A mortgage broker is like your personal shopper for finding a mortgage. These educated and experienced professionals help you navigate terms and lenders to find the best mortgage offer for your situation.
Brokers can help you save time and probably money, as usually the lender (not you) compensates the broker.
Key Takeaways
- Homewise is the best mortgage broker in Canada.
- Fixed and variable rates depend on the broker, but range between 4 and 7%.
- 30 days to close is average.
- Lenders and not homeowners typically pay brokers.
- Consider the ease of application and customer service as well as rates.
Methodology
To evaluate Mortgage Brokers, we analyze over 15 data points to generate a trustworthy Genius Rating. We consider all aspects of a mortgage broker, including number of lenders, access to support, perks like pre-approval or learning tools, customer satisfaction, and how quickly you can receive quotes, to assess its overall value. Then, the Mortgage Broker’s features are rated based on how they stack up against other available options.
Best mortgage broker in Canada 2025 – Homewise
# Of Lenders
30+
New Mortgage
Refinance
Switch Lenders
You want the best mortgage in Canada – and Homewise makes it easy to find. Easily compare over 30 lenders with a simple 5 minute application (and no credit check required).
Pros
- Get $250 GeniusCash when you fund your mortgage
- Easy online application process
- Faster responses than traditional banks and lenders
- Get the best mortgage for you from over 30 different lenders
- Works for new mortgages, refinancing, or switching lenders
- Top of the line support with a human touch
Cons
- Application process requires a LOT of personal information
- No face to face support available
- A credit check is required when you apply for a mortgage
Provinces
AB, ON, BC, PE, MB, SK, NB, YT, NL, NU, NT, NS
Eligibility
- Canadian citizen or resident of Canada
Why You Want It
$250 GeniusCash + Get the best mortgage rate with your personal advisor + Easily close online.Special Features
- Personal advisor will help you get approved
- Can help people who are self-employed or have bad credit find mortgages
- Works with the Habitat for Humanity charitable organization
# Of Lenders
30+
Pre-approval
Instant Quotes
New Mortgage
Refinance
Switch Lenders
Personal Support
Online Support
Phone Support
Text Support
Fees?
0
$250 GeniusCash + Get the best mortgage rate with your personal advisor + Easily close online.Homewise caters to first-time homebuyers and existing homeowners alike, with a simple and personalized online experience. After you fill out a short form, Homewise’s AI-driven system will connect you with the best lenders based on your unique profile. You get a broad range of options with no additional fees.
We like the focus on user-friendly experience and accessible support.
Refinancing available?: Yes
Days to close: 10
Mortgage rates: Average
Why we picked it:
- AI technology
- Friendly online platform
- 30+ lenders
- Fee-free service
nesto
Rate Type
Fixed Closed
Rate Guarantee (days)
150
Posted Closed Rates
- 2 year: 4.7%
- 3 year: 4.24%
- 4 year: 4.45%
- 5 year: 3.99%
- 7 year: 5.94%
- 10 year: 6.14%
Getting a new mortgage or refinancing your existing one has never been easier, thanks to revolutionary online mortgage platforms like nesto. With salaried mortgage experts on hand to help you through the process, you can feel confident that you're getting the best rate.
Pros
- Super quick and easy application process
- You're guaranteed to get the lowest rate available
- Get up to $13,754 cash back on your mortgage
- Limited time product – Prime Time Mortgage
Cons
- Speaking to a human, in person, isn't an option
- Doesn't yet have a well-established reputation
Provinces
ALL
Eligibility
- Age of majority in your province
- Canadian citizen or resident
Why You Want It
Get the lowest rate guaranteed + 150 day rate lock
Special Features
- Canada's first digital mortgage lender
- Mortgage advisors are salaried instead of commission-based
- Rates are locked for 150 days, the longest of any lender in Canada
- Earn 1% of your total mortgage value as cash back when you fund your mortgage through nesto
Rate Type
Fixed Closed
Pre-approval
Rate Guarantee (days)
150
Bank Prime Rate
4.7%
# Of Prepayments Allowed Per Year
See Issuer for Details
% Of Prepayment Allowed
20%
# Of Payment Increases Allowed Per Year
See Issuer for Details
Max Payment Increase Allowed
20%
Promotion Available
N/A
Promotion End Date
N/A
nesto is a fully digital mortgage broker with competitive rates and a quick, online application process. It offers a rate match guarantee, which means it will match or beat competitors' rates or offer $500 to clients.
