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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

Smart Home Realty Inc.

Licence #: 12626
Principal Broker: KAUSHAL, AMAR
Contact Information: 85 Scarsdale Road Toronto ON M3B2R2
Telephone: 416-445-6260
Status: Licensed

Smartchoice Mortgages Inc.

Licence #: 10610
Principal Broker: D'ANGELO, SAL
Contact Information: 410 Whitmore Avenue Toronto ON M6E2N4
Telephone: 416-766-2300
Status: Surrendered
Effective Date: July 7, 2016

Snowview Bancorp Inc.

Licence #: 10197
Principal Broker: BETEL, MYER
Contact Information: 7 Farrington Drive Toronto ON M2L2B4
Telephone: 416-441-9229
Status: Licensed

Soho Mortgage Ltd.

Licence #: 10249
Principal Broker: COCOMILE, JOHN
Contact Information: 100 Richmond Street West, Suite 320 Toronto ON M5H3K6
Telephone: 416-941-1444
Status: Licensed

Spectrum-Canada Mortgage Services Inc.

Licence #: 10832
Principal Broker: MATTHEWS, DEREK
Contact Information: Bay Street Centre - East Tower, 22 Adelaide Street West, Suite 3600 Toronto ON M5H4E3
Telephone: 604-676-2065
Status: Licensed

Spinnaker ICI Capital Corp.

Licence #: 10158
Principal Broker: LARAWAY, TIMOTHY
Contact Information: 8 Langmuir Crescent Toronto ON M6S2A7
Telephone: 416-362-3325
Status: Licensed

SRS Capital Group Inc.

Licence #: 12883
Principal Broker: SHARMA, RAJESH
Contact Information: 1200 Markham Road, Suite 224 Toronto ON M1H3C3
Telephone: 647-209-8800
Status: Licensed

Sterling Mortgages Inc.

Licence #: 10044
Contact Information: 885 Progress Avenue, UPH #14 Toronto ON M1H3G3
Telephone: 416-282-2167
Status: Licensed

Strategic Mortgage Capital Company Limited

Licence #: 10170
Principal Broker: PEARSON, STEWART
Contact Information: 22 Kimbolton Court Toronto ON M1C3G2
Telephone: 416-229-4224
Status: Licensed

Streamline Mortgages Ltd. operating as Dominion Lending Centres Streamline Mortgages

Licence #: 12750
Principal Broker: ISKIN, ARMAN
Contact Information: 3107 Dundas Street West Toronto ON M6P1Z9
Telephone: 647-778-9049
Status: Licensed


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