There is no single best mortgage broker in Canada. The right one depends on whether you want to apply entirely online, sit down with someone in an office, or work with a broker who places files with alternative and private lenders. This page compares the online brokerages and broker networks Canadians most often come across, then sets out a step-by-step way of finding the right mortgage broker for your file. More guides on where to get a mortgage are in the lenders and brokers hub.
Mortgage brokers and online brokerages compared
| Brokerage | What it is | Often chosen for |
|---|---|---|
| nesto | Online mortgage lender and brokerage | Prime borrowers who want a fully online process |
| Ratehub.ca | Rate comparison site with its own licensed mortgage brokerage (formerly CanWise Financial) | Comparing rates across lenders before applying |
| True North Mortgage | Mortgage brokerage with an in-house lender (THINK Financial) | A face-to-face meeting, or income that takes explaining |
| Perch | Digital mortgage brokerage with home-value and switching alerts for homeowners | Homeowners who want to keep tracking their home value and switching options after closing |
| Homewise | Digital mortgage brokerage | Handing the lender search to a digital brokerage |
| Pine | Digital-first mortgage brokerage | An application done start to finish online |
| Butler Mortgage | Mortgage brokerage with online quotes and Ontario offices | Ontario borrowers who want a broker with a local office |
| Dominion Lending Centres | Franchise network of mortgage brokers with local offices | Finding a local broker through a national network |
| Mortgage Alliance | Mortgage brokerage that matches borrowers with its brokers | Being matched with a broker through one application |
The “often chosen for” column is our summary of where each one tends to fit, not a ranking. Several of these companies advertise rate guarantees, rate-match promises, cash-back offers or referral bonuses at times. Those change often, so they aren’t listed here: confirm the current offer on the company’s own site, or in its review where it has one. Rates themselves are on today’s mortgage rates.
Online brokerages with a full review
nesto, Ratehub, True North Mortgage, Perch and Homewise each have a full review covering how the platform works, its lender panel, its rate holds and how it is paid: the nesto review, the Ratehub review, the True North Mortgage review, the Perch review and the Homewise review. The three most often compared are side by side in nesto vs Ratehub vs True North.
Other brokerages and broker networks
Pine
- What it is: Digital-first mortgage brokerage
- Founded: 2021
- Where it operates: Licensed in Ontario, Alberta, Saskatchewan, Nova Scotia, New Brunswick and Newfoundland and Labrador; also authorized in BC, Manitoba and PEI
Pine’s application is done entirely online, which suits borrowers with a straightforward file who don’t need an office visit.
Butler Mortgage
- What it is: Mortgage brokerage with online quotes and Ontario offices
- Head office: Toronto, Ontario
- Locations: Offices in Hamilton, Ottawa, Mississauga and Toronto
- Rate hold: Up to 120 days
- Who pays it: Paid by the lender when the mortgage closes
Butler combines online quotes with brokers in its Ontario offices, which makes it a fit for Ontario buyers and renewers who want a person to call or visit.
Dominion Lending Centres
- What it is: Franchise network of mortgage brokers with local offices
- Fees: Usually no fee with regulated lenders, which pay the broker; fees can apply with a non-regulated lender or a non-traditional file
Mortgage Alliance
- What it is: Mortgage brokerage that matches borrowers with its brokers
Dominion Lending Centres and Mortgage Alliance are networks: your file is handled by an individual broker, and experience and lender relationships vary from one broker to the next. The checks below apply to a network broker exactly as they do to an independent one.
How to choose a mortgage broker
Choosing the right mortgage broker comes down to four things: a valid licence, access to the lenders your file needs, open answers about how they’re paid, and offers you can compare like for like.
Step 1: Find two or three candidates
| Where to look | Strengths | Limits |
|---|---|---|
| Personal referrals | First-hand experience from someone you know | Their file may be nothing like yours |
| Online brokerages (see the table above) | Fast, rates often shown upfront | Less suited to complex files at some platforms |
| Broker networks such as Dominion Lending Centres and Mortgage Alliance | A brand with local brokers in many cities | Quality varies from broker to broker |
| Real estate agent referral | The agent likely has a working relationship with the broker | The agent may value a quick close over the best rate |
| Financial planner referral | Fits the mortgage into your wider plan | The planner may know only a few brokers |
| Google reviews | Volume shows consistency | Reviews can be gamed; detailed ones are more useful |
Two or three brokers are usually enough for a real comparison without repeating the application many times.
Step 2: Check the licence
Every mortgage broker and agent must be licensed by the regulator in the province where they work, and the regulators publish searchable registers. The regulator for each province is listed in who regulates mortgage brokers. On the register, check that:
- the licence is active, not expired or suspended;
- there are no disciplinary actions against the broker;
- the broker is listed under the brokerage they say they work for.
