Looking for A Reputable Mortgage Broker in Ontario?

360Lending is an award-winning mortgage brokerage based in Richmond Hill, Ontario. Over 2,000 homeowners in Ontario have given us 5-star reviews and we have an A+ rating from the Better Business Bureau.

We help homeowners get the lowest rates for home equity loans, home equity lines of credit, refinancing, and other mortgage products.

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When it comes to securing a mortgage in Ontario, many people still assume the best approach is to walk straight into their bank. After all, it's familiar. But what if there was a better way to find the right mortgage, the right rate, and the right lender for your unique situation? That’s where working with a mortgage broker can make all the difference.

Let’s walk through the essentials of finding the best mortgage broker in Ontario — starting with what brokers actually do, and why they may be a smarter choice than going it alone.

Should You Use a Mortgage Broker?

A mortgage broker acts as a matchmaker between you and potential lenders. Instead of being tied to one bank or credit union, brokers have access to dozens — sometimes hundreds — of lending options, including major banks, credit unions, monoline lenders, and even private lenders. Their job is to shop the market on your behalf, negotiate the best terms, and help you find a mortgage that truly fits your financial goals.

The biggest benefit? Options. More lenders mean more competitive rates, more flexibility, and better odds of approval — especially if your situation isn’t "plain vanilla."

Unlike banks, which only offer their own mortgage products, brokers are not limited to a single suite of options. That independence means they’re often better equipped to find creative solutions — whether you’re self-employed, new to Canada, have bruised credit, or are in a situation that's a little out of the ordinary.

Are Mortgage Brokers Just for First-Time Buyers?

Not at all. In fact, mortgage brokers are often underutilized during renewals and refinances, even though these moments can be just as critical.

If your mortgage is coming up to its maturity, don’t just accept your lender’s first renewal offer. A broker can shop the market and show you your real options — potentially saving you thousands in interest.

Similarly, if you’re refinancing to access equity, consolidate debt, or fund renovations, a broker can guide you to the right product at the best rate.

Common Reasons to Use a Mortgage Broker

While brokers are helpful for all types of borrowers, they’re especially valuable when your situation is outside the bank’s box. Here are a few common scenarios:

Debt consolidation: A broker can help you use your home equity to pay off high-interest debt.

Refinancing or renewal: Many borrowers just auto-renew with their existing lender — but brokers can often negotiate better terms elsewhere.

Bad credit borrowers: If your credit score isn’t where you want it to be, brokers can connect you with lenders who look at the bigger picture.

Self-employed borrowers: Proving income without traditional pay stubs can be tricky. Brokers know which lenders accept alternative documentation.

First-time home buyers: A broker can help you navigate through the government incentives, approval, and closing process

New immigrants: With limited Canadian credit history, banks may hesitate. Brokers know which lenders are immigrant-friendly.

Unconventional properties: Buying a cottage, rental unit, or rural home? Not all banks want the risk — but some lenders do.

What Does a Mortgage Broker vs. Your Bank?

While your bank can only offer what they sell, mortgage brokers act as your personal advisor and advocate. They:

Guide you through the mortgage process

Provide personalized advice to match your needs

Explain complex mortgage terms in plain English

Compare rates and terms across multiple lenders

Help prepare and package your application for approval

Negotiate on your behalf

And importantly, a good broker will take the time to understand you. Your long-term plans. Your comfort with risk. Your budget. Your future goals.

Mortgage Broker for Self-Employed Borrowers

If you run your own business, you already know that proving your income on paper doesn’t always tell the full story. You might reinvest profits, pay yourself in dividends, or take full advantage of tax deductions — which is smart for your bottom line, but often makes it harder to qualify for a mortgage through a traditional bank.

That’s where mortgage brokers can make a real difference.

Unlike the Big 5 Canadian banks like TD, Scotiabank, BMO, RBC, and CIBC, which often have rigid underwriting requirements and prefer predictable salaried income, brokers have access to a wider pool of lenders — including alternative (or "B") lenders. These lenders are more flexible in how they assess income. Instead of relying solely on T4s or tax returns, they may accept things like:

6–12 months of bank statements

Invoices and contracts

Gross income averages over multiple years

This is often referred to as a “stated income” program, where the broker presents a reasonable declared income based on your actual business performance — not just what you declare on paper for taxes.

The trade-off? These B lenders may charge slightly higher interest rates and require larger down payments for purchases than the big banks — but in return, you may qualify for a higher mortgage amount or gain access to financing you wouldn’t get elsewhere.

A good broker knows which lenders are open to these flexible documentation programs and will help you structure your application in a way that clearly tells your financial story. For self-employed individuals, that clarity — and that access — can mean the difference between an approval and a dead end.

Ontario Mortgage Brokers for Bad Credit Borrowers

Bad credit doesn’t mean you can’t get a mortgage — but it does mean you’ll need a broker who knows how to navigate the landscape.

