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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

MCAP Service Corporation operating as MCAP Mortgage

Licence #: 10515
Principal Broker: CAREY, BRIAN
Contact Information: 400-200 King St W Toronto ON M5H3T4
Telephone: 416-598-2665
Status: Licensed

Mega Mortgages & Financial Inc. operating as Mortgage Alliance Mega Mortgages

Licence #: 12458
Principal Broker: SALMAN, MUHAMMAD
Contact Information: 1892 Lake Shore Blvd East Toronto ON M4L6S8
Telephone: 416-919-7412
Status: Licensed

Merite Mortgage International Brokers Ltd. operating as Merite Mortgage

Licence #: 12216
Principal Broker: GENESS, CHERYL
Contact Information: 4711 Yonge Street, 10th Floor Toronto ON M2N6K8
Telephone: 647-494-0094
Status: Licensed

Metrozen Capital Inc.

Licence #: 12588
Contact Information: 100 Consilium Place, Unit 200 Toronto ON M1H3E3
Telephone: 800-284-0819
Status: Revoked
Effective Date: March 3, 2017

MHS Realty Inc. operating as TFMB Holdings

Licence #: 12140
Principal Broker: STOLLER, MARTIN
Contact Information: 321 Warren Road Toronto ON M5P2M7
Telephone: 416-452-3945
Status: Licensed

Michael Hanna Financial Services Ltd

Licence #: 10455
Principal Broker: HANNA, MAYER
Contact Information: 1 Yonge Street, Suite 1801 Toronto ON M5E1W7
Telephone: 416-412-7820
Status: Licensed

Michael Lalonde operating as Homeland Mortgage

Licence #: 11991
Principal Broker: LALONDE, MICHAEL
Contact Information: 14 Jessie Drive Toronto ON M3C4C2
Telephone: 416-913-9593
Status: Licensed

Midcity Mortgage Corporation

Licence #: 10938
Principal Broker: CONYETTE, RAYMOND
Contact Information: 55 Eglinton Avenue East, Suite 308 Toronto ON M4P1G8
Telephone: 416-481-7811
Status: Licensed

Millennial’s Choice Mortgages Inc. Brokerage

Licence #: 12899
Principal Broker: ABLAKAN, MATTHEW
Contact Information: 1 William Mortgan Drive, 2nd Floor Toronto ON M4H1N6
Telephone: 647-937-6455
Status: Licensed

Minimize Your Mortgage Inc. operating as Mortgage Alliance – Minimize Your Mortgage

Licence #: 12230
Contact Information: 86 Torrens Avenue Toronto ON M4K2H8
Telephone: 416-750-7768
Status: Licensed


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).

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