Mortgage brokers are professionals who can find you the best mortgage rates and deals available in the market, which are usually better than those offered by the banks. They have access to rates from multiple lenders and can potentially help you save thousands of dollars in mortgage interest. Mortgage brokers are paid a commission by the lenders and their service to borrowers is free of cost. Listed below are some of the top online mortgage brokers, mortgage broker networks, and local Ontario brokers who offer mortgage services across the province.
Butler Mortgage, headquartered in Toronto, is a leading mortgage brokerage in Canada that has been operational for over 25 years. The brokerage’s other Ontario branches are located in Hamilton, Ancaster, Pickering, and Ottawa. The brokerage offers an extensive range of mortgage products while guaranteeing low rates to its clients. According to the brokerage, it tracks rates from every prime lender in the market and provides its clients with the best rates from over 350 lenders.
Butler Mortgage offers various guarantees to back up its low rates. Their Up-Front Rate Guarantee means that if you find a lower rate, Butler Mortgage will beat that rate or give you $500 at closing. Suppose you find a lower rate after your Butler Mortgage approval before closing. In that case, their After-Approval Rate Guarantee ensures that you can switch to the lender offering the lower rate if your current lender won't match it and if the rate is at least 0.1% lower than your current rate.
Types of mortgages and financing options offered by Butler Mortgage include:
Nesto is a Montreal-based digital mortgage lender that operates across Canada. The brokerage distinguishes itself by employing salaried mortgage advisors who give impartial and unbiased advice to their clients. As the company is fully digital, the application is made online. However, you may speak with an advisor if you need assistance or advice.
nesto offers its clients a compelling low-rate guarantee. Should you discover a lower rate elsewhere, nesto commits to at least matching that rate or compensating you with $500 towards your mortgage.
Additionally, nesto offers a special rate with a 150-day lock-in period, which is the longest rate hold available in Canada. The rate hold duration surpasses the typical rate lock-in period of up to 120 days offered by major banks.
One of nesto's offerings is 'cash-back mortgage,' a product that offers borrowers a cash incentive with their mortgage. With this option, borrowers can receive a cash-back of 1% on their mortgage amount, up to a maximum of $9,250 for a 5-year term. This offer may be advantageous for borrowers seeking additional funds for renovations or furniture purchases, providing them with the necessary financial flexibility.
Neo Mortgage is an online brokering platform offered by the Canadian fintech Neo Financial. As the platform is fully digital, borrowers can submit their applications through the Neo Mortgage website. Borrowers can apply anytime, anywhere, and no branch visits are required. The application takes just a few minutes to complete, and the approval is fast. Neo Mortgage currently offers mortgages for new purchases, renewals, and refinance. The brokerage has currently listed five lending partners on its website. Neo Mortgage also works with borrowers with low credit scores but does not guarantee approval.
True North Mortgage is a Calgary-based brokerage that facilitates getting a mortgage with ease, whether that is online, over the phone, or at an office. True North Mortgage has 11 offices across Canada, of which two are located in Toronto. The two locations are Richmond Adelaide Centre and King Street. Borrowers living in other parts of Ontario can apply online or contact them over the phone.
Mortgages offered by True North Mortgage include:
True North Mortgage suggests that on average, their clients save $3,000 on mortgage interest due to the low mortgage rates offered by them. Similar to some other brokerages, True North Mortgage also gives a low rate guarantee to its clients to back the rates they offer. If you find a better rate at another brokerage, True North promises to match or beat that rate. Otherwise, they give you $500 if they can't match the rate for a similar mortgage.
For borrowers looking for a low rate for a short period of time, True North Mortgage's Rate Relief may be a suitable product. Rate Relief is a 6-month fixed-rate mortgage with a low-interest rate, after which borrowers must renew for a longer term with the in-house lender THINK Financial. If the borrower opts not to renew the mortgage with THINK Financial, they have to pay a 1% administration fee.
CanWise is a Canadian lender that has its own brokerage arm Ratehub.ca and offers its mortgage rates exclusively through it. The brokerage serves clients in eight provinces and territories, including Ontario. CanWise has 27 mortgage agents in Ontario. Their main office is located in Toronto. The brokerage has 16 lending partners and offers the following mortgages:
Mortgage products from CanWise have several features, including bridge financing and mortgage porting. They also offer some prepayment privileges. Borrowers may make prepayments of up to 20% of the original mortgage principal each year without incurring mortgage penalties, or they may choose to increase their regular payment by 20%.
