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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

Olympia Mortgage Financing Ltd.

Licence #: 10534
Contact Information: 916 Pape Ave Toronto ON M4K3V2
Telephone: 416-461-2443
Status: Licensed

Omega Mortgage Corporation operating as OMC

Licence #: 10796
Principal Broker: LEBOW, RANDY
Contact Information: 29 Sheldrake Blvd. Toronto ON M4P2B1
Telephone: 416-931-9539
Status: Surrendered
Effective Date: April 26, 2016

Ontario Wealth Management Corporation operating as Owemanco

Licence #: 10506
Principal Broker: TOBE, GRAHAM
Contact Information: 2950 Keele Street, Suite 201 Toronto ON M3M2H2
Telephone: 416-256-1555
Status: Licensed

Orange Mortgage Corporation

Licence #: 10795
Principal Broker: COHOLIC, LEO
Contact Information: 3301 Lake Shore Blvd W. Toronto ON M8W1M8
Telephone: 416-238-7595
Status: Revoked
Effective Date: July 11, 2016

Origin Mortgage Services Inc.

Licence #: 12734
Principal Broker: WILLIS, GEOFFREY
Contact Information: 250 Yonge Street, Suite 2201 Toronto ON M5B2L7
Telephone: 604-742-3411
Status: Licensed

Otera Capital Inc.

Licence #: 12816
Principal Broker: CHIN, PAUL
Contact Information: 55 University Avenue, Unit 1701 Toronto ON M5J2H7
Telephone: 416-956-0150
Status: Licensed

Ownest Financial Inc.

Licence #: 12614
Principal Broker: WILSON, AUDREY
Contact Information: DLA Piper Suite 6000, 1 First Canadan Pl, P.O. Box 367, 100 King St. West Toronto ON M5X1E2
Telephone: 416-365-3500
Status: Licensed


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