What does a mortgage broker do?

If you require a mortgage loan, know there are a few different routes you can take to get the best interest rate and terms. It’s important you exercise all your options and do your own research when you apply for a mortgage. Also remember to choose to work with someone reputable by checking their reviews (that goes for banks too).

In Canada, there are multiple lenders all competing for mortgage business, but not all lenders service the same type of borrower and property. For example, some lenders only work with borrowers who have good credit and standard income, such as individuals on a salary. Other lenders choose to work with borrowers in unique income situations or individuals that don’t meet conventional lending guidelines. 

Reputable mortgage brokers work with many lenders that service many borrowers and property-types. The benefit of working with a mortgage broker includes ensuring that you exercise all your options and ultimately get the best financing.

Mortgage brokers also work to save you money by advising on the importance of prepayment privileges, penalties, rates and hidden terms. By advising you correctly, a mortgage broker can save you money both in the short and long term. 

For example, choosing a lender that charges fewer fees or has an optimal prepayment calculation method can save thousands of dollars should you exit your mortgage contract earlier than expected. 

Mortgage brokers also have an optimal application process too and usually have quicker turnaround times than conventional banks. We also offer the ability to sign and meet virtually,  which can save you time. 

So, which lenders and financial institutions do mortgage brokers work with? 

Our brokerage works with major banks and credit unions. We also work with a variety of monoline and boutique lenders that offer very competitive pricing. 

We are constantly forming new and strong partnerships with various financial institutions to ensure we can service every borrower-type and offer really great mortgage products.

Whatever your financial decisions, it is very important you do your homework and work with a reputable mortgage professional. 

Start your application today. Apply now. 


Sarah A. Colucci
Mortgage Agent Lic. M14000929 
Mortgage Edge, Broker 10680 
Direct: (647)  773-4849
Email: sarah.colucci@mortgageedge.ca ​

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