Are you applying for a mortgage in Toronto? Can’t find any good rates? Don’t worry we got you covered. We understand why you’d want an expert to do all the groundwork and deal with all of the hassles on your behalf.

Luckily for you, we have gathered information on the best mortgage agent in Toronto so you can find good rates and link with the mortgage best fitted to your needs.

It is a big deal when you buy your first house, and it should be celebrated in the best way possible way But, unfortunately for many people applying for a mortgage can be very stressful or they are too busy. This is where a mortgage agent comes in. Most people do not hire a mortgage agent instead they hire a real estate agent in Toronto thinking it’s the same thing. If you are thinking about what services can a mortgage agent offer or why working with the best mortgage agent in Toronto is your best bet, then keep reading.

But before we take a look at why you need the best mortgage agent in Toronto, we should discuss how much they cost first.

Cost of mortgage agents in Toronto?

In most residential transactions, if you have a good credit score and can qualify through an institutional lender then mortgage agent’s services are completely free for you. Then how do mortgage agents get paid? A one-time commission and finding fees are to be paid by the lender for the mortgage sold.

But in some cases, you might have to pay the agent’s fees by yourself. Following are the cases:

Private Mortgages

Sometimes it can be really hard to get a mortgage from an institutional lender so as a final resort, you and your agent will have to go to a private lender. Private lenders don’t pay agent’s fees.

So, the agent’s services will be paid for by you as a client. Sometimes for access to their network of private funds.

Commercial Mortgages

You will have to pay the agent’s fees because commercial lenders don’t pay the agent’s finding fees. They also rarely ever close and take an extended period so commercial deals are risky for agents because it mostly concludes into the agent not getting paid at all.

B Lenders

B lenders are the second option when borrowers have been turned down. B lenders advance mortgages at a rate that is 1 or 2% higher than A lenders.

B lenders don’t pay agents as handsomely as A lenders so you as a client will have to fill in the average difference.


Why do I need the best mortgage agent in Toronto?

You can apply for a mortgage yourself, but you may not get the best possible rates. Most people choose to go to a bank but the bank may not show you the mortgage best fitted to your needs. A bank will only showcase its offers and not tell you about better offers from other lenders.

Mortgage agents also can save you money in the long run because agents have connections to lenders who don’t even deal with the public directly. This means the rate that these lenders offer is not available to you unless you work with a mortgage broker.

Hiring the best mortgage agent in Toronto will save you money and time. They will deal with all of the hassle and negotiations on your behalf plus you completely don’t have to worry about the application process. They will make sure that you get the best possible rate without doing anything.


Choosing the best mortgage agent in Toronto

When you want to go for the best mortgage agent in Toronto, make sure that they are a knowledgeable and reliable mortgage agent. Here are some tips before selecting a mortgage agent.

  • Mortgage agent license

To work as a mortgage agent in Toronto, you must be licensed by the Financial Services Regulatory Authority of Ontario. Having a license from this board is a sign that you are a knowledgeable and reliable mortgage agent and mortgage agents with this license can also be easily trusted when starting to work independently with lenders and the public. Working without a license as a mortgage agent is illegal which is why most well-known mortgage agents are licensed. If you are not sure about whether a mortgage agent is trustworthy or not, you can search for the mortgage agent in the Financial Services Regulatory Authority’s database.

  • Further Research

After finding a mortgage agent who is licensed, you can look up their social media or website to see if their services and offers align with your needs. You can also check the reviews on their social media or google by past clients and see what their experience was like for other people.

But if they are fresher mortgage agents, then you need to call their brokerage and ask about their work ethic and customer service.

  • Budget planning

After you have taken a look at the mortgage agents and their social media then you should have a clear understanding of what the average rates are. Now this will help you in not getting taken advantage of when meeting your targeted mortgage agent.

A well-known and reliable mortgage agent will always charge you more than the average, but you will get what you pay for without the hassle. Fresher mortgage agents will charge you much lesser, but they do not have the same expertise and skills.

  • Meeting person

After doing all of this and finding the best mortgage agent in Toronto who is perfectly fitted to your needs. You should meet them in person and ask them about the services they offer and see if they are someone who you can easily work with.

You can ask questions about how the Toronto mortgage market is going if they have any connections that could help us in the process. This will give you a better understanding of your potential mortgage agent is well worth the money or not.


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