Ottawa Mortgage Brokers: How to Find, Compare and Verify One
Ottawa has many mortgage brokerages, from large national firms to independent brokers and small teams. There is no single best broker for everyone, so this guide focuses on how to compare them fairly. We do not rank or endorse individual brokerages. If you would like an introduction to a licensed professional, you can get matched.
Step 1: Verify the licence
- Ask for the broker’s name, the brokerage’s name and their licence numbers.
- Search the FSRA public licence register for both.
- Confirm the licence is current and check for any conditions or enforcement notes.
In Ontario, mortgage brokers, agents and brokerages must be licensed by FSRA, and principal brokers are accountable for their brokerage.
Step 2: Ask the right questions
| Question | Why it matters |
|---|---|
| How many lenders do you work with, and which types? | More access means more comparison, including banks, credit unions and monolines. |
| How are you paid, and will I pay any fees? | Lenders usually pay brokers, but fees can apply to alternative and private deals. |
| What is the total cost, including penalties? | The lowest rate is not always the lowest cost. |
| How often do you deal with files like mine? | Experience with first-time buying, self-employed income, investment or commercial deals helps. |
| Who will handle my file, and how quickly do you respond? | Communication matters when you are on a deadline. |
| What happens at renewal? | A good broker should help you compare offers when your term ends. |
Types of mortgage professionals in Ottawa
- Independent brokers: Often smaller operations with personal service.
- Large brokerages and franchises: Broader resources and lender relationships, with varying levels of individual attention.
- Commercial brokers: Specialize in commercial and multi-unit financing.
- Bank mortgage specialists: Employees who sell only their bank’s products, which is different from an independent broker.
Red flags
- They cannot show a current FSRA licence.
- They guarantee approval or a specific rate before reviewing your file.
- They ask for large upfront fees without written disclosure.
- They pressure you to sign quickly or discourage you from comparing offers.
- They will not put fees and terms in writing.
How to compare two or three brokers
- Share the same facts with each: price, down payment, income, debts and timeline.
- Ask for quotes on the same day with the same term and type.
- Compare more than the rate: penalty rules, prepayment privileges, fees and lender quality.
- Choose the professional you trust, not just the lowest number.
Are you a licensed Ontario mortgage professional?
If you are a licensed Ontario broker or brokerage and you would like to receive referrals from Ottawa Mortgages, contact us. Licence details will be requested.
Frequently asked questions
How many mortgage brokers should I talk to?
Two or three is a reasonable number. Compare the quotes you get with your bank’s offer.
Is a mortgage broker better than a bank mortgage specialist?
A broker can compare many lenders, while a bank specialist offers only that bank’s products. Neither is always better, so compare both.
Can I switch brokers?
Yes, before you sign. Once you have a commitment with a lender, changing brokers can be complicated, so ask first.
What if I have a complaint about a broker?
You can raise it with the brokerage first, and complaints can also be made to FSRA, which regulates licensed mortgage professionals in Ontario.
Get matched with a licensed Ontario mortgage professional
Answer a few quick questions and we will connect you with a licensed Ontario mortgage professional. It is free to use and there is no obligation.
Get matched nowImportant: Ottawa Mortgages is an independent information and referral service. We are not a lender, mortgage broker or mortgage brokerage, and we do not give mortgage advice or make credit decisions. If you ask to be connected, your details may be shared with a licensed Ontario mortgage professional, who may compensate us. Rates, rules and eligibility change often. Confirm details with a licensed professional and official sources, and check any Ontario mortgage broker’s licence with FSRA. Read our full disclosure.