A licensed professional who acts as an intermediary between borrowers and multiple mortgage lenders. Unlike a bank mortgage specialist who only offers their own institution's products, a broker has access to dozens of lenders -- including banks, credit unions, trust companies, and private lenders -- and shops around to find the best rate and terms for your situation.
Why It Matters
A good mortgage broker can save you thousands of dollars by accessing rates and products you wouldn't find on your own. They're especially valuable for self-employed buyers, newcomers to Canada, or anyone with a non-standard financial situation. In most cases, the broker's fee is paid by the lender, not you.
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