Nesto’s platform is high-tech but also offers expert support from over 300 mortgage advisors. We love that applicants can apply and monitor their application totally online.
Refinancing available?: Yes
Days to close: 15
Mortgage rates: Lower than average
Why we picked it:
- Rate match guarantee
- Excellent online platform
- Expert support included
- Lower-than-average rates
Breezeful Mortgages
# Of Lenders
100+
New Mortgage
Refinance
Switch Lenders
Breezeful is an online mortgage broker, which can sometimes be quicker than traditional methods while finding you a better rate. Their algorithm sifts through the various rates and options available to show you the best rates available, but of course there's no guarantee that you'll actually qualify for them.
Pros
- Instant quotes are available
- Dedicated mortgage expert
- Over 100 lenders
Cons
- Application process isn't entirely digital
- Appointment with a specialist is required
- Starts to pester you almost instantly
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
Compare offers from 100+ lenders + Work with a dedicated mortgage expert.
Special Features
- Refer a friend program
# Of Lenders
100+
Pre-approval
Instant Quotes
New Mortgage
Refinance
Switch Lenders
Personal Support
Online Support
Phone Support
Text Support
Fees?
0
Breezeful Mortgages stands out thanks to its quick application process and personalized matching. The easy-to-navigate platform makes it simple for you to find your ideal mortgage fit without any additional costs.
You get access to dozens of lenders, including traditional and private lenders and other rent-to-own options. Some users were approved within 24 hours.
Refinancing available?: Yes
Days to close: 30
Mortgage rates: Average
Why we picked it:
- Comprehensive lender network
- Digital application
- Custom options for unique situations
Pine
# Of Lenders
See Issuer for Details
New Mortgage
Refinance
Switch Lenders
Mortgage shopping has evolved thanks to online brokers like Pine. Now you can quickly compare the lowest mortgage rates on the market and easily apply – all without even leaving your couch or paying additional fees. You'll even get a faster pre-approval than most banks (usually within 24 hours) and can contact the Pine mortgage team at any time.
Pros
- Pine’s mortgage rates are currently lower than big banks
- Pine provides an easy online application process
- You can talk to real people about your Pine application and mortgage
Cons
- Pine is only available in certain provinces
- No in-person home advisor
Provinces
ON, BC, AB, MB, NB, PE, NL, NS, SK
Eligibility
See Issuer for Details
Why You Want It
Apply entirely online + Get some of the lowest advertised mortgage rates.
Special Features
- Some of the lowest advertised mortgage rates in Canada
- Earn $500 for you and a friend with client referral program
- Offers mortgage programs for those with poor credit
- Get a personal mortgage advisor who works on salary instead of commission
# Of Lenders
See Issuer for Details
Pre-approval
Instant Quotes
New Mortgage
Refinance
Switch Lenders
Personal Support
Online Support
Phone Support
Text Support
Fees?
None
Relatively new to the market and based in Toronto, Pine offers Canadians a digital-first approach to mortgage financing with no hidden fees and lower-than-average rates. Its platform enables pre-approvals often within 24 hours, faster than many traditional banks, which allows borrowers to proceed with home shopping more quickly.
Pine has an automated system that minimizes traditional paperwork, which is ideal if you want an affordable, accessible solution to mortgage hunting – but not good if you need more face-to-face advice.
Refinancing available?: Yes
Days to close: 10
Mortgage rates: Lower than average
Why we picked it:
- Transparent, fee-free service
- Innovative technology
- Affordable rates
What is a mortgage broker?
A mortgage broker in Canada is the middleman between you (the borrower) and the loan company (the lender). This person is a licensed professional who is knowledgeable about mortgage rates and isn't connected with a specific lender.
