Trying to apply for a mortgage yourself can be a harrowing experience. We understand why you’d want a trained professional to do all the legwork on your behalf because of that.
Lucky for you, the best mortgage brokers in Toronto can find superior rates and match you with your best-suited mortgage. You can find them all on this list.
Are you ready to get the best deals on real estate through them? Let’s get started by discussing how much they cost first.
How Much Do Mortgage Brokers Cost in Toronto?
A mortgage broker’s services should be completely free in most residential real estate transactions. That is if you have good credit and can qualify through an institutional lender.
So how are mortgage brokers compensated? Lenders will pay them a finder’s fee and a one-time commission for the mortgage sold.
Would you ever have to pay broker fees yourself? Yes, in the following cases:
When it’s impossible to get a mortgage through an institutional lender, you and your broker will have to resort to private lenders. Private lenders don’t pay finder’s fees.
So, you as the client will have to pay the broker for his or her services. You’ll often have to pay for access to their network of private funds too.
Commercial lenders also don’t pay broker finder’s fees, so you’ll be charged for your broker’s services. Commercial deals are risky for brokers because they take a long time and they rarely ever close, which results in the broker not getting paid at all.
B Lenders fall under institutional lenders, but they usually advance mortgages at a rate between 1-2% higher than A lenders. B lenders are the option when borrowers have already been turned down.
Of course, B lenders won’t compensate brokers as handsomely as A lenders, so you’ll have to supplement the average difference.
The Best Mortgage Brokers in Toronto
Now that you know how mortgage brokers get paid, check out our top picks for the best mortgage broker companies around.
|PRODUCTS||Renewal and switch, H.E.L.O.C. mortgages, pre-approvals, cashback mortgage, investment properties, new to Canada financing, purchase plus improvements, vacation homes|
|ADDRESS||145 Front Street East, Suite 205, Toronto, ON M5A 1E3|
|CONTACT DETAILS||(647) 795-8700 |
|OPERATING HOURS||Monday to Friday: 9:00am – 6:00pm|
We’re starting our list strong with Mortgages.ca, a team of top-performing mortgage brokers based in Toronto. We recommend this company to first-time homebuyers who have no idea how to navigate Toronto’s crazy real estate market.
Why? Mortgages.ca is known to give its clients the best rates and terms for mortgages. Theirs is a clean and honest operation, and they even support well-known charities like Red Door and Daily Bread.
So Mortgages.ca has a solid reputation, and they have the awards to back it up. But how distinct are their product offerings?
Their services are fairly standard and can accommodate complex mortgage setups for every financial situation. We specifically like their cashback mortgage option, where clients can receive up to 5% cashback towards their down payment and closing costs.
Overall, there’s almost nothing negative to be said about Mortgages.ca, with their shining 5-star rating on Google Reviews and regular features on prominent Canadian media outlets.
Check out what these Mortgages.ca clients had to say about their services:
“James and his assistant Mayra did a great job on our mortgage! They were very honest about what I could afford and responded at all times of the day and night to questions I had. To top it all off, he got me a great rate and even sent a gift basket to congratulate me on my new home.”
– Daniel Ling
“Scott Nazareth was awesome from the start to my wife and I when we were looking to buy our first house. He was always super responsive to our questions, whether a call or email, and made the whole process a complete breeze. We also secured an unreal rate! Highly recommended.”
– Rahman Atta
2. True North Mortgage
|PRODUCTS||Purchase plus improvements, investment properties, renewals and transfers, second homes, refinancing options, newcomers to Canada, bad credit mortgage, equity-based mortgages, home equity line of credit, international home purchase, prepayment penalties and privileges, mortgages for the self-employed, reverse mortgage, non-residence lending|
|ADDRESS||Pathway Level, 145 King St W #21, Toronto, ON M5H 1J8|
|CONTACT DETAILS||(416) 640-5675 |
Toll free: 1-877-977-7995
|OPERATING HOURS||Monday to Friday: 8:30am-6:00pm|
Do you have bad credit and still want to get a mortgage? True North can help you out even though it’s generally believed that mortgage brokers are only for good credit individuals.
Of course, you have to manage your expectations because their ultra-low rates only apply to those who qualify for institutional lending. However, you can still get approved for a mortgage and save thousands of dollars as the team helps you rebuild your credit.
We like that True North is inclusive of all types of financial situations. Another example is their mortgage program for the self-employed.
