How to Find Best Mortgage Broker in Ontario

The Ontario real estate market has been evolving quickly. Home prices saw an increase of more than 15% in 2024, and with the new stress-test rules, many buyers are now qualifying for smaller loans than they anticipated. In Greater Toronto, for instance, the average home price reached $1.1 million in March 2025. With such significant price tags, even small differences in mortgage rates can end up costing tens of thousands of dollars over the life of your mortgage. That's why getting the right help from a Best Mortgage Broker in Ontario can save you a lot of time, stress, and money.

What You’ll Learn:

• How to pick a reliable mortgage broker

• Tips for researching brokers in Ontario

• Important questions to ask in interviews

• Programs and incentives available in Ontario

Ontario’s Housing Trends:

• Starting January 1, 2024, the OSFI stress test was raised. Borrowers now need to qualify at the higher of their contract rate + 2% or the current five-year benchmark rate, which is 6.45%.

• The average home price in Greater Toronto hit $1.1 million in March 2025, while in rural Ontario, it was around $630,000 (Q1 2025).

• Many buyers are looking at cities like Hamilton, Kitchener-Waterloo, and Ottawa to find more affordable homes as prices in the GTA continue to climb.

What Does a Mortgage Broker Do?

A mortgage broker acts as a middleman between you and a variety of lenders, including banks, credit unions, and private lenders. They’ll gather your financial details, help you find the best mortgage products, and walk your application through the approval process.

Why Work with a Broker?

• Access to More Lenders: Brokers work with multiple lenders, giving you a better chance to find a mortgage that fits your needs.

• Expert Advice: They know the Ontario-specific rules and can help you navigate them.

• Less Paperwork: Brokers handle all the paperwork, saving you time and hassle.

How Do Brokers Get Paid? Brokers in Ontario are paid by the lenders once a deal goes through. This means you won’t pay extra for their services, and they’re motivated to find the best mortgage option for you.

What to Look for in a Mortgage Broker

Experience & Expertise

• FSRA Licensing: You can verify a broker’s credentials using the FSRAO License Lookup.

• Certifications: Look for professional designations like AMP (Accredited Mortgage Professional).

• Local Knowledge: Ensure they have a solid understanding of the local market, whether you're in the GTA or rural Ontario.

• Specializations: Some brokers focus on first-time buyers, self-employed mortgages, or real estate investments.

Lender Relationships

• A great broker will have connections with a wide range of lenders, including banks, credit unions, and private lenders.

• A seasoned broker can also negotiate better terms and secure better rates.

Customer Service & Communication

• A good broker should be responsive, keeping you updated about your application’s progress within one business day.

• They should be able to explain the OSFI stress test and other complex details clearly and understandably.

Certifications

• Brokers must have an active mortgage broker license in Ontario (mandatory).

• Extra certifications like AMP show a commitment to staying updated with industry standards.

How to Research Mortgage Brokers

Check Online Reviews Look up brokers on platforms like Google, Facebook, and Yelp to find real customer reviews. Pay attention to the specifics, not just the star ratings.

• Red Flags: Multiple complaints about hidden fees or slow responses should raise concerns.

Ask for Referrals Ask friends, family, or your real estate agent who they’ve worked with before.

• Ask: "Who helped you close smoothly despite the stress-test rules?"

• Probe: "What was your experience working with them?"

Check Professional Associations Look for brokers who are members of the Ontario Association of Mortgage Brokers or Mortgage Professionals Canada, as this indicates they follow ethical standards and stay informed on industry updates.

Check Their Website & Social Media A professional website can be a good indicator of a broker’s reliability. Look for useful resources like an Ontario mortgage broker comparison chart, mortgage calculators, and guides for first-time buyers.

You can also visit AJP Mortgage’s Residential Mortgage Broker in Ontario> for more information on their services.

Look at their social media activity as well. A broker who shares timely information about topics like the Ontario Land Transfer Tax Rebate or green mortgage options shows they are engaged and knowledgeable.

Interviewing Mortgage Brokers

Questions to Ask

TopicSample QuestionLender Network"Which lenders do you work with in Ontario besides the Big Five?"Rates & Fees"What interest rates and fees should I expect for a $750,000 purchase?"Communication"How will you keep me updated on the status of my application?"

What to Look For:

• Does the broker explain the OSFI stress test clearly?

• Can they offer solutions for things like low down payments or self-employed income verification?

Comparing Brokers

BrokerRate (5-Year Fixed)FeesLender PanelService StyleAJP Mortgage4.99%No borrower feesBanks, credit unions, private lendersWeekly updatesBroker B5.10%$500 adminBanks onlyEmail updates only

Red Flags to Watch For: If a broker is vague about their lender panel, hides fees, or lacks knowledge of the Ontario market, consider it a red flag.

Decision Factors: Transparency is key. Make sure the broker communicates well and offers a broad range of lenders.

Verifying Broker Credentials

Check FSRA Registration Use the FSRAO License Lookup to verify the broker’s license.

Look for Disciplinary Records Check FSRA decisions or Google "[Broker Name] complaint Ontario" to see if there are any negative reports.

Ontario Programs & Incentives ProgramDetailsEligibilityFirst-Time Home Buyer IncentiveShared equity mortgage up to 10% (purchase)Canadian citizens, first-time buyersOntario Land Transfer Tax RebateUp to $4,000 rebate (Toronto adds municipal tax)First-time buyersGreen MortgagesRate discounts for ENERGY STAR homesPurchases/renovationsNewcomer & Self-Employed SolutionsAlternative income verificationPermanent residents, self-employed The Mortgage Broker Process

1. Consultation & Needs Assessment: Discuss your goals, budget, and timeline.

2. Document Gathering & Pre-Approval: Provide documents like your income proof, credit report, and ID.

3. Lender Matching & Application Submission: The broker submits your application to selected lenders.

4. Conditions & Final Approval: Address any conditions like appraisals or insurance.

5. Closing & Support: Receive your funds and post-closing support.

Common Mistakes to Avoid

• Choosing a broker based solely on the lowest advertised rate—consider the full picture.

• Not working with a broker who has access to a broad range of lenders.

• Ignoring how quickly a broker responds—delays can cost you rate holds.

• Skipping the fine print for penalties, portability, and prepayment options.

Conclusion & Next Steps

When choosing a mortgage broker, it’s about more than just finding the best rate. You want someone with experience, a strong network, and great communication. Always verify their credentials, read reviews, and ask for referrals. A good broker can also help you take advantage of Ontario programs like the First-Time Home Buyer Incentive or Land Transfer Tax Rebate, helping you save even more.

Choosing the right mortgage broker today can make a significant difference for your future.

Andrew Patricio is an expert in mortgage Solutions in Canada. With extensive experience in the Canadian mortgage industry, he helps homeowners make informed decisions on refinancing.