Licence #: 11768
Principal Broker: SO, ALEXANDER
Contact Information: 2598 Broadview Avenue Toronto ON M2M2G6
Telephone: 416-858-9569
Status: Surrendered
Effective Date: July 7, 2021

Alliance Financial Corporation

Licence #: 10507
Principal Broker: ROOTHAM, DAVID
Contact Information: 133 Richmond Street West, Suite 601 Toronto ON M5H2L3
Telephone: 416-363-0734
Status: Licensed

Alpha August Real Estate Advisory Inc.

Licence #: 12686
Principal Broker: AUGUST, SHANNON
Contact Information: 1400 - 330 Bay Street Toronto ON M5H2S8
Telephone: 647-527-7283
Status: Licensed

Always A Mortgage Corp.

Licence #: 11986
Principal Broker: LEVY, SANDRA
Contact Information: 315 Eglinton Avenue West, Suite 202 Toronto ON M5N1A1
Telephone: 416-520-0298
Status: Licensed

Am-Stat Corporation

Licence #: 10066
Principal Broker: MERETSKY, PHILIP
Contact Information: 121 King Street West, Suite 2150, c/o: Standard Life Centre Toronto ON M5H3T9
Telephone: 416-943-0808
Status: Licensed


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