Who can provide a mortgage?
You can get a mortgage loan from any business organization, person, or group. When getting a loan, you will work with a mortgage broker or agent, an individual licensed under the Mortgage Brokerages, Lenders and Administrators Act, 2006, who acts as an intermediary between you and the lender.
Can you help me get my money back?
FSRA has no jurisdiction or authority to recover any funds on your behalf. If you’re suspicious about a fee, penalty or another charge you paid, seek out independent legal counsel or contact the Law Society of Ontario (LSO) for legal advice.
What is the difference between a level 1 and a level 2 mortgage agent?
A Level 1 mortgage agent can help you get a mortgage from a traditional lender, for example, a bank or a credit union.
Some consumers may not be approved for a mortgage by a bank or credit union and need to turn to different lenders, such as alternative or private lenders. If this is your situation, you must work with a level 2 mortgage agent or a mortgage broker. A Level 2 mortgage agent or a mortgage broker can help you get a mortgage from all mortgage lenders, including alternative and private lenders.
What are my rights after I sign a mortgage contract?
A mortgage agreement is a legally binding contract. Once signed, you are responsible to fulfil your obligations. The best way to protect yourself is to read the document before signing and ask questions. Before signing, a licensed mortgage -broker/agent must disclose any material risks of the mortgage agreement in writing and in plain language. Be sure to read all documentation and ask questions before signing. Read more.
What is a syndicated mortgage?
A syndicated mortgage is when two or more people invest in a single mortgage against one property. Developers use these mortgage loans to get funding for large-scale real estate development projects. Syndicated mortgage investments can be extremely risky for investors, given that the project is often considered high-risk by traditional lenders, such as banks. Read more.
Working with a Mortgage Professional
Getting a mortgage is an important decision. Licenced professionals can help you understand your options so you can make a more informed choice. Learn more
Shopping for a mortgage
Shopping around for a mortgage takes time but it’s worth it given the amount of money involved. The more mortgages you compare, the more likely it is to get one that best suits your needs. Learn more
Mortgage application process
The mortgage application will require you to provide basic information, such as your name and address, along with confidential information. The information is used to assess your borrowing capacity. Make sure you read the application carefully before signing it, and never sign an incomplete form. Learn more
Signing a mortgage contract
A mortgage is just like any other legally binding contract. You and the lender are expected to fulfil the requirements and obligations. Since these documents can be complicated, it’s recommended to read all the information and ask questions before signing. Learn more
Consumers who are unable to qualify for a traditional mortgage from banks and credit unions may need to turn to private mortgages for financing. If this is your case, remember that private mortgages are supposed to be a short-term solution. It can be easier getting a private mortgage, but you may face higher interest rates and fees along with additional conditions or restrictions. What could happen if you don’t leave a private mortgage
What FSRA Can Do
- License mortgage brokerages, administrators, brokers and agents
- Make sure all mortgage brokerages, administrators, brokers and agents in Ontario comply with provincial laws
- Review complaints with consumer’s consent and take regulatory action against unlicensed individuals or businesses and those licensed that have demonstrated misconduct in the sector when there is sufficient supporting evidence provided.
What FSRA Can’t Do
- Provide any other form of legal or financial advice or interpretation of the legislation
- Help with contractual disputes, provide compensation, or assist in recovering or collecting funds
- Force mortgage brokerages, administrators, brokers and agents to follow the demands of the consumer
1 The police have jurisdiction of the Criminal Code; they should be contacted first and foremost. Callers are still encouraged to report the issue to FSRA so we can review through matter for non-compliance with FSRA legislation if the matter is relevant.