Mortgage Broker
A licensed professional who shops multiple lenders on your behalf — typically compensated by the lender, not the borrower.
A mortgage broker is a provincially licensed professional who represents you in shopping multiple lenders to find the best rate and terms. Brokers have access to monoline lenders that don't deal with the public directly, and often to unpublished Big 5 rate specials. Broker compensation is typically paid by the lender (a 'finder fee' of 50–100 basis points of the mortgage balance, funded by the lender and built into the overall pricing structure). Brokers in Canada are licensed under provincial regulators and must meet continuing-education requirements. Large broker networks include Dominion Lending Centres, Mortgage Architects, Mortgage Centre Canada, and Verico.
Related Terms
A non-bank lender that specializes only in mortgages — broker-channel distribution, competitive rates, and typically better IRD penalty calculations than Big 5 banks.
A mortgage lender operating between traditional banks and private lenders — offering slightly relaxed underwriting and slightly higher rates than banks.
Related Guides
- 2026 Mortgage Renewal in Canada: Should You Switch Lenders or Stay Put?
- 2026 Insured Mortgage Advantage: 5% Down Payment, Three Insurers & Best Rates Explained
- 2026 Canadian Mortgage Renewal Guide: 120–180 Day Rate Strategy & OSFI Rules Explained
- 2026 Canadian Mortgage Refinance Guide: Break-Even Calculator, OSFI B-20 Rules & CMHC Limits
Related FAQs
- What's the difference between insured and uninsured mortgage renewals?
- How does mortgage insurance enable lower down payments?
- What property considerations impact my mortgage application?
- What are Loan-to-Income (LTI) limits and how will they affect institutional mortgage portfolios?
- How does mortgage insurance mitigate risk and support new home buyers?