The Mortgage Store

Your Mortgage is likely the most important debt that you will take on in your lifetime. It is therefore important that you look for a mortgage with the most beneficial conditions, which will save you money. 

 

Lenders

Mortgages are available from several types of lenders such as banks, mortgage companies, insurance companies, trust and loan companies, credit unions and caisses populaires. Different lenders may have different prices and conditions for similar products, so you should talk to several lenders to make sure you're getting the deal that best suits your needs.

 

Mortgage brokers

You can also obtain a mortgage through a Mortgage Broker. Rather than lending money directly to you, brokers arrange transactions by finding a lender for you. Since brokers have access to a number of lenders, you may have a wider selection of loan products and terms from which to choose. However, mortgage brokers do not all have access to the same financial institutions. Therefore, they may not have the same deals to offer. Consequently, you should consider contacting more than one broker, just as you should with banks and other financial institutions.
 

Some lending institutions may pay brokers' fees. If a broker cannot find you a deal that is better than the one at your institution, you are free to shop elsewhere.
 

To obtain a list of mortgage brokers in your province, visit the Web site of the Canadian Institute of Mortgage Brokers and Lenders, or call them (toll-free) at 1-888-442-4625.
 

If you obtain your mortgage through a broker, remember that the consumer protection measures outlined in this document will only apply if the lender is regulated by the federal government (click here for a list of federally regulated financial institutions). For information about consumer protection measures applying to provincially regulated financial institutions, please contact your provincial government. 

 

 

Ask the right questions

When you shop around at various financial institutions and mortgage brokers, there is information you should inquire about when comparing the offers and avoid any surprises before committing yourself to a contract.
 

The section entitled "Your Rights" presents information that you have the right to receive when you actually apply for a mortgage at a bank or other financial institution regulated by the federal government. This information will help you compare various lenders and assist you in making your decision. To facilitate comparison, you can use the information in the next section as a checklist that you can take with you when you speak to each lender or broker. Write down the information they give you. Don't be afraid to let lenders know that you are shopping around for the mortgage that best suits your needs.