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Choosing Your Mortgage Broker

General Angela Calla 4 Sep

There’s little doubt, the biggest purchase in your life will be a home. So when you’re embarking on what can be both an exciting and stressful journey, you want the best professionals by your side. When it comes to picking a broker to handle your mortgage, it’s not always easy to decide who to choose.

There are roughly 18,000 mortgage professionals in Canada. While most are honorable and great at their job, it’s important to find the broker that works best for you.

Nowadays, there’s plenty of information or reviews on any given broker at your fingertips. While those searches can give you pretty good insight into a potential broker, there’s a few things you also might want to consider that can help make that decision a little easier.

As brokers, we spend a lot time using our industry jargon because it comes natural to us. We work in it every day. But for the average person, some of the terms in a mortgage can be downright confusing. And in a lot of situations, people don’t want to speak up because they don’t want to sound dumb. Look for a broker who is going to keep it simple for you, so you understand exactly what you’re getting in your mortgage.

Ultimately, it comes down to the mortgage product. But don’t be blinded by a broker who is selling you on a rate and making promises to pay for fees. It’s a big red flag. If they say they’re going to pay for everything, they’re desperate for anything.

Of course the rate matters, but the characteristics of your mortgage matter more and could end up costing you in the long run.

You want a broker who’s going to listen to you and ask you about your needs and future goals. Why are your plans five or 10 years from now so important? Consider that nearly 70 per cent of mortgages are broken within three years. Even if you’re sure of today, life happens and tomorrow could be different. You need to at least consider the penalties for ducking out of your mortgage early, or if it’s even portable.

The best mortgage brokers in the business will make sure they’ve got all of your bases covered, and you’re fully aware of what you’re signing onto.

Angela Calla has been a licensed mortgage broker for 14 years. She has been with Dominion Lending Centres since its inception in January 2006. Residing in Port Moody, British Columbia, Angela is a regular expert guest on several news stations, television shows, radio programs and local and national publications.  She was the AMP of the year in 2009, and has consistently been one of DLC and the industry’s top performers since 2006. She can be reached at  or 604-802-3983