Step 3: Interview the broker
| Question | What it tells you | A good answer | A red flag |
|---|---|---|---|
| How many lenders do you work with? | Breadth of access | A number, plus which kinds: banks, credit unions, monoline lenders, B-lenders | “A few”, or no number |
| How are you paid on my mortgage? | Transparency | Who pays them (usually the lender) and whether you pay anything | Evasive, or “don’t worry about it” |
| What rate can you get me, with which lender? | Competitiveness | A specific rate, lender and hold period | A vague promise |
| Why that lender? | Product knowledge | How that lender’s terms fit your situation | Only one option, with no reason |
| Have you handled files like mine? | Relevant experience | Specific similar cases | “I’ve done everything” |
| Will you help me at renewal? | Long-term service | A plan to review your options before maturity | No commitment after closing |
| Can I get that in writing? | Accountability | A written rate and terms summary | Hesitation |
The questions about the mortgage itself (rate hold, prepayment privileges, how the penalty is worked out, portability, the type of charge) are in the questions to ask a lender or broker. How broker pay works, from finder’s fees to the cases where the borrower pays, is in how mortgage brokers get paid.
If you’re self-employed, ask which lenders the broker uses for business-for-self files and how they’ll calculate your income; the programs and documents are in the self-employed mortgage guide. If your credit is damaged, ask whether they work with B-lenders and private lenders, whether you’ll pay them a fee, and what the plan is for moving back to a prime lender at the end of the term; the lenders by credit band are in mortgage lenders for bad credit.
Step 4: Compare the offers like for like
| Factor | What to confirm |
|---|---|
| Term | Every offer is for the same term and rate type (for example, 5-year fixed) |
| Amortization | The same amortization, since it changes the payment |
| Down payment | The same down payment: insured and uninsured mortgages are often priced differently |
| Rate hold | How long the rate is held, in writing |
| Prepayment privileges | The yearly lump-sum and payment-increase limits |
| Penalty method | How the lender works out a prepayment penalty (how penalties are calculated) |
| Portability | Whether the mortgage can move to a new home |
A slightly lower rate with a lender that calculates penalties from its posted rates can cost more than a slightly higher rate elsewhere if you break the mortgage early. Ways to push an offer lower are in mortgage negotiation tactics.
What good brokers do, and red flags
| A good broker | A red flag |
|---|---|
| Presents two or three options and explains the trade-offs (rate, penalty, flexibility) | Recommends one lender and can’t say why |
| Puts the rate, terms and any fees in writing | Won’t say how they’re paid, or won’t put it in writing |
| Explains how each lender calculates its penalty | Can’t explain the penalty terms |
| Asks about your plans (moving, prepaying, renewing) | Doesn’t ask about your goals |
| Keeps you up to date on conditions and closing deadlines | Is unresponsive during an active purchase |
| Has a backup lender in mind if the first declines | Promises approval before seeing your documents |
| Charges no fee on a standard prime mortgage | Charges a fee on a prime mortgage without explaining it |
| Gives you time to decide | Pressures you to sign the same day |
In Ontario, a brokerage has to tell you in writing whether it is being paid by anyone else (such as the lender) on the mortgage it presents, and get your written acknowledgement; how mortgage brokers get paid has the details.
When to switch brokers
Moving to another broker is reasonable if your broker:
- can’t match or explain the gap to other brokers’ offers after being asked;
- goes quiet for days during an active transaction;
- can’t explain their recommendation clearly;
- turns out to charge fees that weren’t disclosed;
- pushes you toward one lender without a clear reason.
If an application has already gone in through one broker, tell them before approaching another: the same file reaching the same lender from two brokers causes problems for everyone.
Broker, bank or online lender?
A broker shops one application across many lenders, while a bank’s mortgage specialist can offer only that bank’s products, and online lenders sit somewhere in between. The trade-offs, including when a bank’s relationship pricing or branch service wins, are in mortgage broker vs bank vs online lender.
Many of the lenders brokers place mortgages with are monoline lenders, which lend mainly through brokers rather than branches. The main lenders by type are in the types of mortgage lenders and the best mortgage lenders in Canada.
How mortgage brokers are paid
On most prime mortgages the lender pays the broker when the mortgage funds, so the borrower pays the broker nothing; on private mortgages and some files with damaged credit, the borrower may pay a broker fee. Finder’s fees, trailers, volume bonuses and the disclosure rules are explained in how mortgage brokers get paid, and what a broker does and how they’re licensed is in what a mortgage broker is.
Related pages
Sources
The figures and rules on this page come from these sources, last checked against them on October 5, 2026. How we check facts.
- butlermortgage.ca: About Us | Mortgage Brokers Ontario | Butler Mortgage
- dominionlending.ca: Dominion Lending Centres - Canada's Leading Mortgage Company
- mortgagealliance.com: Mortgage Brokerage in Canada - Mortgage Alliance
- myperch.io: Perch | Mortgage and Perch Frequently Asked Questions (FAQs)
- nesto: nesto's Answers to all your mortgage questions - FAQ - nesto.ca
- pine.ca: Pine | Unlock your lowest rate
- ratehub.ca: Best mortgage rates in Canada - Ratehub.ca - About us
- thinkhomewise.com: FAQs - Homewise
- truenorthmortgage.ca: Careers | True North Mortgage