How to choose
the right mortgage broker
in Canada.
Confirm their FSRA or provincial licence, check lender access, match experience to your file, get fees in writing, and test how they communicate — before you share a single document.
Four checks that decide
whether a broker works for you.
Most people spend more time comparing phones than comparing the broker arranging hundreds of thousands of dollars of debt. These four checks change that.
Verify the licence first
Every mortgage agent and brokerage must be licensed in the province where they deal. Searching the FSRA public registry (or your province's equivalent) takes two minutes and is the one check that protects everything else.
Ask about lender access
A broker with a wide network — banks, credit unions, monolines, alternative and private lenders — can match your file to the lender most likely to approve it on good terms. A broker tied to one or two lenders works more like a single bank branch.
Match experience to your file
A first purchase, self-employed income, newcomer credit history and bruised credit all need different lenders and documentation. Ask whether the broker has placed files like yours, and which lenders they would approach.
Get fees in writing
On most prime mortgages the lender pays the broker. On alternative or private files a fee can apply — and it must be disclosed in writing before you commit. A vague answer on compensation is a reason to keep looking.
How to choose
a mortgage broker —
three steps.
Licence first, lender access second, communication last.
That order protects you at every stage.
Check licence and lender access
Look the broker and brokerage up on the provincial regulator's public register. In Ontario that is FSRA. Then ask how many lenders they work with, and which kinds: banks, credit unions, monolines, alternative and private lenders.
Match experience and confirm fees
Ask whether they have placed files like yours and which lenders they would approach. Then ask how they are paid and whether any fee could apply to you, and get the answer in writing.
Test communication, then decide
Notice how quickly and clearly they respond, read reviews for patterns, and put the same questions to two or three brokers. Choose the one who explains trade-offs plainly, not just the one who quotes an attractive number.
We can help across
many borrower profiles.
Tap any situation below to see how we approach it.
If you’re…You're buying your first home and want to understand every step
You're buying your first home and want to understand every step
We explain the full process — stress test, down payment sources, lender options — before you share a single document. A licensed advisor walks you from pre-approval to keys.
Start my pre-approvalIf you’re…You're self-employed or have variable income
You're self-employed or have variable income
Specialist A and B lenders understand business-for-self files. Two years of T1 Generals and NOAs is the standard starting point; we know which lenders are most flexible on your income story.
See self-employed optionsIf you’re…You're new to Canada with limited Canadian credit history
You're new to Canada with limited Canadian credit history
Newcomer programs accept international employment history and limited Canadian bureau. Some lenders approve on a valid work permit from day one — we match your file to the right one.
See newcomer optionsIf you’re…You're rebuilding after credit issues or a consumer proposal
You're rebuilding after credit issues or a consumer proposal
Alternative and private lenders can help you qualify now and build a path back to A-rates. We structure the file to protect your equity and set a clear timeline.
Explore my optionsIf you’re…Your renewal is coming up and your bank quoted a rate
Your renewal is coming up and your bank quoted a rate
We compare that offer across 100+ lenders. If we can beat it, we do. If your bank's offer is genuinely the best, we tell you that too — with the math to prove it.
Compare my renewal offerIf you’re…You need a broker experienced with investment or rental properties
You need a broker experienced with investment or rental properties
Rental income offsets vary by lender. We structure investment files to maximise what lenders count, and know which A-lenders allow owner-occupied multi-unit at 10% down.
Model my investment fileYour bank’s advisor
vs. a licensed broker.
The right broker isn’t just about the rate — it’s about how many doors they can open for your specific file.
- Lenders available1 (their own bank)
- Products offeredThat bank's lineup only
- Rate comparisonNone — one offer
- Paid byThe bank (bank's interest)
- Licence to adviseNot required in most cases
- Your choice at the endTake it or leave it
- Lenders available100+ (A, B, private)
- Products offeredFull market comparison
- Rate comparisonShopped across all lenders
- Paid byLender on most prime files
- Licence to adviseFSRA licensed — verified
- Your choice at the endBest-fit lender for your file
Lender count and fee structure reflect typical A-lender files; alternative and private files may carry a brokerage fee, always disclosed in writing before you commit. Full broker vs. bank comparison.
Common questions,
clear answers.
Licensing, lender access, fees, red flags, and reviews — answered plainly.
How do I choose a mortgage broker?
Start by verifying the broker's licence on your provincial regulator's public register, which is FSRA in Ontario. Then check how many and what kinds of lenders they work with, whether they have experience with files like yours, how they are paid, and how clearly they communicate. Read third-party reviews for patterns, and interview two or three brokers with the same questions before you decide.
How do I check if a mortgage broker is licensed in Ontario?
Search the FSRA public registry by the person's name or licence number, and by the brokerage name. Confirm the licence is active, check the licence level (Mortgage Agent Level 1, Mortgage Agent Level 2 or Mortgage Broker) and make sure it is tied to the brokerage they claim to represent. Mortgage Squad Advisors operates under FSRA brokerage licence #13737; details are on our licensing page.
What if I live outside Ontario?
Mortgage brokering is licensed provincially, so check the register kept by the regulator in your own province. Examples include the BC Financial Services Authority (BCFSA) in British Columbia, the Real Estate Council of Alberta (RECA) in Alberta and the Autorité des marchés financiers (AMF) in Quebec. Rules and titles differ between provinces and can change, so confirm current rules with your broker or the regulator.
How many lenders should a good mortgage broker work with?
There is no magic number, but a wider network generally improves your odds of a genuine fit. More important than the count is whether the broker works with the kinds of lenders your file needs: banks and monolines for straightforward files, and alternative or private lenders if your credit, income or property is less conventional. Ask which lenders they would approach for you, and why.
Should I choose a broker based only on the rate they quote?
Rate matters, but it shouldn't be the only test. A slightly higher rate with flexible prepayment privileges or a smaller penalty can cost less over your term. Ask how the prepayment penalty is calculated and what your rate hold is. A broker who explains those trade-offs is usually a better choice than one who only quotes a number.
Do mortgage brokers charge fees?
On most prime mortgages the lender pays the broker when your mortgage funds, so there is no direct cost to you. A fee can apply on some alternative, private or complex files, and it must be disclosed to you in writing before you commit. Ask every broker you interview how they are paid and whether any fee could apply to your file.
What questions should I ask a mortgage broker before choosing one?
Ask: Are you licensed, and with which regulator? How many and which kinds of lenders do you work with? Have you placed files like mine? How are you paid, and is there any fee to me? Who will handle my file day to day? What is my rate hold? How is the penalty calculated on the mortgage you recommend? Why this lender over the others?
What are the red flags when choosing a mortgage broker?
Walk away from anyone who won't give you a licence number, is vague about how they are paid, pressures you to sign quickly, asks for money before explaining it in writing, or only ever mentions one lender. Evasive answers on the basics are the clearest sign to keep looking.
Is a mortgage broker better than going to my bank?
It depends on your file, but a broker can compare many lenders at once while a bank can offer only its own products. For a side-by-side look at the trade-offs, read our comparison of a mortgage broker vs bank in Canada.
We’ll try to beat your rate.
If we can’t, we pay you $500.¹
¹ Rate Beat: eligible Big-6 bank written offers only · same product, term & amount · $500 paid to you or your nominated charity at closing · conditions apply
Find a specialist in your city
Our licensed advisors work with clients across Ontario — matching your file to the right lender from our network of 100+ banks, monolines, and alternative lenders.