QuestMortgage is a digital brokerage service offered by the well-known online trading and investing platform Questrade. The platform allows borrowers to apply online within minutes. The brokerage does not have any physical locations, but borrowers can speak to a mortgage advisor over the phone, through live chat, or by email. Like major banks, their BetterRate mortgage has a rate lock-in period of up to 120 days from pre-approval. The brokerage offers some prepayment privileges as well. Borrowers can pay an additional lump sum amount every year, up to 20% of the balance at the beginning of the term. They can also increase their monthly payments by 100% of the original amount.
Launched in 2021, Pine is an online mortgage company that aims to simplify the mortgage process for borrowers. The application process is completely online; however, borrowers can speak with a mortgage agent over the phone. The application takes less than 10 minutes, and the supporting documents are also submitted online through a secure customer portal.
With Pine, borrowers can get a mortgage pre-approval within 24 hours. Borrowers may also benefit from cashback offers for new mortgages that are offered from time to time.
Citadel Mortgages is a brokerage based out of Toronto and has offices in seven provinces of Canada. The brokerage is a full-service brokerage offering all kinds of mortgage solutions, including that for borrowers with bad credit and newcomers to Canada.
The brokerage has won various awards, such as the 2022 and 2021 Canadian Mortgage Awards for Broker of the Year (Fewer than 25 employees), the 2022 Canadian Mortgage Award for Digital Innovation in a Brokerage, and the 2020 Canadian Mortgage Award Silver Winner for New Brokerage of the Year. They've also been named ‘Best Mortgage Employer’ and ‘Top Brokerages’ by Canadian Mortgage Professionals (CMP).
Citadel Mortgages also offers several incentives to its clients, including complimentary hotel stays, AIR MILES, and cashback offers.
Mortgage broker networks have several independently operating brokerages working as a franchise of the network. These brokerages have access to the tools and resources provided by the network to help them build and run their businesses. The networks work with many lenders and negotiate the best rates. The network members have access to these rates, saving them the time and effort of negotiating with all the lenders on their own. The brokers in the network also have access to several training programs offered by the network to help them stay up to date.
Many broker networks are part of larger financial groups. For example, Mortgage Intelligence, Invis, Mortgage Alliance, and Verico are all part of the M3 Financial group. The other major financial group is the DLCG Mortgage Group. Read below to learn more about the broker networks operating in Ontario.
DLCG Mortgage Group
M3 Financial Group
Note: Rates are for insured high-ratio mortgages as of June 2023
Part of the DLCG Mortgage Group, Dominion Lending Centres is among the largest broker networks in Canada. The network has over 2,900 mortgage professionals, over 185 franchises, and over 350 office locations. The network has a strong presence across Ontario, with 16 offices in Toronto, 11 in Mississauga, 2 in Brampton, 3 in Hamilton, and 2 offices in Ottawa. The network works with over 90 lenders to find the best deals for you.
Headquartered in Mississauga, The Mortgage Centre is the oldest mortgage broker network in Canada. The network has over 1,800 brokers, 127 franchises, and 259 offices and brokers in Canada, of which 174 offices and over 1400 brokers are located in Ontario.
In addition to new purchases, refinancing, and renewing of residential mortgages, The Mortgage Centre offers mortgage options ranging from cottage and vacation homes to investment properties, land, and commercial mortgages.
Headquartered in Mississauga, Mortgage Architects also has regional corporate offices in Vancouver, Calgary, Laval, and Halifax. The network has over 700 mortgage brokers in Ontario and works with over 50 lending partners. Borrowers can get pre-qualified in under 60 seconds through the network’s mobile app called ‘My Mortgage Planner.’ The app also offers several tools to help you compare mortgage options and calculate how much mortgage you can afford.
Mortgage Intelligence, along with its affiliated company Invis, is a subsidiary of the M3 Financial Group, which is the largest non-bank originator of mortgages in Canada. The broker network was established over 20 years ago and has a presence in all provinces of Canada. Mortgage Intelligence has 8 partnered locations in Ontario.
Invis, along with its affiliated company Mortgage Intelligence, is a part of the M3 Financial group. Headquartered in Mississauga, Invis was founded in the year 1989. The network was acquired by Group Multi-Prêts Mortgage Alliance in 2016 to become the largest full-service mortgage brokerage in Canada at the time. Invis has access to over 50 lenders, including national, regional, and private lenders.
