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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

Verico Premiere Mortgage Centre Inc. operating as Premiere Mortgage Centre

Licence #: 10317
Principal Broker: REED, KERRI-ANNE
Contact Information: 1179 King Street West, Suite 210 Toronto ON M6K3C5
Telephone: 188-561-2525
Status: Licensed

Verico Safebridge Mortgage Solutions Inc. operating as Safebridge Financial Group

Licence #: 10524
Contact Information: 1500 Don Mills Road, Unit 503 Toronto ON M3B3K4
Telephone: 416-466-5858
Status: Licensed

Verico Spin Mortgage Corp.

Licence #: 12551
Principal Broker: PIPKEY, STEPHEN
Contact Information: 1 Yonge Street, Suite 1801 Toronto ON M5E1W7
Telephone: 778-440-7746
Status: Licensed

Verico The Mortgage Leaders Inc.

Licence #: 10238
Principal Broker: MENICUCCI, PETER
Contact Information: 885 ProgressAvenue, UPH #3 Toronto ON M1H3G3
Telephone: 416-460-4594
Status: Licensed

Verico TVH Mortgages Inc.

Licence #: 11946
Principal Broker: SOWERBY, JONATHAN
Contact Information: 63 Lombard Street, Unit 8 Toronto ON M5C1M2
Telephone: 416-488-0074
Status: Licensed

Verico Urban Financial Ltd. operating as Urban Financial

Licence #: 11601
Principal Broker: MCBURNEY, DAVID
Contact Information: 925 Pape Avenue Toronto ON M4K3V4
Telephone: 416-875-5000
Status: Licensed

Verico Zolo Mortgages Ltd. operating as Zolo Mortgages

Licence #: 12343
Principal Broker: Not Applicable
Contact Information: 170 University Avenue, 2nd Floor Toronto ON M5H3B3
Telephone: 416-554-9660
Status: Surrendered
Effective Date: October 31, 2016


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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