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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

T1CM Principal Secured Mortgages Inc.

Licence #: 12378
Principal Broker: JACKSON, PATRICK
Contact Information: 55 Nugget Avenue, Unit A/B Toronto ON M1S3L1
Telephone: 647-930-1733
Status: Suspended
Effective Date: June 16, 2022

Tally Capital Ltd.

Licence #: 10376
Principal Broker: ERLICH, HARRY
Contact Information: 1670 Bayview Ave., Suite 400 Toronto ON M4G3C2
Telephone: 416-486-5600
Status: Licensed

Tavana Mortgages & Loans Inc. operating as Verico Tavana Mortgages & Loans

Licence #: 10153
Principal Broker: TAVANA, JOSEPH
Contact Information: 1110 Sheppard Avenue East, Suite 408 Toronto ON M2K2W2
Telephone: 647-956-1084
Status: Licensed

Ted Karkavitsas

Licence #: 12742
Principal Broker: KARKAVITSAS, TED
Contact Information: 452 Runnymede Road Toronto ON M6S2Z1
Telephone: 416-729-6575
Status: Surrendered
Effective Date: March 13, 2022

Tembo Financial Inc.

Licence #: 12598
Principal Broker: GUREVICH, YAN
Contact Information: 4646 Dufferin Street, Suite 6 Toronto ON M3H5S4
Telephone: 416-238-6717
Status: Licensed

Terra Firma MA Ltd.

Licence #: 12425
Contact Information: 22 St. Clair Avenue East, Level 2, Suite 200 Toronto ON M4T2S5
Telephone: 416-792-4700
Status: Licensed

Terrafirm Holdings Ltd.

Licence #: 10561
Principal Broker: HUONG, THANH
Contact Information: 352 Spadina Avenue, Suite 201 Toronto ON M5T2G4
Telephone: 416-977-1990
Status: Revoked
Effective Date: November 15, 2021

The Mortgage Management Group Inc. operating as Calum Ross Mortgage

Licence #: 12259
Principal Broker: ROSS, CALUM
Contact Information: 3280 Bloor Street West, Unit #240 Toronto ON M8X2X3
Telephone: 416-410-9905
Status: Licensed

The Promise Financial Services Inc.

Licence #: 11163
Contact Information: 1945 Leslie Street Toronto ON M3B2M3
Telephone: 416-450-6637
Status: Licensed

TheRedPin Mortgage Brokerage Inc. operating as The RedPin Mortgage Brokerage - The Mortgage Architects

Licence #: 12770
Principal Broker: JOLLY, ANDREA
Contact Information: 5 Church Street Toronto ON M5E1M2
Telephone: 855-434-5598
Status: Licensed


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