With over 40 franchises in Ontario, Mortgage Alliance is a prominent broker network in the province. Borrowers can get pre-approved in less than 24 hours with Mortgage Alliance and lock in the rates for 60 to 120 days. Borrowers can check the latest rates on their website and submit an online application. They can alternatively get in touch with a broker close to them. Apart from residential mortgages, Mortgage Alliance also offers investment property mortgages and commercial mortgages.
VERICO is a leading mortgage broker network in Canada that became a part of the M3 Financial Group in 2017. The network helps finance over $13 billion in mortgages every year for over 45,000 households. The network has over 2,300 mortgage professionals and 230 franchisee locations in Canada. The network has won many awards, including the ‘Network of the Year’ award at the 2022 Canadian Mortgage Awards (CMA).
Established in 1990, The Mortgage Group has a network of over 900 mortgage professionals in Canada. The network has partnered with over 50 lenders and provides various mortgage solutions. The brokers in the network have access to several marketing and CRM tools, along with training and development programs.
Based out of Vancouver, CENTUM is a broker network founded in 2002. The network has over 2,200 mortgage professionals and 200 office locations in Canada, of which 1,289 agents are located in Ontario. The network works with leading Canadian lenders to finance mortgages for over 10,000 Canadians annually. Borrowers can apply online or find a CENTUM broker near them.
The Mississauga-based broker network Canadian Mortgages Inc. (CMI) offers mortgage services across Canada. The network works with over 250 public and private lenders, including banks, banks, credit unions, insurance companies, investment trusts, and private lending corporations. According to CMI, the network offers 2,000 mortgage products, and the mortgage solutions offered by them include secured lines of credit, home equity loans, commercial mortgages, second mortgages, private mortgages, and bridge financing.
Based out of Hamilton, Real Mortgage Associates (RMA) is a broker network that was founded in 2015. RMA describes itself as Canada’s fastest-growing broker network. The network has 18 lending partners and over 250 mortgage agents in Toronto, Mississauga, Brampton, Hamilton, Richmond Hill, Markham, and other parts of Ontario. The mortgage terms available with RMA range from 6 months to 10 years.
Based out of Vaughan, Ontario, Nuborrow is a brokerage that offers mortgage services across Ontario. The brokerage was founded in 2013 and has processed over 5,000 mortgage applications and helped fund over $700 million worth of mortgage loans since then. The brokerage has a team of over 25 mortgage agents and has been accredited by BBB with an A+ rating.
The brokerage offers several mortgage options, including vacation / second home mortgage, rental property mortgage, and self-employed mortgage. According to Nuborrow, an average customer may save up to $16,800 per year by refinancing with them.
The application can be completed online through their website, and the rest of the process can also be completed digitally from the comfort of your home. Borrowers who wish to speak with an agent can call them or drop them an email.
Northwood Mortgage is a mortgage brokerage that is based out of Markham, Ontario, and offers mortgage brokerage services across Ontario, including the GTA, Hamilton, London, Guelph, and Kitchener. Established in 1990, the brokerage has over 30 years of experience.
The brokerage has a team of over 100 mortgage agents and offers prime and subprime mortgage solutions. They also have expertise in commercial, industrial, and investment mortgages.
Sherwood Mortgage Group is a brokerage based out of Toronto that provides mortgage solutions in Ontario, Alberta, Quebec, Saskatchewan, and New Brunswick. The brokerage has over 50 lending partners and a multilingual team of over 60 mortgage agents working in Ontario. Borrowers can contact one of the agents through phone or email or choose to apply directly with them online. The brokerage provides both residential and commercial mortgages.
Clover Mortgage is a brokerage based out of Toronto and servicing the entire province of Ontario, including the Greater Toronto Area, the Ottawa, Peel Region, Niagara Region, Halton Region, York Region, Durham Region, London, Cambridge, Kitchener-Waterloo, Windsor, and more. The brokerage has over 40 lending partners that include both institutional and private lenders.
The brokerage has a team of over 20 mortgage brokers and agents who can be reached directly through phone or email. Alternatively, borrowers can apply online or contact the brokerage’s toll-free phone number. The brokerage can also help get emergency mortgages in less than 48 hours.
Headquartered in Toronto, 8Twelve Mortgage Corporation was founded in the year 2018. The brokerage now has a total of 11 offices across Canada, one in each of the provinces and one in the territory of Yukon. The brokerage works with over 65 lenders to offer over 7,000 options.
Borrowers can get started by applying online through their website or by giving them a call. The brokerage has won several awards, including the Canadian Mortgage Awards (CMA) for Digital Innovation in a Brokerage and Brokerage of the Year (25 Employees or More) in 2022.
