Trying to find a good mortgage broker can be challenging for the uninitiated. Gauging whether the broker has the necessary skills, experience and proper mindset is no easy task. A mortgage broker’s key advantage is that that he or she has access to a variety of banks, financial institutions or alternative lenders. They can provide you with more options than you could find yourself unless you’re either really determined or simply well-acquainted with the field. Furthermore, a broker can make you an offer which is tailored to your specific case, especially if your financial circumstances are not as clear- cut as some lenders would like them to be.
Of course, a broker needs to be licensed but that alone does not always mean that they’ll be the right broker for you. It is therefore always good to do some preliminary research on the brokers you’ve chosen – their educational background as well as feedback given by their clients. Alternatively, you could let someone else do the research, as we have done. Why, you might ask, would Zillidy, a personal asset lender that does not itself provide mortgages or mortgage advice, do the research and offer suggestions about local mortgage brokers? Well, the answer is simple: At Zillidy, when our clients get a loan from us, they are looking for alternative, creative financing solutions. We like to highlight other creative financing options as well to better educate Canadians about alternative financing options, and for the same reasons a client may come to Zillidy for a loan instead of going to a bank, that same client may be better off going to a mortgage broker to get the best, creative deal instead of going straight to a bank.
Based on a variety of sources and on the fact that some of these brokers have also received awards for their work, we present you with a list of 5 leading mortgage brokers in Toronto.
In 2012, as part of the annual Canadian Mortgage Awards, Sherwood Mortgage Group received the Home Trust Award for Mortgage Brokerage of the Year, with 25 employees or more. On their website, the group demonstrates a clear engagement with their neighborhood, access to a variety of lenders and truly professional support. Their website features glowing testimonials, leaving no doubt that the award was richly deserved. Take this comment about one of their brokers: “What I like most about you is that you are a very hard-working individual who would respond to my e-mails any time of the day or night. I remember you responding to an inquiry at 11:00 PM.”
In 2011, James Laird was a finalist in the Canadian Mortgage Awards for the Genworth Financial Best Individual Newcomer. Furthermore, TNM was named “Canadian Brokerage of the Year” in 2011. Laird is currently working as COO & Mortgage Broker at True North Mortgage and has been responsible for opening both TNM stores in Toronto. True North Mortgage’s website is full of personal testimonials from Laird’s clients who have praised his services. Laird is certainly one of the most reliable mortgage brokers in Toronto.
Matthew McKillen has been working in the real estate and mortgage industry for over 24 years. Over that period he has arranged hundreds of millions of dollars in residential and commercial mortgages. He is part of Mortgage Architects brokerage firm, one of the foremost in the industry. McKillen specializes in offering and creating mortgage strategies that support customers in dealing with their mortgage in the most efficient way, helping them to build wealth and solve debt issues.
Monster Mortgage has been in the market since 1998 and has, because of its service and engagement, been voted Canada’s mortgage brokerage of the year for 3 consecutive years – 2008, 2009 and 2010. They offer a serious and dedicated service and are the ideal solution for people who are, for example, self-employed, renewing a mortgage, new to Canada or have other specific financial needs and situations that do not permit them to get a mortgage from traditional financing institutions easily. Last but not least, Monster Mortgage are concerned with social responsibility and benefit and organize the Toronto Challenge – an event seeking to raise money for non-profit organizations.
Based in Toronto, First Toronto Mortgage offers its services throughout the entire country. With extensive knowledge of the Canadian real estate and financial market, FTM is able to provide its customers with good advice as well as a wide range of home mortgage products, such as: home purchase mortgages, mortgage refinancing, mortgage renewals and many, many more. A quick look at mortgage companies’ Facebook pages in Canada, and specifically in Toronto, shows that not too many mortgages companies have set up social media accounts. FTM, on the other hand, has over 700 likes which demonstrates their popularity with their clients.
Whether individuals or companies, all of the aforementioned mortgage agents and brokers have proven over time that their services are trustworthy and successful. Hence many of them have been nominated or received awards, have popular social media pages or have a long list of positive testimonials from clients.