If you’re a freelancer or business owner, you must know that it’s harder to get approved for loans since you’re not traditionally employed. But True North can get you a mortgage with as little as a 10% down payment through Sagen’s Business for Self program.
So you might be more financially capable than you think. True North truly makes it possible for almost everyone to get a mortgage, with rates that are 0.15% below their competition!
Here are two Google reviews for True North Mortgage:
“We had the pleasure of dealing with Cezary L. in order to facilitate a mortgage refinancing. He was polite, professional, and very responsive. True North provides a good rate, and Cezary shepherded the whole process efficiently without requiring any heavy-lifting from my partner and I. I definitely recommend tn and Cezary for a good mortgage experience.”
– Mark Rawlinson
“I recently completed my third mortgage. The first two did not require as many steps as this one. However, Chris Eigbe made all the steps straightforward. I have a very busy life and career. Chris Eigbe took care of every arrangement within his means, even providing the lawyer. However, I was always free to make my own choices and nothing was pushed upon me. I would highly recommend Chris Eigbe/True North and any affiliates he recommends.”
– Marshall E.S.M.
3. Kim Gibbons – Mortgage Superhero®
|PRODUCTS||Purchasing super plan, Self-employed solution, debt consolidation relief strategy, first-time homebuyer gameplan, investment property super strategy, home reno solution, new chapter solution, second home dream plan, welcome to Canada strategy|
|ADDRESS||210 Victoria Street, Toronto, ON M5B 2R3|
|CONTACT DETAILS||(416) 400-8107|
|OPERATING HOURS||Monday to Friday: 9:00am-6:00pm|
It looks like Kim Gibbons is trying to make the process of getting a mortgage a little less intimidating. However, we’re pleased to say that her fun tagline isn’t facetious.
Gibbons is a member of Mortgage Intelligence, a team of respected mortgage professionals based in Toronto. She opened her own “practice” because she’s an absolute mortgage whiz.
She offers standard mortgage programs, but one that is distinctively hers is The New Chapter Solution. It’s a customized mortgage plan for couples going through a legal separation or divorce.
She provides personalized mortgage financing advice to ease and set up a successful separation. Trying to accommodate terms between you and your partner can be tricky, but she can set you on the best possible start on a new financial path.
Many divorcing couples assume that their house has to be sold, but that’s not always the smartest decision. One partner may opt to stay in the home for the sake of the kids.
Kim can arrange a refinance of up to 80% of the value of the home and come up with the funds needed to pay off the couple’s joint debt. Another route would be to purchase the home outright from the other spouse.
Whatever the case may be, her expertise is to create mortgage plans based on people’s unique financial situations. She might be your best bet if you have a complicated one.
Take a look at these reviews for Kim Gibbons and her team:
“I am deeply thankful for all your help, Kim. Thank you for sharing all the information and being available to answer all my queries even in the middle of the night of your meetings. I admire your professionalism and enthusiasm to help everyone with the best possible suggestions and best rate. I am amazed by your quick response and regular updates even when your dad was hospitalized and you were going through so much in your life.
My experience was so seamless while working with you and your team. My first home was possible only because of your efforts and dedication as I lost hope after getting a few disapprovals from other consultants. It has been a true pleasure working with you.”
– Alisha Rani
“I have now worked with Kim on two mortgage transactions over the past few years and can wholeheartedly and genuinely say she is simply the best. Her responsiveness, attention to detail, and working with me to find the most appropriate deal is first class. She is very patient and understanding, which in my case really helped a lot. She was with me every step of the way and made sure once things were complete that I was happy and satisfied. There’s nobody better out there who knows the business like Kim does. Thank you, Kim.”
– Jason Watson
4. Mortgage For Less
|PRODUCTS||Purchase mortgage, bridge loan, refinancing & switch, renewal, home renovation loan, equity take-out, H.E.L.O.C., second mortgage, debt consolidation, reverse mortgage, self-employed mortgage, new Canadian mortgage, future financial planning, property assessment|
|ADDRESS||500 – 120 Eglinton Avenue East, Toronto, ON M4P 1E2|
|CONTACT DETAILS||(416) 699-1010 |
Toll free: 1-888-448-2222
|OPERATING HOURS||Monday to Friday: 9:00am-9:00pm |
At the forefront of Mortgages For Less is Nick Mitskopoulos, an expert broker who has been in business since 1989.
He can handle a vast array of mortgage situations, from bridge loans to debt management strategies. We particularly like that he has seamlessly extended his services online, and you get personalized mortgage consultations without leaving your home.