Most traditional lenders in Ontario, like the big banks, expect borrowers to have a credit score of 680 or higher. If your score is lower due to missed payments, high credit usage, past collections, or a consumer proposal, you may be declined automatically — no matter your income or equity.

This is where a mortgage broker can step in and open up access to non-prime or “B” lenders who work with borrowers that have bruised credit. These lenders look beyond your score and consider the overall strength of your application — especially the value of the property, your income, and your ability to repay.

In more challenging credit scenarios, a broker may also recommend working with private lenders or equity-based lenders. These lenders focus primarily on the equity in your home, not your credit history. If you already own a property and have built up some value, they may offer:

Home equity loans for bad credit borrowers

Home equity lines of credit (HELOCs) for bad credit borrowers

Second mortgages

These types of loans often come with higher interest rates and shorter terms, but they can serve as a powerful tool to:

Pay off high-interest debt

Improve monthly cash flow

Rebuild your credit score over time

Once your credit improves and your financial situation stabilizes, a good broker can help you transition back to a traditional lender — ideally with better rates and more favorable terms.

Using a mortgage broker shouldn't just be a secondary option. The best mortgage brokers in Ontario for bad credit borrowers can significantly improve you chances of getting approved and charting a path for the future.

What Are the Typical Mortgage Broker Fees?

One of the most common — and most misunderstood — questions borrowers ask is: How do mortgage brokers get paid? The answer depends on the type of mortgage you qualify for, but in many cases, using a broker doesn’t cost you anything at all.

If you qualify for a mortgage through a major institutional lender — like a big bank or a top-tier credit union — the broker is typically paid directly by the lender once your mortgage funds. This applies to both purchases and refinances. In these situations, the broker cannot charge you a fee under Ontario regulations. That means you get professional advice, product comparisons, and expert negotiation — all at no cost to you.

However, if you don’t qualify with a major lender, and you need access to what's known as a non-prime, subprime, or alternative (“B”) lender, that’s where broker fees can come into play. These lenders are often more flexible and are willing to work with borrowers who have lower credit scores, non-traditional income, or more complex financial situations. That flexibility comes with more risk to the lender — and often, a slightly higher rate — so the broker’s compensation structure changes accordingly.

In these cases, brokers typically charge a fee that’s:

Around 1% of the mortgage amount for purchases or refinances with a B lender

This fee is usually paid from the mortgage itself, not out of your pocket

It’s disclosed clearly in writing before you sign anything

If you're refinancing but not breaking your existing mortgage but you're looking to take out a second mortgage (i.e. home equity loan or HELOC), the percentage for broker fees are generally a bit higher, as these loans are often smaller in size, but more customized. In that scenario, you can expect to pay:

Between 2% and 5% of the loan amount

Again, this is paid from the proceeds of the loan — not upfront

You should never have to pay anything out of pocket unless specifically agreed to in writing

No matter the lender or the loan type, broker fees must be fully disclosed in advance. Your broker should explain:

What the fee is

Who you are paying

When it’s due

And why it applies to your situation

A broker should be able to present you with all of the pricing information after receiving all of your documents and before you sign your commitment package.

In short, when you’re working with a licensed and transparent mortgage broker, there should be no surprises. Whether your mortgage is free to you or includes a fee based on your specific needs, you should always feel confident that your broker is acting in your best interest — not just pushing a deal across the line.

What About Hidden Fees?

Reputable brokers do not charge hidden fees and ensure that their clients are protected from non-disclosure or unethical practices. FSRA regulations require all fees to be disclosed clearly in writing before you commit to any deal. You’ll see it in your mortgage commitment and disclosure documents.

What Is a Mortgage Brokerage vs. Broker vs. Agent?

In Ontario, all mortgage professionals must be licensed by the Financial Services Regulatory Authority of Ontario (FSRA). In response to the evolving complexity of the mortgage market — particularly the rise in private lending — FSRA introduced new licensing categories in 2023 to raise standards and better protect consumers.

As of April 1, 2023, there are now three distinct license classes: Mortgage Agent Level 1, Mortgage Agent Level 2, and Mortgage Broker. These new designations reflect the growing importance of experience, training, and regulatory understanding — especially for professionals dealing with non-traditional or private lending.

A licensed mortgage brokerage is the firm or company through which brokers and agents are licensed to operate.

A licensed mortgage broker is a senior professional who has held a mortgage agent license for at least two years and completed the Mortgage Broker Education Program, which includes more advanced topics like brokerage operations, compliance, supervision, and leadership.

Brokers may manage other agents, oversee deals, and are often responsible for ensuring regulatory compliance within a brokerage. If you’re working with someone who holds a broker license, you can feel confident that they have significant experience and a deeper understanding of the industry — especially when navigating complex or higher-risk mortgage files.

A Level 2 mortgage agent can work with both institutional and private lenders. This level of licensing is required for anyone who wants to arrange private mortgages or work with alternative lending options, such as home equity loans or private second mortgages.

