How to Choose the Right Mortgage Broker | Canada

Q: How to verify the AMF license?

On the AMF website (lautorite.qc.ca), Registry of authorized firms and individuals section.

Q: Is the broker's service free?

Yes for the borrower in the vast majority of cases. The broker is compensated by the lender.

Q: How many lenders should a good broker have?

15 to 30+ lenders. The broader the network, the better the chances of getting the best conditions.

Q: What are the warning signs?

Pressure to sign, refusal to show alternatives, unrealistic rate promises, unverifiable AMF license.

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Choosing Your Mortgage Broker With Confidence

The right mortgage broker can save you thousands. Here is how to make the right choice in Quebec.

Objective selection criteria

Valid AMF license verifiable online
Network of 15-30+ lenders (banks, credit unions, virtual, alternative)
3+ years experience with significant file volume
Verifiable client reviews (Google, social media)
Specialization suited to your profile (first purchase, investment, self-employed)

Essential questions to ask

How many lenders do you compare for my file?
How are you compensated and does it affect ya common recommendations?
What is your average processing time?
Can you show me offers from 3-5 lenders?
Are you available outside business hours?

The Quebec Real Estate Market for Buyers

Homeownership in Quebec fits within a specific regulatory and fiscal framework. OSFI's B-20 stress test reduces borrowing capacity by 15 to 20% compared to the theoretical amount at the contractual rate. Mortgage loan insurance (CMHC, Sagen, or Canada Guaranty) is mandatory for any down payment below 20%, adding 2.8 to 4% to the borrowed amount. Transfer duties (welcome tax) in Quebec follow a progressive scale from 0.5% to 2.5% depending on price brackets. The Home Buyers' Plan (HBP) allows withdrawing up to $60,000 per person from your RRSP tax-free, and the First Home Savings Account (FHSA) offers up to $40,000 in deductible contributions with tax-free withdrawals for purchase.

Your Purchase Action Plan

Purchasing a property in Quebec is a project that requires methodical preparation. Start by establishing a realistic budget that goes beyond the bank calculator. Include all costs: down payment, closing costs (3-5% of price), transfer duties, notary ($1,000-$2,500), inspection ($500-$800), and tax adjustments. Plan an emergency reserve of 3 to 6 months of payments. Consult an AMF-certified broker for mortgage pre-approval and a 120-day rate hold. Work with an OACIQ-certified real estate broker for the search and negotiation. Draft a purchase offer conditional on inspection and financing to protect your interests.

Protecting Your Real Estate Investment

Buying a property is the most important financial project of your life. In Quebec, you benefit from a solid regulatory framework with the AMF overseeing mortgage brokers, the OACIQ overseeing real estate brokers, and the notarial process securing the transaction. An AMF-certified mortgage broker accompanies you free of charge from start to finish, from pre-approval to disbursement. They compare offers from multiple lenders, negotiate the best conditions, and ensure you understand every aspect of your mortgage commitment. Never make the most important financial decision of your life without professional consultation.