Your complete guide to
mortgage brokers —
one application, 100+ lenders.
A mortgage broker shops your mortgage across many lenders instead of one — and on most standard residential deals, the lender pays the broker, not you.
Four things every borrower
should know about brokers.
Whether you're buying, renewing, or refinancing, a broker's job is to put lenders in competition for your file — not to sell you one product.
One application. 100+ lenders.
A broker takes your file to banks, monolines, credit unions, and alternative lenders simultaneously — so you get real competition, not a single bank's rate sheet and their one set of rules.
Usually free on standard deals.
On most residential mortgages the lender pays the broker a finder's fee at closing. The advice, comparison shopping, and negotiation typically cost you nothing — and the fee isn't added to your rate.
Licensed, regulated, accountable.
Brokers are licensed provincially (FSRA in Ontario). You can verify any broker on the public registry in under a minute. Mortgage Squad Advisors is FSRA brokerage #13737.
With you from purchase to renewal.
A broker's role doesn't end at closing. At renewal, they compare your lender's offer against the market and can switch you — since November 2024, a straight switch at renewal doesn't even require the stress test.
From first call
to funding.
One conversation. One credit check. Many lenders in competition for your mortgage.
First conversation — no credit pull
Share your goals, income, down payment or equity, and existing debts. The broker estimates your stress-tested budget, usually without pulling your credit bureau. Maya, our AI advisor, is available 24/7 in 50+ languages to start the conversation.
One credit check, many lenders in competition
You authorize a single credit pull. The broker packages your file, takes it to the lenders that fit your situation, and comes back with options — rate, term, penalty, and prepayment terms laid out side by side so you can compare.
Approval, conditions, and closing — fully managed
Once you choose, the broker handles lender conditions, appraisals, and document chasing, and coordinates with your lawyer until the mortgage funds. Your broker remains your contact through renewal.
Is this guide for you?
(Spoiler: yes.)
Tap any situation below to see how a broker can help.
If you’re…You're buying your first home
You're buying your first home
A broker maps your stress-tested budget, stacks every first-time buyer program you qualify for (FHSA, RRSP Home Buyers' Plan, land transfer rebates), and pre-approves you across 100+ lenders in one application.
Explore first-time programsIf you’re…Your bank just declined your mortgage
Your bank just declined your mortgage
A bank's decline applies to that bank's rules. A broker takes your file to lenders with different criteria — credit unions, alternative lenders, and where it makes sense, private lenders — with a plan to move back to prime when you can.
Explore my optionsIf you’re…You're self-employed or run your own business
You're self-employed or run your own business
Lenders differ in how they read business-for-self income. A broker knows which lenders look beyond the net on your T1 — business bank statements, company financials, stated income — and presents your file the way they want to see it.
See self-employed optionsIf you’re…Your mortgage is coming up for renewal
Your mortgage is coming up for renewal
Your lender's first offer isn't always the most competitive. A broker compares it against the market and can switch you — since November 21, 2024, a straight switch at renewal doesn't require the stress test.
Compare my renewalIf you’re…You want to access your home equity
You want to access your home equity
Whether it's a refinance (up to 80% LTV), a HELOC (up to 65%), or a second mortgage, a broker compares all paths side by side and discloses every fee — so you borrow against your equity on terms that actually make sense.
Run my equity optionsIf you’re…You're new to Canada with limited Canadian credit
You're new to Canada with limited Canadian credit
Newcomer programs accept international employment history and limited Canadian credit history. Some lenders approve from day one on a valid work permit; others need 3–6 months of residency. A broker knows which lender fits your status.
See newcomer programsMortgage broker vs bank —
the practical difference.
The core difference is choice. One application versus one lender's rate sheet — and one credit check versus many.
| Mortgage broker | Bank branch | |
|---|---|---|
| Lenders compared | 100+ through one application | One: that bank |
| Who they work for | You, independent of any one lender | The bank |
| Cost to you on a standard deal | Usually $0, paid by the lender | No direct fee |
| Credit checks to shop | One, reused across lenders | One per bank you apply to |
| Self-employed, newcomer, bruised credit | Many lender rulebooks to choose from | One set of rules |
| At renewal | Compares the market against your offer | Sends a renewal offer |
Brokers are licensed provincially (FSRA in Ontario). Banks are federally regulated. Full broker vs bank comparison →
Common questions,
clear answers.
What a broker does, fees, licensing, credit impact, and how to find one — answered plainly.
What does a mortgage broker do in Canada?
A mortgage broker is a licensed intermediary who arranges your mortgage by comparing lenders for you. You complete one application, and the broker takes it to a network of lenders (at Mortgage Squad Advisors, 100+ of them), finds the ones that fit your file, negotiates the terms, and manages the paperwork and lender conditions through to funding. The broker doesn't lend the money; the lender does. You make the final choice.
Is it free to use a mortgage broker in Canada?
On most standard residential mortgages, yes. The lender pays the broker a finder's fee when the mortgage funds, so there's no charge to you for the advice, shopping or negotiation, and the fee isn't added to your rate. A broker fee may apply on private, some alternative (B-lender) or complex files. In Ontario, any fee must be disclosed to you in writing before you commit.
Is a mortgage broker better than going to my bank?
For most borrowers a broker offers more choice, because one application reaches many lenders instead of one. The advantage is largest if you're self-employed, new to Canada, rebuilding credit, buying a rental, or renewing. A bank can still suit you if you want everything under one roof, you're a strong borrower who will negotiate hard, or you need a product only your bank offers. The no-cost approach is to get a broker quote and your bank's offer, then compare.
Will a mortgage broker hurt my credit score?
No more than a single application. A broker pulls your credit once and uses that report to shop several lenders, so you avoid the repeated hard inquiries that come from applying at several banks yourself. A pre-qualification usually needs no credit pull at all; the hard inquiry normally happens at pre-approval.
How do I find a mortgage broker near me?
Look for a broker licensed in your province who knows your local market. Start at our mortgage broker page, or go straight to a city page such as Toronto, Vaughan, Mississauga or Ottawa. Before you commit, confirm the licence on the regulator's public registry and ask how the broker is paid.
How do I check that a mortgage broker is licensed?
Every provincial regulator publishes a licence registry. In Ontario, search FSRA's public registry by the person's name or licence number, and check that the brokerage they work under is licensed too. A legitimate brokerage shows its licence number on its website and documents. Mortgage Squad Advisors is FSRA brokerage #13737.
Can a mortgage broker help with renewal or refinancing, not just buying?
Yes. At renewal a broker compares your lender's offer against the market and can help you switch. Since November 21, 2024, a straight switch to a new lender (same balance, same amortization) doesn't require the stress test. A broker can also arrange a refinance, a HELOC or a debt consolidation mortgage, which do require you to qualify. Confirm current rules for your file with your broker.
Can a broker help if my bank declined me?
Often, yes. A bank decline applies to that bank's rules. A broker can take your file to lenders with different criteria, including credit unions, alternative lenders and, where it makes sense, private lenders. Alternative and private options usually cost more, so a good broker explains the total cost and a plan to move back to a prime lender when you can.
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 mortgage broker in your city
Much of a broker's work happens by phone, video and secure document upload. But local knowledge still matters — from how properties appraise to which lenders are most active in your area. Start with a licensed advisor who knows your market.