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If you're buying a home, refinancing, or thinking about using your home equity, it can be tough to know where to start. With so many lenders, rates, and rules, the mortgage process can feel overwhelming.

That’s where a mortgage broker comes in.

But what exactly do they do? Do they just fill out paperwork, or do they actually help you save money?

Let’s break it down in simple terms.

What Is a Mortgage Broker?

A mortgage broker is a licensed professional who helps you find and arrange a mortgage loan. Think of them as your personal guide through the mortgage process.

They don’t lend money themselves. Instead, they work with many different lenders—like big banks, credit unions, and private lenders—to help you find the right solution based on your needs, goals, and finances.

In Canada, mortgage brokers must be licensed in the province where they work and are required to follow strict regulations to protect you as a borrower.

What Can a Mortgage Broker Help You With?

A good broker simplifies the entire mortgage process. Here’s what they actually do for you:

Assess your situation

They take the time to understand your income, debts, credit score, and goals to figure out what you qualify for and what you’re trying to achieve.

Evaluate product types and lenders

They’ll help you decide what kind of mortgage product fits best (fixed vs. variable, HELOC, second mortgage, etc.) and which lenders are most likely to approve you based on your profile.

Help you get approved

Brokers collect your documents, prepare your file, and submit it to the right lenders. They deal with follow-ups and try to present your file in the best possible light.

Shop and negotiate for competitive pricing

Brokers compare multiple offers and try to get you the lowest possible rate and best terms—sometimes with broker-only pricing or fee reductions.

Provide follow-up support

After your mortgage funds, good brokers stay in touch. They can help you with renewals, refinancing, or tapping into equity later if your needs change.

Is It Free to Use a Mortgage Broker?

For most people, yes—it’s free.

If you’re applying with a major bank (also called a “Schedule A” lender in Canada), the broker is paid a commission by the lender after the deal closes. You don’t pay anything out of pocket.

But if you don’t qualify with the banks—maybe because of your credit score, high debt, or irregular income—your broker may need to arrange a mortgage with a B lender or private lender. These come with higher interest rates, and you may need to pay a broker fee, which will always be disclosed upfront.

Who Do Mortgage Brokers Work For?

This is an important question—and the answer is both, but in different ways.

Mortgage brokers work for you, the borrower, to help you find the most cost-effective and suitable mortgage product. Their goal is to help you qualify for a loan that makes sense based on your financial situation, credit history, and future goals.

At the same time, brokers also have a fiduciary duty to the lenders they work with. That means they must make sure any deal they bring to a lender is fair, suitable, and meets the lender’s guidelines. It needs to be a good fit for both sides.

So while brokers get paid by the lender after a deal funds, their job is to act as a bridge—making sure both the borrower and lender benefit from the arrangement.

When Should You Use a Mortgage Broker?

There are many situations where using a broker makes sense—but here are some of the most common:

You want to qualify with a major bank

A broker can help make your application stronger and more complete, increasing your chances of qualifying—especially if you’ve been declined before.

You don’t qualify with the major banks

Brokers have access to B lenders and private mortgage lenders that you can’t approach on your own. These lenders work with borrowers who have lower credit scores, higher debt, or are self-employed.

You’re using your home equity

If you’re consolidating debt, refinancing, or taking out a HELOC, a broker can help structure the loan so it fits your goals and budget.

You want to save money

Brokers often have access to lower rates or better terms that aren’t available directly to the public.

Even if you’re just curious about your options, most brokers are happy to review your situation and give advice—no pressure, no commitment.

You want to compare your options

Instead of applying to multiple banks yourself, a broker can quickly compare rates and terms from dozens of lenders and explain the pros and cons.

You’re a first-time buyer and want guidance

Brokers will walk you through every step of the process and explain all the paperwork, terms, and fees in a way that makes sense.

What Is the Mortgage Process Like with a Broker?

Here’s what you can expect when working with a mortgage broker in Canada:

Initial Chat or Online Application

You’ll usually start with a quick phone call or online form. The broker will ask about your income, debts, property value, credit score, and what you're trying to achieve—buying, refinancing, or taking out equity.

Document Collection

You’ll need to provide documents like your ID, proof of income, mortgage statement, property tax bill, and possibly bank statements or an appraisal. Your broker will tell you exactly what’s needed.

Pre-Qualification or Pre-Approval

Based on your information, your broker will help you figure out how much you can borrow, what types of loans you qualify for, and what kind of rates and payments to expect.

Shopping and Submitting Your Application

Your broker will compare lenders and send your application to the one(s) that offer the best fit—based on pricing, terms, and approval chances. They’ll do the negotiating for you.

Approval and Conditions

Once a lender issues approval, they might request additional documents (like updated paystubs or a letter of employment). Your broker helps you gather and submit these quickly to keep the process moving.

Signing and Legal Work

Once everything’s approved, your broker will coordinate with the lender and your lawyer. You’ll review and sign your mortgage documents, and your lawyer will handle the closing.

Ongoing Support

A good broker doesn’t disappear after the deal closes. They’ll follow up to answer questions, help with renewals down the road, or guide you through future refinancing or equity loans.

How to Choose the Right Mortgage Broker

Not all brokers are the same, so here are some tips to find a good one:

Make sure they’re licensed: In Canada, mortgage brokers must be licensed by the province. You can check this through your provincial regulator’s website.

Read reviews or get referrals: Online reviews and personal recommendations go a long way. Look for someone with a track record of happy clients.

Ask for experience: Look for someone who has helped clients in similar situations—whether you’re self-employed, have credit issues, or are taking out equity.

Check their lender access: Some brokers have access to more lenders than others. Ask if they work with all the major banks as well as B lenders and private options.

Look for transparency: A good broker will explain all fees upfront (if any) and help you understand the pros and cons of each offer—not just push the one that pays them the most.

What Does a Mortgage Broker Do For You?

Getting a mortgage is a big decision. Whether you're buying your first home, refinancing to lower your payments, or using your home equity to tackle debt, a mortgage broker can save you time, money, and stress.

They work for you, they shop the market, and they guide you every step of the way. Best of all, if you qualify with a major bank, you don’t pay anything out of pocket—the lender covers the cost.

And if your situation is more complex? That’s when a broker becomes even more valuable, helping you access options that aren’t available to the public and making sure you land on the solution that fits best.

If you’re not sure where to start, just talk to a broker. One conversation can open a lot of doors.