When the economy is great, and times are better, you will get the best rates on your mortgage from lenders. Currently, the housing market in Ontario is improving and if the market stabilizes, then the interest rates will impact homeowners and investors in Ontario in a positive way.

Finding a Good Mortgage Rate

Mortgage brokers and other experts can help you obtain the best mortgage rates. You can usually get the best rate through a mortgage broker as they can usually offer you a discount when compared to a regular bank. You should talk to your local mortgage broker about the mortgage rates they offer and shop around for rates.

About Ontario Mortgage Brokers

If you want to buy a property in Ontario, you need a qualified mortgage broker to help you. Here are a few things you need to know about mortgage brokers in Ontario.

Qualification for a Mortgage Broker in Ontario

A mortgage broker in Ontario need to obtain a license through FSCO or the Financial Services Commission of Ontario and you have to be 18+ years old, a resident of Canada and you must meet some education criteria. Mortgage brokers must also get designation through CAAMP or the Canadian Association of Accredited Mortgage Professionals.

Questions to ask Ontario Mortgage Brokers

  • How long has your company been in business? You should ask them if they have the qualifications from FSCO and CAAMP. You should ensure they have these qualifications, but you can still work with them if you feel compostable as this is up to you.
  • Can I see some references? You should try to get some testimonials and you might find some on the company website or they may give you a few but you will have to ask first.
  • What lenders are you working with? You want a mortgage broker that works with a lot of lenders. If the broker works with plenty of lenders, you have more choice. If the lender only works with a few, the rate you receive probably won’t be what you could want.
  • Are you available most of the time? If you work a lot, you want a broker that can meet with you at odd hours. This might be on the weekend or in the evening. If the broker doesn’t offer you this, you should look for another one.
  • How well do you understand the mortgage industry and the housing market? A good broker understands the housing market in Ontario but a great one knows everything about it and can provide you the advice that you need. This sort of broker probably understands mortgages in other parts of Canada, too.

Do I need to Pay a Broker?

There is no need to pay a broker to help you get the finding you need for your home. The broker will be paid by the lender in what is called a finder’s fee. You never want to work with a broker that is charging you, so leave and find a new one.

Why Must I Use an Ontario Broker?

Mortgages in Canada are specific to the province where the house resides. The mortgage may not differ in another province but if need funding for a home in Ontario you need to work with a mortgage broker in Ontario and not another province.


Talk to a qualified mortgage broker in Ontario to obtain the best rates.  Work with a broker that you feel comfortable with and don’t be afraid to ask them questions about how their services can help you.