Founded in 1997 and headquartered in Toronto, MonsterMortgage is a licensed brokerage in Ontario. The brokerage has a team of over 15 mortgage professionals and has won the Canadian Mortgage Awards’ Mortgage Brokerage of the Year award three times. The brokerage has regularly appeared in CP24's "Hot Property" TV show since 2002. Borrowers can apply online or contact one of the brokers directly.
The Toronto-based brokerage Cannect specializes in mortgages for subprime borrowers. This category includes borrowers with bad credit or low income. As an alternative mortgage broker, they position themselves as an alternative to the big banks. Apart from being a brokerage, Cannect is also a Mortgage Investment Corporation (MIC), and allows investors to invest in mortgages through RRSPs, TFSAs, RESPs, or personal un-registered investment accounts.
Founded in 2008, Matrix Mortgage Global is a brokerage based out of Toronto. The brokerage has three offices in the GTA and a team of over 100 mortgage agents. The brokerage is a ‘Top 75 Brokerage’ in Canada. The brokerage has also been named CMA ‘Broker of the Year’ five times. The brokerage can get you a mortgage approval in less than 10 minutes. The brokerage now accepts cryptocurrency for payments. Borrowers can apply online through their website or give them a call on one of their numbers. Other ways to get in touch are visiting a branch, online inquiry, and email.
Mortgage Scout is a brokerage based out of Toronto that has a second office in Richmond Hill. The brokerage has a team of over 25 mortgage agents and brokers. Borrowers can apply for a pre-approval from their website or book a call with one of their agents. The brokerage offers different mortgage solutions for different stages of life, including mortgages for first-time home buyers and reverse mortgages for retirees. Borrowers can also download their free mobile app to use the calculators provided by the brokerage or check the latest rates.
Sunlite Mortgage, a brokerage based in Toronto, has provided mortgage services across Ontario since 2003. Their lending partners include banks, credit unions, trust companies, and private lenders. The brokerage has a team of over 20 mortgage professionals, and borrowers can apply directly with one of them. Alternatively, borrowers can request a callback. Borrowers can also sign up for rate updates to keep track of the changing mortgage rates.
Outline Financial is a mortgage and insurance brokerage that offers its services across Ontario. The brokerage has three offices in Toronto and one in Ottawa. Borrowers can submit a quick application (under 60 seconds) or a full application through their website. Alternatively, they can visit the brokerage’s offices or contact them through phone or e-mail. The brokerage offers residential, commercial, and specialty mortgage services.
The Financial Services Commission of Ontario (FSCO), now merged into the new Financial Services Regulatory Authority of Ontario (FSRA), regulates mortgage brokers in Ontario. A FSRA license is mandatory for mortgage brokers operating in Ontario. Their licensed name and license number must be displayed on all marketing materials and advertisements.
If you obtain a mortgage from an unlicensed mortgage broker then you are not protected under Ontario's Mortgage Brokerages, Lenders and Administrators Act. Private mortgage lenders do not need to be licensed, however they cannot advertise to the public. Licensed mortgage brokers can advertise on their behalf. Ontario requires a minimum two-day cooling off period before signing your mortgage agreement with a mortgage broker. This gives you time to carefully review your contract and terms.
Mortgage brokers are licensed by the Financial Services Regulatory Authority of Ontario (FSRA). There are a few requirements to getting a FSRA license, including:
You will also need to take a FSRA approved course and exam. These courses are offered by Mortgage Professionals Canada (MPC).
MPC's Ontario Mortgage Broker Education Program (OMBEP) comes in two phases: an online portion and an in-class portion. Students have 6 months to complete the online portion of the course. This portion has a final exam with 50 multiple-choice questions, a passing mark of 60%, and a 3-hour time limit.
Once students pass the online portion, students will then register for the in-person portion of the course. In this second phase, students will attend class for five consecutive days, Monday to Friday, from 9 am to 5 pm. There is a final exam of 100 multiple-choice questions, a passing mark of 60%, and a 3-hour time limit.
Tuition for the OMBEP is $495. The OMBEP certificate is valid for three years.
Instead of taking the OMBEP, you may request for education equivalency to be applied to your application. FSRA will review your education and experience to determine whether it matches the Mortgage Broker Qualifying Standards (MBQS). This review includes a resume, an assessment of your qualifications, letters from your current or previous employers, and support from your mortgage brokerage's principal broker.