If you've got questions, we've got answers...
Who uses a mortgage broker?
Does a broker save me time or money?
Does a broker work for me or the bank?
How does the broker get paid?
Can a broker help me buy my first home?
First things first - what exactly is a mortgage broker?
A mortgage broker is a provincially licensed finance professional who acts as a go-between between an individual or business who might want a mortgage (someone like You) and the many banks and lending institutions that offer mortgage products. A mortgage is essentially a loan to purchase a property, such as a house. An independent mortgage broker is not tied to any one financial institution, hence able to advise you on the many different mortgage products available in the market.
So what exactly does a mortgage broker do?
With any major investment – your home being one of the largest – it’s really important to do your research and shop around for the best finance solution – this is exactly what a mortgage broker does. 
A skilled broker will work to understand your needs, help you prepare for a successful application, shop all the banks and come back with best fit options for you at the lowest rates. If you are a first time home buyer, your broker will be a valuable source of information and guidance.
Why would I use a mortgage broker over my bank?
Yes, your bank can probably get you a mortgage. But keep in mind that your bank is the business of making a profit. When you walk in to a retail bank location, you might trust and take what is offered to you without shopping around. Aren't we told to always get three quotes before we buy something??
Does this save me time or money?
Mortgage brokers deal with dozens upon dozens of banks and other lending institutions (your bank included) and receive their product and wholesale interest rate updates daily. This forces these same banks to compete against each other for your business. When you work with a mortgage broker, you benefit directly from this competition, which means you save money. A mortgage broker is also convenient and a time saver as you only need to do one mortgage application, then let the broker shop it to as many lenders as necessary to get you an approval. It's much cheaper for a bank to offer mortgage products through mortgage brokers as the banks don't have to staff and maintain (as many) costly retail locations. These savings get passed to you via lower rates.
So does the mortgage broker work for me or the bank?
We work on behalf of you, the client. Our main purpose is to prepare you for a mortgage then to get you the best product at the best rate. Unlike a bank employee or a mortgage specialist that is tied to a specific bank, an independent mortgage broker (independent of any one particular financial institution being the key here) is free to offer true unbiased advice with the client's best interests in mind. Because we work with so many lending institutions, we have access to hundreds of products and solutions. This means a better fit and a greater chance of approval for you.
Sounds great, but how much does all this service cost me?
Residential mortgage brokers in Canada are paid a commission by the lender and do not charge fees for good credit applications. This means we get paid only when we get your mortgage approved and closed. To do that means we have to earn your business by providing great service, advice, terms, and rate. A broker is paid on the size of the mortgage, not the rate – so as you can see, getting the best rate for the client is in the best interests of the broker.
Are there many mortgage products on the market?
The mortgage industry is very dynamic and changing constantly with new products, features, benefits and terms occurring daily. And there are many specialized products for the self-employed, first time buyers, credit challenged, new immigrants, and zero down programs to name a few.
So what’s the bottom line – a mortgage broker will give me better service and and a better deal than my own bank?
I understand many consumers expect their own bank will give them the best rate and product. The bottom line is that your bank does not have access to all the lenders and products 
on the market. They typically have a limited number of pre-packaged mortgages available to them. Another way to think about it is this: If you were thinking about buying a car but you didn’t know what vehicle you wanted or needed. Would you go straight to one dealer or would you shop around at an auto mall and compare? Now, think about having someone there to take you around, tell you all the differences in the vehicles, dealer services and negotiate on your behalf – without a fee. That is what a mortgage broker does. It simply makes sense and savvy consumers know this.
Our mortgage brokerage provides financing services across Canada.