One of the team’s unique offerings is the bridge loan option. If you’re buying and selling real estate at the same time and the closing dates aren’t lining up, Nick can handle this mess for you.
If a mortgage is a little out of your reach at this time, Nick can even help you plan your financial future and improve your credit. We’d say that’s going beyond your standard mortgage services.
Overall, we recommend Mortgages For Less if you feel out of your depth. You might as well let experts determine what your options are and what you can afford.
Curious about what Mortgage For Less clients had to say about their services? Here are two reviews:
“I have had two dealings with Nick Mitskopoulos over the past two years. Nick has helped my son and daughter both get mortgages to buy condos. Nick is extremely knowledgeable about the local market and provided sound advice and worked hard to find the best deals to meet our needs. He was very responsive to all questions and kept everyone up to date on the progress. Nick set proper expectations on what would be required. For new home buyers, this was very comforting. If you are looking for a mortgage, Nick is the right guy to contact.”
– Ed Shepherdson
“Nick has helped my wife and I navigate a financially intimidating purchase 10 years ago and has helped us with mortgage advice on numerous occasions since then. I have also recommended his services to friends who were equally impressed with his professionalism and personable work.”
– Mike Murley
5. Tridac Mortgage
|PRODUCTS||Private mortgages, refinance, first-time homebuyers, renewal, self-employed mortgages, reverse mortgages, debt consolidation, moving to Canada, construction mortgage|
|ADDRESS||276 Danforth Ave. Toronto, ON M4K 1N6|
|CONTACT DETAILS||416-461-0204 |
Toll free: 1-855-502-9377
|OPERATING HOURS||Monday to Friday: 9:00am-6:00pm |
Saturday to Sunday: by appointment
Tridac Mortgage is an institution, having been around for four decades and having funded well over 5,000 mortgages so far. It’s undeniable that the team has tremendous insight into real estate with over 80 years of combined mortgage industry experience.
Sure, that seems impressive, but how do they measure up against all other companies on this list? Extremely well!
Aside from the usual mortgage program offerings, Tridac has a Construction Mortgage plan. This plan is perfect for those who are having trouble finding the right property to buy.
Maybe you’re one of the lucky ones who get to build their dream home. Tridac can finance everything from permits to architectural designs.
Of course, their mortgage financing solutions will depend on the scale of your project. It could involve something as simple as a home equity line of credit to something as complex as setting up a second mortgage.
Construction mortgages fall under a specialized niche that most lenders don’t accommodate, which is why you might want Tridac on your side if you go this route.
Check out these recent reviews for Tridac Mortgage:
“Chris and his team are rock stars. He’s proactive and explained the entire refinance process to my wife and me. We were refinancing our home after being halfway through a major renovation. While it was a complicated situation, Chris got us a super low rate on very flexible terms.”
– Brent Diefenbacher
“Christopher at Tridac Mortgage truly cares about me and my family. With his guidance, we were able to enter the market and purchase our first home, our second home, and more recently he navigated through a refinancing of our mortgage. Honestly, there is no one better out there! He is a kind genius who makes complicated situations seem easy to understand. I look forward to working with him for all our years to come!”
– Lauren Benini
6. Mortgage Delivery Guy
|PRODUCTS||Mortgage Planning, Investment Property Mortgages, Credit Repair Services, Non Mortgage Solutions|
|ADDRESS||208 – 52 Village Centre Place, Mississauga, ON L4Z 1V9|
|CONTACT DETAILS||T: 1-800.808.1613 | 416.848.0469|
|OPERATING HOURS||Monday to Friday: 9:00am-6:00pm |
Saturday to Sunday: by appointment
Mortgage Delivery Guy offers a personalised, boutique-style approach when it comes to finding a mortgage lender for its clients. This ensures that each and every one of his clients will end off with a mortgage that is suited to their needs and budget.
They offer a wide range of services, such as Mortgage Planning, Investment Property Mortgages, Credit Repair Services, and more.
One of their brokers is Paramjit Singh, a professional praised by many for being intelligent and hardworking. He makes sure to understand his client’s situation in order to provide a workable as soon as possible.
If you decide to employ Mortgage Delivery Guy’s services, you can expect transparent communication at regular times. Status updates every 48 hrs are guaranteed.
Mortgage Delivery Guy’s attentive services extend beyond mortgaging as well. On the off change that they are unable to provide the best option for you, they will connect you to someone who can.
