Find a Licensed Mortgage Broker in Canada

Find a Mortgage Broker in Canada

Connecting with a residential mortgage broker means you have a local expert to help guide you through one of the most significant financial decisions of your lifetime. Whether you’re an experienced or first-time homebuyer, it’s worth finding a mortgage broker in your area.

Enter your location below to find a mortgage broker near you.

Terms

What do mortgage brokers do?

A mortgage broker has extensive product knowledge. And once they work with you to understand your goals and priorities, they can easily assess what type of mortgage will suit your needs. A good residential mortgage broker will also educate you as they take you through an important and complex transaction.

Here’s how a mortgage broker will support you throughout the mortgage process.

Learn about your needs: To find the best mortgage, a mortgage broker needs to understand your financial situation and needs. They will gather relevant financial information and supporting documentation to determine if you meet various lenders’ qualifications.

Simplify the application process: A mortgage broker will compile all your information and interact with lenders on your behalf to find the right mortgage for you – this means less paperwork for you. They’ll also guide you through the application process and answer any questions you have along the way.

Find the best mortgage for you: One of the most significant advantages of working with a mortgage broker is that you have a broader choice of mortgages. A mortgage broker will evaluate mortgage products and features to find the best mortgage to suit your needs.

Put your mortgage in terms you can understand: A mortgage broker is a mortgage expert who works on mortgages every day. They use that knowledge to cut through the financial jargon on mortgage loans, including reviewing the mortgage rate, terms, and conditions. They explain every step of the process in plain language that everyone understands.

No upfront costs or fees to you: A mortgage broker only earns a commission after you have found the perfect mortgage loan. They get paid a commission from the lender you choose, which means it is no cost to you.

How an MCAP mortgage broker helps you achieve your mortgage goals?

Customized Mortgage to Meet Your Needs

Whether you’re self-employed, buying for the first time, or an experienced homebuyer, a mortgage broker works hard to find the best mortgage that works for your needs.

Connects With You How You Want

Whether by phone, email, or in-person, your mortgage broker will contact you how and when it works best for you.

A Local Expert

Whether by phone, email, or in-person, your mortgage broker will contact you how and when it works best for you. Get the best advice close to home. Mortgage brokers understand your local market, helping you find a mortgage for a home within your particular area.

Why use a mortgage broker?

A professional mortgage broker can help you realize your dream of homeownership by offering choice, advice, service, and savings.

Watch video: Why choose a mortgage broker?

What are the benefits of an MCAP mortgage?

Flexible payment options

Choose a payment schedule that fits your lifestyle — monthly, semi-monthly, bi-weekly, weekly
Pay down your mortgage sooner with lump sum payment privileges

24/7 access to your mortgage

Find everything you need to know about your mortgage through the MyMCAP online portal
Make lump sum payments, check your mortgage balance, review property tax information, and more

Dedicated customer support

Reach our Mortgage Servicing Centre by telephone or email
Call toll free between the hours of 8AM and 8PM, Monday through Friday

Simplified property tax payments

When you join our team, you will be part of a professional, down-to-earth, and open-door culture. You will enjoy:

MCAP offers the option to pay your property taxes with your MCAP mortgage, giving you one less bill to worry about
Your property taxes will be paid on time, every time

Learn about our Property Tax Service

Mortgage coverage for your homes

We can help protect your home with MCAP’s Home Mortgage Protection Life and Disability Insurance
Eligible MCAP mortgages can qualify for a membership to the Home Service Plan for new mortgages and refinances

Mortgage Broker FAQs

A mortgage is a loan used to buy a home or other property, like a rental property or the purchase of land you intend to build on. Mortgages are loans provided by a mortgage lender, such as a mortgage finance company, bank, or credit union. For most people, a mortgage is the largest loan they will ever receive and pay off over many years. Because you use a mortgage to buy a property, it is considered a secured loan with the home as collateral.

Unlike a bank or financial institution, a mortgage broker does not lend money to borrowers. Instead, they act as a liaison between a borrower and a lender. In this role, they negotiate the best available mortgage terms and rates with lenders on behalf of their clients.

A mortgage broker can find the best mortgage that suits your needs by helping you find the best mortgage product to suit your needs saving you time and money. A mortgage advisor at a bank can only offer you their own lending products and services.

Because you are building a one-to-one relationship with your residential mortgage broker, you will want to get to know them to ensure they are a good fit for you. Here are some common questions you should ask your mortgage broker.

Are they licensed?

How long have they been working as a mortgage broker?

What are their fees or commissions?

How many lenders (banks, financial institutions and lenders) do they work with?

Why should you work with them over their competitors?

Can they help you get pre-approved for a mortgage?

How will they determine the right mortgage for you?

What is the mortgage approval process?

How will they help you get the best interest rate?

Finding the right mortgage is about more than finding the lowest rate. Other things to consider are available terms, payment flexibility, whether there are any restrictions, and if you can qualify with no income verification (i.e., if you are self-employed). Your mortgage broker will work with you and evaluate these and other factors when recommending the right mortgage.

When you apply for a mortgage, you’ll be asked to provide personal details such as your name, address, employment history and social insurance number. Potential lenders will use this information to verify your identity and match it against your credit bureau records. They will also pull your credit report to view your credit score. You’ll be asked for additional documents to support your application. This may vary depending on your circumstances. Below is a list of commonly required mortgage documents:

Employment & Income

Copy of recent paystubs

T1 tax forms

Notice of Assessment (NOA)

Letter of employment

Any other income sources

Down Payment

Savings or statement of investments from the last 90 days

Sale agreement of existing property

Home Buyer’s Plan (HBP) withdrawal from RRSP

Gift letter if receiving funds from a family member

Personal Finances

List of assets and liabilities

Banking details for payments

Mortgage Statements for additional properties owned

Property Details

Purchase and sale agreement

MLS listing that will include property tax estimates and condo fees (if applicable)

Full address of the property, including legal description

There are many different types of mortgages available for Canadian buyers, each with unique features to suit the needs of different borrowers. Here’s a list of the various mortgage types:

Open vs Closed Mortgages

Conventional vs High Ratio Mortgages

Fixed Rate vs Adjustable Rate Mortgages

Convertible Mortgage

Read our blog for a deep dive into all these mortgage options.

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