To help with your loan process, the broker will begin by gathering your relevant personal information. This may include your income amounts, employment documents, credit reports, etc.
Then, the broker will match you up with lenders who meet your personal needs – and negotiate on your behalf.
After you choose a lender, the broker will help you through the application process and get your materials sent off to the lender for underwriting and approval.
Are mortgage brokers worth it?
You’ll definitely save time and you’ll most likely save money with a mortgage broker.
Time savings: You could do the research yourself, but a professional broker has immediate knowledge of many borrowing options within your province's mortgage market.
Expertise and support: A broker is a trained professional with expertise in mortgages. Brokers also help homebuyers submit all required documentation, making the application process more simple and streamlined.
Money savings: Mortgage brokers often have access to lower bulk rates since they sign so many clients. Plus, they'll negotiate on your behalf.
A tiny rate difference can save you thousands over the course of your mortgage. To see what your minimum monthly mortgage payments would be with a given rate, try our instant calculator.
Mortgage Information
Are mortgage brokers free?
In many cases, it's totally free for the borrower to work with a mortgage broker. This is true for most big bank scenarios and standard lenders, where the lender is the one paying the broker a finder’s fee.
Non-prime clients: You might be charged a broker fee if you’re a "non-prime" client, someone who was matched with an alternative lender because they have bad credit or a more difficult case.
Brokers only get paid if you get approved for the loan, so a broker fee ensures the broker makes money even if you’re denied the loan. Some alternative lenders also won’t cover the broker's commission, so you have to pay it. Neither of these situations is common, though.
How do mortgage brokers make money?
Usually, the lender pays the mortgage broker a finder's fee when you go through with your application. Most of the time, borrowers don't pay the broker.
Be cautious of biased brokers, who may try to push you toward a lender who'll pay them a higher finder's fee. All fees should be declared upfront, but make sure you ask and read your agreement carefully.
Big banks vs. mortgage brokers
The major distinction between your bank and a mortgage broker is where the money comes from.
Source of the money: Brokers are not the ones actually loaning you the money.
Access to advice: Banks and brokers both offer advice, but some brokers are online-only. If you have a good relationship with your current financial institution, they may give you better advice than a broker who’s never met you.
Range of loans: Mortgage brokers have access to a much wider range of loans than the bank. The broker is not usually affiliated with any one lender, so they can consider a significant list of options to find terms that best match your needs.
Here’s a table that summarizes the major differences between big banks vs. mortgage brokers:
| Bank | Mortgage broker | |
|---|---|---|
| Lender? | Yes | No |
| What they are | A financial institution with many different products available, including mortgages | A licensed professional whose job is to find their clients the best mortgage rates |
| Access to mortgages | Limited – can only sell you their own products | Wide – has access to many different lenders and a knowledge of the market |
| Ability to negotiate rates | Yes, but it's up to you | Yes, they'll do it for you |
| Can offer product bundles | Yes, with other products you already have at the bank | No, they're there for your mortgage only |
| Familiarity | You're more likely to be familiar with the institution where you already conduct your regular banking business | You'll have to find a mortgage broker you can trust, starting from scratch |
Pros and cons of mortgage brokers
Let's quickly look at the benefits and drawbacks of dealing with a mortgage broker:
| Pros | Cons |
|---|---|
|
|
Types of mortgages
There are many types of mortgages, named for the amount of down payment, stability of interest rate, repayment flexibility, access to immediate cash, and portability.
Conventional mortgage
- 20% down, no insurance
- Ideal if you have substantial savings and want lower monthly costs
This is what most people think of when they think about a typical mortgage. Ir requires you to put down at least 20% of the purchase price, which eliminates the need for mortgage insurance.
Conventional mortgages are available in Canada from banks, credit unions, and online brokers.
High-ratio mortgage
- Lower down payment, insured
- Ideal in costly housing markets with a smaller down payment
If you’re putting less than 20% down, then mortgage default insurance is mandatory. This option, offered by most lenders, may require more credit and income checks.
Rates range, and the insurance protects the lender, not the borrower.
