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What is a Mortgage Broker?

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What is a mortgage broker?

Bruce Schoenne, RI, AACI, P.App.
Jan 3, 2009 - 8:47:00 AM

Canadian Mortgage Brokers

A Mortgage Broker in Canada is a professional trained to represent you, the borrower, in obtaining financing from a variety of lending sources. In most Provinces, Mortgage Brokers are required to be licensed.

By accessing numerous source lenders including Chartered Banks, Trust Companies, Credit Unions and private lenders, Mortgage Brokers in Canada are able to find the best rates on mortgage products available.

What's more, they have the knowledge required to present a proposal for financing to a lender in the best way possible to successfully obtain your mortgage.

Mortgage Brokers represent you, the borrower, and not the lender.

Why use the services of a Mortgage Broker?

These days time is precious and having to shop your own mortgage from bank to bank can not only take a significant amount of time but can also be very daunting given the wide variety of products. In addition, most people don't know all the right questions to ask.

On a daily basis a Mortgage Broker sees the lowest interest rates and best mortgage products being offered by financial institutions. When you negotiate with your bank, do you know you're being offered the lowest rate or their best mortgage product?

Because Mortgage Brokers in Canada are not employees of a lending institution, they are not limited in the products they can offer you.

Mortgage Brokers seek out the best lender package to suit your specific situation, whether it's with a Chartered Bank, Trust Company, Credit Union, or Private Funds.

Choosing the wrong mortgage can cost you thousands of extra dollars. Because Mortgage Brokers represent you, the borrower, they have the resources and time to shop the mortgage market for the best rates and terms.

What does it cost to use a Mortgage Broker in Canada?

The services provided by Mortgage Brokers are typically free. Mortgage Brokers are generally paid by the Lending Institutions once a mortgage has been placed.

In some cases, a borrower may not qualify for a traditional mortgage due to high debt, questionable credit, or other concerns conveyed by the lending institutions.

In these cases, Mortgage Brokers have access to alternative sources of funds. In this case, there may be a fee which must be paid by the borrower, however these fees are completely disclosed before you commit.


Mortgage Brokers have the knowledge and experience to get you the best mortgage rates and best mortgage terms.

With their network of lenders, Mortgage Brokers are able to offer mortgage broker services across the country.

KalMor Morgages and Investments - Mortgage solutions for Canadians.


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