Top 5 Tips to Find the Best Mortgage Broker in Toronto

When buying your next home, use these tips to find the best mortgage broker in Toronto
When buying your next home, use these tips to find the best mortgage broker in Toronto

There is no getting around it – buying a property in Canada is neither easy nor cheap. Because of that, many future homeowners rely on the expertise of professionals to help them go through the process with as much ease as possible. One person who can truly help make the journey less stressful is a mortgage broker. With Toronto’s expensive real estate market, it’s important to secure the best rate on your new mortgage as every seemingly small reduction in your rate will have a significant impact on your monthly mortgage payment over the course of its term.

Enlisting a mortgage broker is a smart idea as they understand the real estate market in Canada’s metropolitan cities like Toronto and can secure you a great loan.

When buying your next home, use these tips to find the best mortgage broker in Toronto
When buying your next home, use these tips to find the best mortgage broker in Toronto

When I got a mortgage for my Liberty Village condo several years ago, I first consulted with my bank, whom I had been banking with for 12 years. They quoted me a fairly good mortgage rate, but then my real estate agent advised me to check with his mortgage broker to see if she could give me a better rate. She in fact did. I called my bank back to tell them that the mortgage broker had given me a better rate and the bank then offered me a lower rate than the mortgage broker. I then called the mortgage broker back to advise them that my bank had lowered their rate and she lowered her rate too. Long story short: I did end up getting my mortgage through my bank, but negotiating with them and the mortgage broker reduced my mortgage rate by a half of a percentage point.

In a nutshell, when you work with the best mortgage broker Toronto has to offer, you will have lots of high quality mortgage options to choose from and be able to make a sound decision that suits your needs.

Here are five tips to help you find the right mortgage broker for you.

Check for experience and qualifications

Finding a legitimate mortgage broker is one of the most important things every future homeowner should do. Such a person needs to have adequate experience in the area and qualifications such as good negotiating skills, excellent customer service and an honest and trustworthy approach so they can find their clients the best mortgage products that are suitable for their needs.

For example, one way of checking the credentials of a mortgage broker is to see whether they are registered by the Financial Consumer Agency of Canada (FCAC). If they are registered, then they are authorized to give people mortgage advice.

Go whole-of-market

Although there are many different types of mortgage brokers available, looking for a broker that is described as “whole-of-market” is your best option. Such an advisor could save you a lot of money in the purchasing process because they have access to every mortgage available on the Toronto market at the time.

Therefore, it is a better alternative than hiring a broker who can only look for mortgages from a select panel of lenders or is tied to a certain bank or a building society that will most likely recommend products from within their own company.

Read mortgage broker reviews

Another helpful tip when looking for a legitimate mortgage broker in Toronto is to read reviews. Searching for past experiences of previous customers can give you an idea of what kind of advisor you will be working with and whether they will be trustworthy with you.

You can find these reviews on the broker’s website or read what people have said about the services they received on social media platforms or review sites such as Google.

If you can, ask for recommendations from anyone who has recently bought a house in Toronto to give you insight into what the mortgage company is like.  

Compare fees

It is normal for mortgage brokers to earn a commission when arranging a mortgage. Therefore, we suggest that you compare the rate of different advisors so that you can maximize your savings while also getting a good service.

I hope you benefited from reading how to hire the best mortgage broker in Toronto.

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