Fixed-rate mortgage
- Stable rates, predictable payments
- Ideal for first-time buyers and fixed-income earners
This is a type of conventional mortgage that locks in an interest rate for a set term (typically 1-5 years), ensuring monthly payments remain constant even if the market changes. Fixed rates are widely available from banks, credit unions, and online brokers.
The application process is straightforward, but standard closing fees apply (e.g., appraisal and legal fees).
Variable-rate mortgage
- Fluctuating rates, potential savings
- Ideal for people with flexible budgets or if you expect rates to drop
This type of conventional mortgage offers an interest rate that's tied to the lender's prime rate. This means that payment amounts can vary. Variable rates generally start lower than fixed rates but may incur prepayment penalties.
This option is available from banks, credit unions, and some online brokers.
Open mortgage
- Flexible with early repayment
- Ideal if you expect to sell or refinance early
With an open mortgage, you can fully repay your loan anytime without penalty, though rates are usually higher than closed mortgages.
Available through traditional banks and some online lenders, this option suits those who may sell or refinance soon.
Closed mortgage
- Lower rates, limited prepayments
- Ideal if you’re committed to staying in your home and you want lower rates
A closed mortgage often provides a lower interest rate than an open mortgage. However, you’re there are restrictions on making early repayments and penalties are usually levied.
Closed mortgages are widely available. The application process is simple but breaking the term incurs fees.
Portable mortgage
- Transferable to a new property
- Ideal if you expect to move but want to avoid penalties
You can move your mortgage to a new property without penalties. This is usually offered by traditional lenders, but requalification and porting fees may apply.
Cash-back mortgage
- Upfront cash, higher rate
- Ideal if you need immediate funds for renovations
You provide cash at closing with a cash back mortgage, up to a percentage of the mortgage. You then get that cash back immediately. Because of this, the interest rates are higher.
This option is available from banks and credit unions but not all online brokers.
Bridge mortgage
- Short-term gap financing
- Ideal for buyers transitioning between homes who need interim funding
If you need to finance a new home before you sell your current one, you can use a bridge mortgage.
It’s offered by banks and credit unions. Expect higher rates and fees due to its short-term nature.
Home Equity Line of Credit (HELOC)
- Flexible line of credit based on home equity
- Ideal for homeowners who need funds for renovations or emergencies
A HELOC allows homeowners to borrow against their existing equity – it’s like a second mortgage, since you’re taking out money you’ve already paid down on your home. They're typically available through banks with appraisal and setup fees.
As a revolving line of credit, a HELOC requires rigorous income verification. You can make interest-only payments for a time.
While we don’t cover types of refinancing here, if you’re refinancing in Canada you should look into rate-and-term refinances, blend-and-extend refinancing, and cash-back refinances.
How to apply for a mortgage
Find a broker: While brokers are not mandatory, we recommend that you start your mortgage hunt by finding a broker to help you navigate the process.
- Ask for friend and family recommendations
- Consult provincial lists of licensed brokers
- Look at real estate association lists of accredited brokers
Here are lists of provincially licensed mortgage brokers:
| Province | Governing body or government site |
|---|---|
| Alberta | Real Estate Council Alberta |
| British Columbia | BC Financial Services Authority |
| Manitoba | The Manitoba Securities Commission |
| New Brunswick | Financial and Consumer Services Commission |
| Newfoundland and Labrador | Digital Government and Service NL |
| Nova Scotia | Nova Scotia Government's Open Data Portal |
| Ontario | Financial Services Commission of Ontario |
| Quebec | L'oaciq est L'autorité en Matière de Courtage Immobilier au Québec |
| Saskatchewan | Financial and Consumer Affairs Authority |
Please note we were unable to find a list for PEI, NWT, Nunavut, or Yukon.
Choose a broker: Consider their experience, certifications, their specialties, reviews, which lenders they work with, and associated fees.
Set up an appointment to interview them. Most brokers have emails or take calls during designated hours. Note their response time at this stage, as it’s a good indication of how easily you can reach them in the future.
