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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

Mogo Mortgage Technology Inc. operating as Mogo Mortgage

Licence #: 12836
Principal Broker: CHAPMAN, CHANTEL
Contact Information: 797 Queen Street West Toronto ON M6J1G1
Telephone: 604-659-4380
Status: Licensed

Mokom Mortgages Brokerage Inc.

Licence #: 12615
Principal Broker: HEMMINGS, WINSTON
Contact Information: 705 Progress Avenue, Unit 104 Toronto ON M1N2X1
Telephone: 416-723-6526
Status: Revoked
Effective Date: November 15, 2016

Money Gate Corp.

Licence #: 12451
Principal Broker: KATEBIAN, MORTEZA
Contact Information: 25 Mallard Road Toronto ON M3B1S4
Telephone: 416-738-1780
Status: Licensed

Monstermortgage.ca Inc. operating as Monstermortgage.ca

Licence #: 10516
Principal Broker: GAETANO, VINCE
Contact Information: 20 Holy Street, Suite 302 Toronto ON M4S3B1
Telephone: 416-480-0234
Status: Licensed

Montrose Toronto Ltd. operating as Montrose Toronto

Licence #: 12312
Contact Information: 80 Yorkville Avenue, Suite 902 Toronto ON M5R2C2
Telephone: 204-941-0695
Status: Licensed

Morcap Holdings Inc.

Licence #: 10053
Principal Broker: BATISTAKIS, PAUL
Contact Information: 9 Rivercourt Blvd. Toronto ON M4J3A1
Telephone: 416-425-0568
Status: Licensed

Morrison Financial Mortgage Corporation

Licence #: 10047
Principal Broker: MORRISON, DAVID
Contact Information: 8 Sampson Mews, Suite 202 Toronto ON M3C0H5
Telephone: 416-391-3535
Status: Licensed

Mortgage Alliance Access Inc.

Licence #: 11404
Contact Information: 209-8130 Sheppard Avenue East Toronto ON M1B3W3
Telephone: 416-646-8849
Status: Licensed

Mortgage Alliance Company of Canada Inc., The operating as Mortgage Alliance

Licence #: 10530
Principal Broker: GABRIEL, JOHN
Contact Information: 200 - 2005 Sheppard Ave. East Toronto ON M2J5B4
Telephone: 416-499-5454
Status: Licensed

Mortgage Associates Ontario Inc.

Licence #: 12340
Principal Broker: KARIMKHANI, AMIR
Contact Information: 20 Harrison Garden Blvd. Toronto ON M2N7K9
Telephone: 866-930-1660
Status: Licensed


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