A licensed professional who arranges mortgage financing between borrowers and lenders.
Mortgage brokers in Ontario must be licensed by FSRA. They work with multiple lenders (banks, credit unions, trust companies, MICs, and private lenders) to find the best mortgage product for each borrower. Brokers are typically paid by the lender (not the borrower) on conventional mortgage placements. On private or subprime placements, there is usually a brokerage fee of 1-2% charged to the borrower. A good broker saves you time, money, and provides access to products not available directly from banks.
Related terms: Financial Services Regulatory Authority (FSRA) | Private Mortgage