If you will be submitting information online, make sure their website is easy to use.
Apply for the mortgage: You can apply completely online with most brokers, at which point your information will be sent to dozens of partnered mortgage lenders to see available rates.
Mortgage broker applications may require:
- Government photo ID
- Current address and previous addresses
- Proof of employment
- Proof of income
- Proof of down payment
- Recent financial statements, including debts
- Property information for the home you want to buy (appraisal, listing, etc.)
Review your offers: Now, compare rates and lenders to decide which one fits your needs best. Read all the fine print carefully and work with your real estate agent to align the paperwork and deadlines. For instance, you may need to order a wire transfer or bank draft to make the down payment.
2025 Canadian housing market update
The prime rate has come down and the Canadian Mortgage and Housing Corporation is expecting slow growth during the end of 2024. More growth is expected in 2025 as interest rates come down and more homes are built.
Experts say that borrowing may be more affordable soon since interest rates are predicted to fall even lower throughout 2025. However, it depends on where you live in Canada.
Inventory and home prices may still be a challenge for buyers in some areas.
In the Prairies, more homes are being built and prices are more affordable. But in Ontario and British Columbia, home prices are rising and not enough properties are being built.
Nationally, home prices are beyond peak levels and sales rates are high, too – though not as high as they were in 2020-2021. The Canadian Real Estate Association is predicting a 6.1% increase in sales by year-end and a 2.5% increase in home prices.
Rents are rising and vacancy rates are falling.
The best advice? Buy when you’re ready and when you find the right property. It’s hard to anticipate the market.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
FAQ
What does a mortgage broker do?
A mortgage broker acts as a middleman between you and the loan company. They'll gather information about your file and conduct research for the best mortgage rates you can get, even negotiating on your behalf. Once you've chosen what lender you want to go with, they'll help you through the application process as well.
What's the best mortgage broker?
The best mortgage broker largely depends on your location. They're regulated on a provincial basis. The best way to find the right mortgage broker for you is to do a bit of research and essentially interview them before committing. Learn more about finding a mortgage broker here.
Are there online mortgage brokers?
Yes, if you don't feel comfortable interacting with a mortgage broker face-to-face, or simply don't have any local options, you can instead opt for an online mortgage broker. These services will compare your application to dozens of potential lenders, and will often assign you a personal agent to keep things personalized.
Are there bad credit mortgage brokers?
Some mortgage brokers will take on clients with bad credit, which is one of the benefits of going through one. That being said, there may be hidden fees involved – so make sure you ask your broker upfront if they'll charge you any broker fees.
What's the difference between mortgage brokers and banks?
The biggest difference between mortgage brokers and banks is that banks will be lending you the money, where mortgage brokers only connect you with a lender. That means banks will only be selling you their own products, and your broker will be recommending mortgages from a variety of sources – giving you a better chance of getting a better rate.
How do I get a mortgage broker license?
Each province has its own regulations for mortgage brokers, and some provinces require the completion of a specific course as well as prior work experience. If you’re considering getting a mortgage broker license, you should check the specific requirements for the province where you hope to practice.
What’s an average mortgage broker salary?
The average annual salary for mortgage brokers in Canada is between $70,000 and $80,000. However, each brokerage has its own considerations (including possible profit sharing), commission rates can vary significantly, and those practicing in cities are likely making considerably more money than those in rural areas. Therefore, to get a better representation, it’s best to look at average broker salaries for your own area.
Can a mortgage broker help me if I have bad credit?
Yes, some brokers even specialize in this area. Be aware that you may have to work with an alternative lender and you may face additional fees or worse rates. Be honest about your credit history in your application.
Explore more mortgage products
Interested in more mortgage products? Check out some of the top-rated products right here:
Coast Capital Closed Fixed Rate Mortgage
Rates as low as 3.96%* APR on a high-ratio 5-year fixed mortgage
Meridian Closed Fixed Mortgage
Get up to 5% cash back + Competitive rates and excellent customer service.
GC: $250
Homewise
$250 GeniusCash + Get the best mortgage rate with your personal advisor + Easily close online.
