Frequently Asked Questions

In most cases, working with a Mortgage Broker costs you absolutely nothing. We are compensated by the lender, not the client.

The only time you would for a Mortgage Broker’s services is if you’re looking for alternative financing, as these types of lenders do not typically compensate us.

In contrast to working with an employee at a bank, who is limited to offering the bank’s mortgage products, mortgage brokers collaborate with multiple lenders, which allows for a comprehensive range of mortgage products tailored to meet the specific needs of the client.

As self-employed individuals, mortgage brokers are not bound by traditional bank hours. Most mortgage brokers work evenings and weekends, ensuring their clients’ convenience and availability when banks are closed.

Mortgage brokers are fully licensed and regulated, and ongoing continuing education is mandatory to maintain their license year after year. In contrast, bank employees are not licensed and receive training specific to their bank’s operations. 

For most mortgage programs in Ontario, a credit score of 680+ is the goal, as that typically opens the door to the widest range of prime lender options. Some lenders can work with lower scores, but it may limit options or require alternative solutions.

A common myth: a higher credit score doesn’t usually get you a better mortgage rate with most prime lenders. Once you meet their credit requirements, having an 820 score instead of a 700 score typically doesn’t improve your rate; other factors matter more.

There’s no one-size-fits-all answer.

it really comes down to personal preference and what you can comfortably handle. Fixed rates offer stability and predictable payments, while variable rates can provide more flexibility but come with more uncertainty. Choosing between the two is all part of building the right mortgage strategy around your goals, budget, and comfort level.

Yes! In many cases, you can consolidate debt into your mortgage.

Rolling higher-interest debts like credit cards, loans, or lines of credit into your mortgage can help simplify payments and potentially reduce your overall monthly obligations. The key is making sure it fits into a long-term strategy and actually improves your financial picture.

Yes! Your mortgage renewal is often one of the best times to explore switching lenders.

It’s an opportunity to compare rates, features, penalties, and flexibility rather than automatically signing the first offer your current lender sends. Reviewing your options at renewal is all part of making sure your mortgage strategy still fits your goals.

Mortgage brokers have access to a wide variety of lenders, including Major Banks, Credit Unions, Mortgage Finance Companies, Alternative (B) Lenders, and Private Lenders. There are very few lenders mortgage brokers do not have access to; Brokers really can do it all!