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Buying a home is a lengthy and costly process, but that is the dream for most of you: to own your home, free of rent and most restrictions (depending on the type of neighbourhood you live.)

A mortgage broker is often used to help handle this process, in particular for those that find it too difficult to deal with on their own. Those unversed in the mortgage process are also big-time users of broker services. Here are some frequently asked questions and answers about brokers.

What is a Broker?

A broker is a grease in the gears. What I mean is this: think of the mortgage process like a big clock with a lot of gears. Those equipment need oil to move properly, and a broker is that grease. No, I’m not saying that you cannot go through the mortgage process without one, but rather that it is easier with one.

A broker is a professional, someone who is educated and rigorously tested for all things mortgage, so buyers have someone competent on their side. There are licensing requirements to become one, plus apprenticeships to be completed.

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What Does the Broker Do?

The broker is the communication outlet for both the buyer and the lender. All communication on both sides goes through the agent. There is much to be done, and it is all step by step.

What Comes First?

The first step is information gathering from the buyer. The customer provides all the required financial data. This gives the broker the tools necessary to find a lender and secure a deal.

Typically, the information the buyer provides is:

– Proof of employment
– Income information
– Asset information
– All other required documentation

Once this is done, the broker obtains a credit report. After that, the research begins.

Benefits of Using a Broker

This is the job description of an agent. You have a middleman working to get your mortgage processed. It is ultimately up to you whether to use a broker, and you are advised to shop around. Here are some potential benefits of using an agent.

– You may get lower rates than going for it yourself
– The buyer has greater accessibility to a broker than the lender
– The agent works with you from start to finish
– The person will attempt to help you understand the process

It’s like having a temporary friend (you have to pay for, of course) that is guiding you to your new home. In fact, that is what a mortgage broker is.

What Comes Next?

What happens next is the broker seeks out lenders and provides the information given to them to negotiate a deal on a mortgage. The agent will search various rates, possibly receiving rates lower than advertised or unavailable to the buyer when directly approached.

The broker will compare all of the deals and inform the buyer of available options based on the results of contacting the lenders. The broker will also suggest the deal that works best for the customer based on the information supplied by the buyer.


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Afton Jaskolski

Getting a private mortgage was not easy to be honest, but at least with Mr. Leon it was doable. Thank you for your help!

Davin Mills

There are a lot of mortgage brokers in toronto to choose from, I was a bit intimidated by that. Don't regret I picked CMB, they took the lead and made sure to cover all the bases

Tracy Wilhoite

I was renting an apartment for a long time and finally decided to take a big step - get a mortgage instead. Team at certified Mortgage Brokers laid out various options for me. The actual process went smooth and quick, happy with my new home.

Ryder Turcotte

My wife and I decided to refinance our mortgage and started looking for a mortgage broker in Toronto. There were so many options, so you can imagine how overwhelmed we got! After talking to Leon we decided to proceed with Certified, didn't regret that decision once. They always gave useful recommendations, were attentive, and constantly in touch. And most importantly (for us) they helped us to save some money!!

Lucy Zimmerman

Vita was great. Helped my son with all the paperwork and got him very good interest rate. On the closing date called to follow up if everything went fine. Quite a pleasant experience. I would recommend this firm for anyone who is looking a mortgage broker.

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