Check out these recent reviews for Mortgage Delivery Guy:
“I would like thank Paramjit Singh for his help and terrific service. He was so kind and helpful at a time when I needed it. I would recommend him and will certainly use his services in the future. Very professional, very quick and a pleasure to work with. Thank you Mr. Singh.“
“A special shout-out to Paramjit Singh of MDG. He’s our go-to person especially in a crucial situation. Words cannot express how grateful we are for all your help with our mortgage application. Thank you for everything you’ve done for us. I highly recommend MDG, a good choice to get the high-quality service.”
7. Sheldon Brown – Mortgage Architects
|PRODUCTS||TRADITIONAL BANK / PRIME MORTGAGES|
MORTGAGE OPTIONS FOR SELF-EMPLOYED
VENDOR TAKE-BACK (VTB) MORTGAGE
PRIVATE HOME LOANS
|ADDRESS||5675 Whittle Road|
|OPERATING HOURS||Contact company for more information|
Mortgage Architects is a company that strives to meet their customer’s mortgage expectations each and every time. Sheldon Brown is one of the expert mortgage brokers under their wing.
Sheldon Brown specialises in 1st, 2nd, and SME commercial mortgages. Being in the mortgage industry for more than 17 years has given him a wealth of experience handling residential and commercial mortgaging.
He has numerous established relationships with banks and mortgage lenders nationwide, which allows him to find the lowest possible mortgage rates for his clients. Moreover, these lenders have a good reputation, so you won’t need to worry about being taken advantage of by a suspicious bank.
More importantly, he takes the time to walk you through the entire process, so you never feel lost regarding the mortgage. No matter your mortgage, Sheldon Brown a financial companion you would benefit greatly from.
8. Ask Ross
|PRODUCTS||First Time Home Buyers|
Bad Credit Mortgages
CRA Debt Mortgages
Self Employed Mortgages
|ADDRESS||70 East Beaver Creek Rd #30, South Building, Richmond Hill, ON L4B 3B2|
|CONTACT DETAILS||1 905-971-0495|
|OPERATING HOURS||Monday – Saturday: 8:30 AM – 9 PM|
Ask Ross is a company that’s dedicated to providing their clients with the most suitable mortgage or credit solutions they may need. Alongside their quality services is their top-notch customer service, which ensures a pleasant experience when working with their agents.
They have been in the mortgage industry for more than 30 years, which has led to them being recognised as one of the leading experts for mortgaging in Canada. They have experience working with various kinds of cases, from financial planning to consumer proposals and everything in between.
Their team may be small, but it’s composed of individuals skilled in the various areas of mortgaging. You can count on them to assist you to the fullest and guide you towards your ideal outcome.
To further help their clients, Ask Ross has various articles on his website regarding mortgaging and other financial matter. This client-focused approach is one of the main reasons why they continue serving clients excellent results until now.
Tips for Your First Mortgage
Now that you know who to approach for your mortgage concerns let’s get you ready if you’re planning to submit a mortgage application.
1. Hang on to your current job.
One of the things that lenders check when you apply for a mortgage is how long you’ve stayed with your current employer. Ideally, you want this to be a decent length of time.
So if you’re planning to switch jobs, it’s best to hold off until your mortgage is in place. For the best chances, you want to be in your existing position for at least three to six months.
2. Reduce or eliminate all debts.
Having a massive amount of debt is a red flag to lenders. You don’t want to have outstanding loans before you apply for a mortgage.
Some of the companies above have debt management services to help you increase your chances of getting approved. We suggest you sort all this out before your first attempt.
3. Get your documents in order.
A mortgage broker can only do so much in terms of arranging mortgage terms for you. It’s your responsibility to provide the necessary proof of income and financial history documents to make their job as seamless as possible.
The same goes if you’re self-employed. Lenders will want to see an SA302 and your full accounts for the last three years. Without these documents, you’re unlikely to get approved.
4. Save for a bigger deposit.
You dramatically increase your options for mortgages if you’re able to put down a larger deposit. Lenders usually reserve their lowest rates to those who can afford hefty initial deposits.
Some of the companies above can help you plan out your financial future and see the best way to maximize your mortgage payments.
FAQs about Mortgage Brokers
The best mortgage brokers in Toronto have stellar performances across the board. It’s just a matter of choosing the one that can accommodate your unique financial situation and mortgage requirements.
Once you settle on a deal on your dream home, you may want to check out these best movers in Toronto too for when you move in!