Sponsored by Northwood Mortgage Ltd. License #10349

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

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Ultimate Mortgage Corporation

Licence #: 10424
Principal Broker: BELL, JAMES
Contact Information: 2270 Dufferin Street, Suite #223 Toronto ON M6B3R7
Telephone: 416-398-8288
Status: Licensed

Unique Mortgages & Financial Services Inc.

Licence #: 12241
Principal Broker: DHAWAN, PREM
Contact Information: 9 Manfred Avenue Toronto ON M9V2L1
Telephone: 416-617-7055
Status: Surrendered
Effective Date: March 10, 2022


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

Your Credit Score and Debt...

What is a debt consolidation loan? Read More

How to Pay Off Your Mortgage Faster

The majority of Canadians will have to deal with a home mortgage at some point in their lives. Read More

How to Lower Your Mortgage Penalty

Many Canadians don’t even think about mortgage penalties, as they feel confident that they won’t have to break their mortgage in the... Read More

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

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 Diamond and click the SUBMIT button.

Refresh
Northwood Mortgage

We're working harder for you