What is a mortgage broker?

A mortgage broker is a licensed professional who can negotiate the best mortgage for you by comparing all the offerings from multiple lenders, including banks, credit unions and trust companies, as well as alternative and private funding specialists. In other words, the mortgage broker acts as an intermediary between the borrower and the lender.

Important: The term ‘mortgage broker’ doesn’t mean the same thing across Canada. While many licensed mortgage professionals can call themselves brokers in most provinces, the term is very specific in Ontario. In order to become a mortgage broker in Ontario, you must first be a mortgage agent. Becoming a broker means that, in addition to being an intermediary between mortgage borrowers and lenders, with additional education, a licensed broker can also act as a principal broker at a mortgage brokerage or supervise mortgage agents.