What does a mortgage broker do? 

By Aaron Coleman, mortgage consultant

  For most Canadians, buying a home is the largest financial decision they will make in their lifetime. Yet, they are more likely to review investment possibilities for their portfolios than scrutinize their mortgage choices. The mortgage world – like the investment world – can be confusing. There is a vast array of choices and ongoing decisions to make, which can have a financial impact over the long term. Many Canadians have an investment advisor to help them sort through their choices. Now, they are increasingly turning to mortgage brokers to help them make better mortgage decisions.

  A mortgage broker will shop your mortgage application to many competing banks, trust and life insurance companies. such as TD, Scotiabank, CIBC, ING. The advantage of using a mortgage broker is that this incurs only one credit check as opposed to making multiple checks by going to various institutions on your own. Typically the rate offered to a broker will be considerably lower than if you began your mortgage search through your local branch.

A mortgage broker can meet a spectrum of mortgage needs, including: