Buying a new home, renewing a mortgage or refinancing an existing property are all big decisions. When taking these steps, be sure to work with licensed professionals who can help you decide the best options for your needs.

Licensed mortgage professionals help you understand your financing options and guide you through the mortgage application process. Some lenders only work through licensed brokerages, brokers or agents. Licensed mortgage professionals in Ontario are regulated by FSRA and must adhere to the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA). This regulatory oversight means the mortgage professional you choose to work with has met specific education, experience and suitability requirements and continues to adhere to codes of conduct and licensing regulations.

To find the right financing professional, it helps to know the roles and responsibilities of each financing team player as well as the process for finding a licensed professional.

Some persons or entities, such as banks and credit unions, as well as other individuals or groups, such as lawyers (under certain conditions), are exempt from the requirements to be licensed as a mortgage brokerage, broker, agent or administrator. These exempted mortgage providers will not appear on FSRA’s website.