Mortgage broker in London, Ontario
What a licensed mortgage agent actually does, how they get paid, and the situations where using one is worth real money.
Direct answer
A mortgage broker or agent in London, Ontario is a FSRA-licensed professional who submits your mortgage application to multiple lenders (banks, credit unions, monoline lenders, alternative lenders and private lenders) and negotiates on your behalf. On most residential A-lender mortgages the lender pays the brokerage, so the homeowner pays no fee. In Ontario every agent must work under a licensed brokerage and disclose its licence number.
Derrick Johnston is a Mortgage Agent Level 2 with BRX Mortgage Inc., FSRA #13463, serving London and all of Ontario.
On this page
What you actually get: lender access
The single reason to use a broker is distribution. When you walk into your bank, one credit policy decides your fate. When your file goes through a brokerage, it can be shown to five categories of lender, each with a different appetite:
| Lender type | Who they suit | Typical trade-off |
|---|---|---|
| Big Six banks | Strong income, strong credit, want branch relationship | Rigid policy; penalty formulas can be brutal on early payout |
| Credit unions | Provincially regulated, some flexibility on stress test | Regional; sometimes higher rate for the flexibility |
| Monoline lenders | Rate-focused borrowers with clean files | No branches, broker-only, service is by phone/portal |
| Alternative (B) lenders | Self-employed, bruised credit, high debt ratios | Higher rate plus a lender fee; usually a 1–2 year plan |
| Private lenders | Short-term, equity-driven, time-sensitive situations | Highest cost; only ever a bridge to somewhere better |
Most people don’t need the bottom two rows. But if you do, the difference between knowing they exist and not knowing is the difference between a solution and a “sorry, we can’t help you.”
How mortgage agents get paid in Ontario
On a standard residential mortgage placed with an A-lender or monoline, the lender pays the brokerage a finder’s fee on funding. You pay nothing. The rate you’re quoted is the rate you get; the compensation is not added on top.
On alternative and private mortgages, a brokerage fee is normal and must be disclosed to you in writing before you sign anything. That’s a FSRA requirement, not a courtesy. If anyone is vague about fees, that’s your signal to leave.
Mortgage Agent Level 1, Level 2, and Mortgage Broker
Ontario restructured its licensing in 2023. Three classes matter:
- Mortgage Agent Level 1: may deal only in mortgages with financial institutions (banks, credit unions, insurance companies), and must be supervised.
- Mortgage Agent Level 2: may deal in mortgages with any lender, including alternative and private lenders. This is the full-scope agent licence.
- Mortgage Broker: a Level 2 agent with additional experience and education who can also supervise agents at the brokerage.
In conversation, “broker” is used loosely for anyone who shops lenders for you. Legally in Ontario it’s a specific licence class. Derrick Johnston holds a Mortgage Agent Level 2 licence, which means full lender access.
When a broker is genuinely worth it
Being honest: if you’re salaried, have an 800 credit score, 20% down, and you’re buying a detached home in a normal neighbourhood, your bank might match anything I find. Use a broker anyway for the shopping, but the value is modest.
The value is large when:
- You’re consolidating debt and your debt ratios are tight, lender policy on this varies enormously. See the consolidation page.
- You’re self-employed and your tax return understates what you actually earn. See the self-employed page.
- You own rental properties and want the structure to be tax-efficient. See cash damming.
- You’re renewing and the offer in the mail looks “fine.” See the renewal playbook.
- You’re 55 or older and equity-rich but cash-poor. See reverse mortgages.
The process, step by step
- Discovery call (30 minutes, no credit pull). What you owe, what you own, what you want the next ten years to look like.
- Strategy, in writing. Two or three structures set side by side with the real numbers: payment, penalty, closing costs, and the cash flow difference.
- Application and documents. One credit pull. Digital document upload.
- Lender submission and commitment. I negotiate; you approve.
- Lawyer and funding. Two to four weeks is typical for a refinance or switch.
- Annual review. Because the plan only works if someone checks on it.
Serving London and Southwestern Ontario
Based in London, working across Middlesex County, St. Thomas, Strathroy, Woodstock, Ingersoll, Sarnia, Chatham-Kent, Kitchener-Waterloo and Windsor. Ontario mortgage agent licences are province-wide, and the process is largely digital, so distance is not a constraint, but knowing which local appraisers, lawyers and lender reps actually move quickly in this market is.
Looking for the strategies themselves rather than how the process works? Start with the strategy hub: all-in-one and readvanceable mortgages, rental cash damming, reverse mortgages, and how first-time buyers build a down payment with pre-tax money.
Written and reviewed by Derrick Johnston, Mortgage Agent Level 2, BRX Mortgage Inc. (FSRA #13463). General information only, not legal or tax advice.
Straight answers
Frequently asked questions
Is it better to use a mortgage broker or go to my bank?
A bank offers you one lender’s products. A broker or agent submits your file to many lenders and brings back the best fit. The advantage is largest when your file is anything other than plain vanilla: self-employed income, rental properties, bruised credit, a debt consolidation, or a property that a single bank’s policy happens to dislike. If you are a salaried employee with strong credit buying a standard home, a bank can be competitive, but you still won’t know unless someone shops it.
Do mortgage brokers get better rates than banks?
Often, yes, because monoline lenders sell only through brokers and price aggressively to win volume. But rate alone is a poor comparison. Prepayment privileges, the penalty formula, portability, and whether a lender allows a collateral charge or a readvanceable component can be worth far more over five years than 10 basis points.
Does using a mortgage agent hurt my credit score?
One credit pull is done at application and it is a single inquiry, regardless of how many lenders your file is shown to. That is a structural advantage over applying at four banks yourself, which creates four inquiries.
What is FSRA and why does the licence number matter?
The Financial Services Regulatory Authority of Ontario licenses every mortgage brokerage, broker, agent and administrator in the province. Every agent must work under a licensed brokerage and must disclose that brokerage’s licence number in advertising. Derrick Johnston works under BRX Mortgage Inc., licence #13463. You can verify any Ontario licence on FSRA’s public registry.
What documents do I need to get started?
For salaried income: two recent pay stubs, a letter of employment, two years of T4s or Notices of Assessment, and a mortgage statement. Self-employed: two years of T1 Generals with statement of business activities, two years of Notices of Assessment, and business financials if incorporated. Everyone: property tax bill, a void cheque, and photo ID.
Next step
A 30-minute call tells you whether there's money on the table.
No application, no credit pull, no pitch. Bring your current mortgage balance, your renewal date, and a rough list of what you owe elsewhere. You'll leave the call knowing your options and what each one costs.