Mortgage brokers or advisors help review available mortgages given your financial statements and apply for a mortgage loan on your behalf. They can save plenty of your valuable time by directing you to the right lender and how to improve your application, and speed up the process by handling some of the paperwork themselves. To find the best mortgage broker, you should look for reputable or go with ones with good reviews like Canada mortgage broker.

Why Use A Mortgage Broker?

Mortgage advisors can be super helpful as they help save your valuable time and stress, as they look for the best possible money lender given your financial situation and apply and communicate on your behalf with the lender. Mortgage brokers have the mortgage market’s expertise and will get you the best deals that suit your situation. They should be given access to software that helps them get the best deal faster than you could do personally.

An experienced broker will know the lenders who are likely to accept your application without creating any negative impact on your future dealings.

You also have the advantage of the right to complain if the mortgage is not suitable while using a mortgage broker, which is not possible when you are doing it on your own.

How To Choose A Mortgage Broker

There are different types of mortgage brokers—a whole of market brokers and direct only mortgages. You can also check with friends and relatives who have already used a broker’s services and whether he/she is trustworthy.

A whole market broker will assess all the available mortgages in the market and advice or recommend you the best suitable deal for you. Some brokers will advise you from a select panel of lenders wherein the chances of getting the best deal is very bleak. Some advisers who deal with specific banks or societies will not get the best deal, unlike the whole market broker.

Mortgage Broker Fees And Commission

A broker fee or commission is always involved when you are dealing with a broker. Some will charge a commission from the lender, and some will also charge you a fee at a flat rate or a percentage based on the amount you want to borrow. Brokers are mostly paid by the lenders and sometimes by the borrowers. You must check all the conditions before entering into a contract.

Things To Look For In A Mortgage Deal

  • Do you want tracker mortgage or fixed rate
  • The cost of the mortgage fees
  • If the mortgage offers any incentives
  • The reputation of the lender

Difference Between The Mortgage Broker And Loan Officer

Loan officers are employees of the lender and command a salary and bonus/ incentives. They also work for the organization and abide by the guidelines of the said organization.

Mortgage brokers work independently or with a couple of firms and earn their money from the lenders and sometimes from the borrowers and have many mortgaging options.


It is recommended that a whole market broker is the best option for all your mortgaging needs, providing you with lots of options and helping you get the best deal.