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Best Toronto Mortgage Brokers

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Written By Shivani Kaul

Content Manager

Updated

Top Toronto Mortgage Brokerages

On your house buying journey, it is imperative to understand and be aware of the professionals you will come across and how they will assist you in your real estate endeavours.

A mortgage broker is a professional who acts as a mediator between potential buyers or real estate investors seeking to obtain a mortgage loan and the financial institutions that provide mortgage loans, such as banks or independent lenders.

Similarly, a mortgage brokerage is business or firm, comprising of professional brokers, who facilitate the mortgage lending process by helping borrowers find suitable mortgage options and connecting them with lenders that offer loans that match their financial needs and circumstances.

Mortgage brokers have a deep understanding of the mortgage market and various loan products available. Their primary role is to help borrowers find suitable mortgage options by assessing their financial situation and needs and then connecting them with lenders who offer loans that match those requirements.

Some of the leading mortgage brokerage businesses in Ontario have been listed below in alphabetical order:

  1. Butler Mortgage: With offices in the Greater Toronto Area, Ottawa, Calgary and Vancouver and Calgary, Butler Mortgage claims to offer the lowest mortgage rates possible for home purchase, renewals, refinancing, and construction. The brokerage began in 1997. The brokerage provides mortgages from various lenders, and their brokers have direct access to every major lender in Canada.
  2. Cannect: With offices in Toronto and the GTA, Cannect has served thousands of borrowers and investors from Toronto, the GTA, and across Canada for the last 15 years.
  3. Centum Chartered Finance Inc.: Centum Chartered Finance is a part of the Centum Financial Group Inc., a prominent Canadian mortgage broker brand with over 200 offices and more than 2,200 agents nationwide. Centum Chartered Finance works with a network of lenders to provide a wide range of mortgage products, including residential mortgages, commercial mortgages, and refinancing options.
  4. Citadel Mortgages: Citadel Mortgages is one of the largest full-service mortgage brokerages with professional mortgage agents and brokers servicing GTA, Toronto, Ontario, Alberta, Saskatchewan, PEI, Newfoundland, New Brunswick, Nova Scotia, and British Columbia. They offer mortgage assistance for a variety of mortgage products like residential, commercial, equity lending, second mortgages, HELOC, among others. Citadel Mortgages also offers today’s lowest mortgage rates, as seen on popular sites like rate spy and WOWA and preferred mortgage terms from top banks and mortgage lenders for good, bad, and no credit borrowers.
  5. Dominion Lending Centres: With a team of 2,000 mortgage professionals, Dominion Lending Centres boasts access to more than 90 lending institutions, including big banks, credit unions and trust companies. Launched in 2006, this national mortgage brokerage and leasing company offers first-time homebuyer programs to finance for the self-employed to financing for those with poor credit history.
  6. Innovations Federal Credit Union: Innovations Federal Credit Union is a credit union that offers various financial services to its members, including mortgage brokerage services. They assist members in obtaining mortgage loans for buying homes, refinancing, or other real estate-related needs.
  7. Mortgage Associates Ontario Inc. is a fully accredited mortgage brokerage company based in Ontario that was founded in 2013. Their team of professional mortgage agents provide customized mortgage solutions for each client, regardless of their credit history or financial situation. They boast access to more than 200 banks, credit unions, private lenders, and commercial lenders. They work with multiple lenders to provide options such as fixed-rate mortgages, variable-rate mortgages, and other mortgage-related services.
  8. Monster Mortgage: Since 1997, MonsterMortgage.ca agents and staff have ensured that homeowners and property investors are catered to for all kinds of mortgage products. MonsterMortgage.ca® works with over 20 lenders providing mortgage seekers with the best possible rates for purchase, renewal, or refinance.
  9. nesto: Based in Montreal, nesto is a digital mortgage lender that employees salaried mortgage advisors operating across Canada. If you find a lower rate than what nesto gives you, it will match that rate or give you $500 with nesto's low rate guarantee. nesto also offers a 150-day rate hold which locks in a mortgage rate for that time period for certain mortgage types. This is the longest rate hold in Canada as big banks usually rate lock for a period of up to 120 days.
  10. Northwood Mortgages: Established in 1990, Northwood Mortgage is one of the largest brokerages in the GTA with over 100 agents and  brokers. They are also experts in commercial, industrial or investment mortgage placement. Their debt consolidation specialists can help you refinance your mortgage with higher-than-average interest rates to a more competitive rate. Northwood Mortgage can also arrange Credit Recovery financing.
  11. Nuborrow: Based in Toronto and operating online, the Nuborrow mortgage brokerage offers services in Ontario and British Columbia. The brokerage has helped fund $700-million in mortgage loans and processed 5,000 mortgage applications since 2013. Nuborrow works with a team of 33 mortgage agents, offering a number of mortgage options, including vacation home mortgages, self-employed mortgages, rental purchase mortgages, and more.
  12. Pine Canada Financial Corp.: Founded in 2021, Pine Canada Financial Corp. is a financial services company that includes mortgage brokerage as part of its offerings. They assist clients in obtaining mortgage loans, including residential and commercial mortgages. Pine mainly operates in Ontario, British Columbia and Alberta and may offer various mortgage products and financing solutions to meet their clients' needs.
  13. Quest Mortgage is a Canadian mortgage brokerage firm that also operates in the United States. Their line of BetterRate™ mortgages promises to get homeowners a great, low rate right from the start. Quest Mortgage aims to provide personalized mortgage solutions, including home purchase loans, refinancing options, and more.
  14. Rocket Mortgage: Boasting of a completely digital mortgage experience, Rocket Mortgage allows customers to apply for and manage their mortgages entirely online, streamlining the application process. Rocket Mortgage, formerly known as Edison Financial, is a subsidiary of Quicken Loans (now known as Rocket Companies) and known for its online mortgage lending platform. Rocket Mortgage offers a range of mortgage products, including conventional loans, FHA loans, and jumbo loans. True
  15. True North Mortgage is headquartered in Calgary, Alberta, and began operations in 2006. The brokerage now has 11 store locations across Canada and offers a variety of mortgage products in BC, Ontario and Alberta. THINK Financial is their in-house mortgage lender.
  16. 8Twelve Mortgage team debuted in 2018 in Ontario with 3 mortgage agents and expanded to BC in 2019 and increased its strength to 9 agents. The brokerage has now expanded to all major provinces and won top industry awards. They offer services for all kinds of mortgage products.

Frequently asked questions about mortgage brokers in Toronto

Have more questions about Toronto mortgage brokerages? We have the answers...

Where can I find a mortgage brokerage in Toronto?

You can find mortgage brokerages in Toronto on RATESDOTCA. We have enlisted the best brokerages available in Toronto for your convenience.

Do mortgage brokers charge a fee?

Yes, mortgage brokers charge between 1% and 2% of the mortgage loan. Fees may depend on the size and number of loan.

What is better, going through a bank or a brokerage for a mortgage?

Whether you go with a bank or brokerage, you should aim to get the best rate for your financial situation. Knock on all possible doors and make sure you get the best mortgage rate before you zero-in on one. There is no harm in evaluating all options before making a decision.

*Based on the difference between estimated deep-discount 5-year fixed rates from Canada's top six banks and the lowest comparable rates on RATESDOTCA, as of January 14, 2022.

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