Are you a first-time home buyer who thinks now is the right time to take that leap and buy a home? Or are you a self-employed homeowner facing renewal later this year? Maybe you’re a newcomer to Canada looking to settle in your first home in your new community.

Whatever your homeownership goals, a mortgage broker can help you find the best financing solution around your unique circumstances. In fact, a recent survey from Canada Mortgage and Housing Corporation (CMHC) found that the percentage of consumers who used a mortgage broker “increased significantly from 43% in 2023 to 48% in 2024.”

Why are more Canadians turning to mortgage brokers? Think of a mortgage broker as a bridge that connects you with a network of lenders.  A skilled mortgage broker will know the ins and outs of the mortgage application process, allowing them to cut through the jargon to help you understand what you need to achieve your goals.

But how can you tell if a broker is the right fit for you? Here are five essential qualities to look for in a mortgage broker to help you with your decision.

1. A skilled mortgage broker has both experience and expertise

A skilled broker should have a deep understanding of the mortgage lending process. This knowledge comes from both experience and formal training. In Canada, provincial regulators such as the Financial Services Regulatory Authority of Ontario (FSRA), the British Columbia Financial Services Authority (BCFSA) and the Autorité des marchés financiers require that brokers be licensed. In Ontario, for example, the licensing process typically involves the completion of an industry-recognized training program at two levels. In some provinces, brokers must renew their license by completing a re-licensing course.

However, having a mortgage broker license is just part of the equation. You also want to look for someone with experience.  A skilled broker would have many years of experience working with a variety of clients .

2. A skilled mortgage broker offers transparent communication

Navigating the mortgage process can be daunting, so a broker who offers transparent communication can ease much of the stress. A trustworthy mortgage broker will be upfront about all costs, fees and the documents you need to provide lenders with a complete picture of your financial circumstances.

When choosing a mortgage broker, don’t hesitate to ask questions about the housing market or the application process. A good broker should be able to answer honestly and thoroughly to uncomplicate your mortgage journey.

3. A skilled mortgage broker gives you access to a range of lenders

A key advantage of working with a mortgage broker is their access to different lenders, including alternative lenders such as Home Trust. This means brokers can offer a broader range of mortgage solutions to best meet your needs.

When choosing a mortgage broker, it’s a good idea to ask them about the lenders they partner with. A skilled broker will work with a mix of lender partners.

4. A skilled mortgage broker has a good reputation and positive reviews

In the Internet age, looking into a broker’s reputation has never been easier.  Platforms such as Google Reviews and forums on Reddit can provide feedback on a broker’s professionalism and the quality of their service.

Additionally, you can also consider the tried-and-true method of asking for references. A reputable broker should be willing to provide this information. Past clients can offer you a good idea of what to expect.

5. A skilled mortgage broker offers a personalized approach

No two mortgage customers are alike – a good mortgage broker should understand this. A personalized approach ensures that the advice and service meet your financial circumstances and homeownership goals.

The right mortgage broker for you

The right mortgage broker can make all the difference in your mortgage journey. A skilled broker can advocate with lenders and represent your interests as a borrower. Their experience, training and expertise in lending all contribute to helping you achieve your homeownership goals.

At Home Trust, we partner with trusted brokers who work to understand your unique needs. Our broker partners recognize the importance of client trust and work to understand your entire story. You can ask them about our offerings or visit hometrust.ca/mortgages to learn more.

The information, materials and opinions contained in this Blog are provided for our information only. This Blog does not constitute legal, financial or other professional advice and you should not rely on it as an alternative to specific advice based on your particular circumstance. This Blog contains links to third party websites. These links are provided for information and convenience; Home Trust does not endorse the content of any third party website, and it makes no representation or warranty as to the information on such third party sites. By clicking on any link to a third party site, you leave Home Trust’s website and do so at your own risk. Home Trust disclaims all liability for any damage or loss that results from your access to or reliance on information contained in this Blog or any third party site.