To become licensed at Level 2, an agent must first gain experience as a Level 1 agent and then complete an FSRA-approved Private Mortgages Course, which focuses specifically on private lending rules, disclosure requirements, risk mitigation, and investor protection. This license ensures that agents handling private deals have the necessary expertise and compliance knowledge.

A Level 1 mortgage agent is the entry-level license for individuals new to the mortgage industry. A Level 1 agent is permitted to deal only with institutional lenders, such as banks, credit unions, and monoline lenders — essentially, lenders that are regulated by a government or financial authority. They are not authorized to arrange or advise on private mortgages.

To qualify for a Level 1 license, an individual must complete an approved Mortgage Agent Level 1 course, which covers foundational knowledge such as mortgage products, underwriting guidelines, industry regulations, and the basics of ethical client service.

When you work with a mortgage professional, you’re technically hiring the brokerage — and your individual broker or agent represents that licensed entity. Reputable brokerages hold their teams to high professional standards.

Check Online Reviews for Ontario Mortgage Brokers

Online reviews are one of the most accessible tools borrowers can use to get a sense of how a mortgage broker operates — but they’re only useful if you know how to read between the lines.

Start by looking for reviews that go beyond star ratings. The most helpful feedback usually comes in the form of detailed, specific experiences — not just a generic "great service!" comment. For example, look for stories where clients explain their challenges, how the broker approached the problem, and what the outcome was. This helps you get a sense of how the broker performs under real-world pressure.

Next, look for patterns. One offhand negative review may not mean much, but consistent complaints about poor communication or unexpected fees are red flags. On the flip side, if dozens of clients rave about responsiveness, professionalism, and smooth closings, that’s a good sign you're looking at someone dependable.

Be cautious of reviews that feel overly polished or vague. A flood of five-star reviews with little substance could suggest paid or incentivized testimonials.

When evaluating a broker, don’t rely on just one platform. Google Reviews is a good place to start, but platforms like Trustpilot, ThreeBestRated, and Yelp often provide a more focused, verified client experience. If you’re reviewing a brokerage that collects testimonials on their website, see if those reviews are backed by third-party platforms. And if you’re curious about niche situations (like bad credit or self-employment), look for mentions of those scenarios in the reviews — they can tell you if the broker has real experience in those areas.

The goal isn’t to find someone perfect — it’s to find someone consistently trustworthy, knowledgeable, and transparent.

What to Look for in a Mortgage Broker

Licensing Matters

In Ontario, all mortgage brokers and agents must be licensed by the Financial Services Regulatory Authority of Ontario (FSRA). This isn’t just a formality — it’s a safeguard. FSRA ensures mortgage professionals meet specific educational and ethical standards.

You can (and should) verify any mortgage broker’s credentials through FSRA’s public registry, available at fsrao.ca. Simply search their name or brokerage to confirm they’re properly licensed.

Bonus tip: Look for additional designations like AMP (Accredited Mortgage Professional), which signal ongoing education and industry involvement.

Key Qualities to Look For

Finding a mortgage broker isn’t just about rates — it’s about trust, service, and expertise. So how do you know if you’re talking to someone who’s truly working in your best interest?

Start by assessing their communication style. A good broker will take time to understand your goals, explain your options clearly, and never pressure you into a decision. They should ask questions about your income, lifestyle, and long-term plans before recommending any specific mortgage product.

Transparency – Are they upfront about how they get paid and what your costs will be?

Experience – Have they handled cases similar to yours (bad credit, self-employed, etc.)?

Reputation – Do they have a solid track record with past clients?

Accessibility – Are they responsive when you have questions or concerns?

Custom Advice – Are they giving you thoughtful and tailored advice?

A reputable broker is your guide — not a salesperson.

You should also ask about their lender network. Are they limited to just a handful of lenders, or do they have access to a broader market? A larger network gives them (and you) more flexibility and negotiating power.

Red Flags to Watch Out For

Unfortunately, not every mortgage professional has your best interest at heart. Here are a few signs you may want to look elsewhere:

Poor online reputation or no reviews at all

High-pressure tactics to get you to sign quickly

Promises that sound too good to be true, like guaranteed approvals without proper review

Lack of documentation, especially when dealing with private lending

Vague or evasive answers about lender selection

If something feels off, trust your instincts. Mortgage decisions are too important to rush.

Finding the Best Ontario Mortgage Brokers for You

Finding the right mortgage broker in Ontario isn’t just about chasing the lowest rate — it’s about finding someone you trust to guide you through one of life’s biggest financial decisions. A great broker takes time to understand your goals, shops the market across a wide range of lenders (not just the big banks), and helps you qualify for the right mortgage — whether you’re a first-time buyer, self-employed, refinancing, or working to rebuild credit. Look for transparency, responsiveness, real client reviews (on platforms like Trustpilot), and experience with borrowers in situations like yours. A great broker won’t just close your deal — they’ll advocate for you from beginning to end.