Canada Mortgage Brokers and Agents
To secure the best mortgage rates in Canada, contact a mortgage broker or agent in your area. Using a local broker gives you the ability to meet in-person to discuss your needs and concerns and gives you access to the best mortgage rates offered by banks and lenders across Canada.
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Jamie David, Sr. Director of Marketing and Mortgages
Canadian mortgage brokers and agents
Work with a Canadian mortgage broker or agent to gain access to the best Canadian mortgage rates and expertise. Connecting with a local mortgage broker offers plenty of benefits, such as personalized expertise from an industry professional, based on your personal financial situation. Because mortgage brokers have access to many products offered by a variety of providers, they can help you compare the best mortgage rates offered by banks and lenders across Canada. Working with a broker also simplifies the mortgage shopping process; rather than meeting with multiple representatives from different providers about your mortgage needs, you only need to meet with one person, while accessing the wider mortgage marketplace.
Canadian mortgage brokers
Mortgage brokers in Canada serve as the “origination point” for your mortgage. This means they serve as your representative in the mortgage shopping and selection process, by providing you with access to multiple mortgage products from multiple lenders. A Canadian mortgage professional will work closely with you to evaluate your financial needs and situation to determine the best rate and product to service your needs.
Read: Bank vs. broker
The advantages of using a mortgage broker in Canada
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- A broker’s services are free. The lender that provides the mortgage loan will pay the broker a finder’s fee
- All the negotiating and paperwork is handled by the broker
- Canadian brokers have extended hours because they operate independently
- A mortgage agent in Canada can source a mortgage from multiple lenders
- Mortgage professionals have immense industry knowledge because they are not limited to one lender, so they have a broad view of the mortgage landscape
Read: The pros and cons of using a mortgage broker
Canadian broker associations and licensing
Nationally, there is no unifying governing body that all mortgage brokers adhere to. Rather, each mortgage professional licence is handled province-to-province. However, in all provinces, the mortgage broker-to-be must be at least 18 years of age and have Canadian citizenship.
The Canadian Association of Accredited Mortgage Professionals, also known as CAAMP, does offer licensing courses for individuals in order to receive the Accredited Mortgage Professional (AMP) designation. The courses cover important topics such as ethics, standards, and responsibilities. The Accredited Mortgage Professional designation (AMP) is the only national proficiency standard for Canada’s mortgage industry. It’s not required but adds additional credibility.
Frequently asked questions
Why is a mortgage broker better than a bank?
Working with a mortgage broker can provide you with wider access to the mortgage market, including the lowest fixed and variable mortgage rates. Because mortgage brokers with a variety of lenders, they can provide their clients with unbiased advice, based on their specific financial situation. Working with a mortgage professional is a great idea when the market is volatile – they can help borrowers navigate a changing rate environment by selecting a rate that will provide them with the best financial scenario over the long term.
What is the lowest mortgage rate in Canada right now?
The lowest five-year fixed mortgage rate in Canada as of March 29, 2024 is 4.79%. The lowest five-year variable mortgage rate as of March 29, 2024 is 5.95%. You can view all mortgage rate types and terms on Ratehub.ca’s Best Mortgage Rates table.
What does a mortgage broker do?
A mortgage broker is an industry professional who works directly with borrowers to connect them with products offered by various mortgage providers. They can work closely with their clients to assess their mortgage needs, as well as their profile as a borrower. Those with challenging credit histories, or who may not have full-time employment and cannot get a rate from an “A” lender, may benefit from working with a mortgage broker, as they can connect with them B or alternative lenders and find them a personalized solution.
How do mortgage brokers make money?
Working with a mortgage broker is absolutely free for the client; brokers instead earn a commission from the lender or bank they connect you with (usually between 0.5% - 1.2%).
What is the difference between a mortgage broker and a real estate agent?
A real estate agent or broker, is a professional who helps both home buyers and sellers navigate the housing market, both by facilitating their property search, assisting with offers and paperwork, and prepping listings for the market. They are paid via commission from the seller end of a real estate transaction, which is typically 6%, and is split evenly between the buyer and seller agents.
A mortgage broker is an industry professional who works with borrowers looking to take out a mortgage. They have relationships with a variety of mortgage providers, including big banks, credit unions, and other lenders, and can connect their clients with the best rates. They are paid via commission from the lender.