TD Explains: What is a mortgage broker?

Entering the housing market can be both exciting and overwhelming. Once you've made the decision to start looking for your new home, an important step is understanding what you can afford and then applying for the right mortgage.

Although there are different ways to get a mortgage, many people start the process by speaking to a mortgage broker. But what does a mortgage broker do, and how is getting a mortgage through a broker different from a bank?

A mortgage broker is a licensed professional who evaluates and compares mortgage products from a variety of lenders to find the best option and advice for their clients.  

READ: TD Explains - What's a mortgage stress test?

Mortgage brokers assist with the preparation of applying for a loan (work that would otherwise be your responsibility as the homebuyer) by gathering and submitting all necessary documentation, including your employment, income and credit history information. Once the required information is gathered, a mortgage broker will help you apply for loans with several lenders, providing support along the way by answering your questions and clarifying any terms or processes that may be unclear.

Once you decide which lender and type of loan is appropriate for you and your lifestyle, your mortgage broker will work with the lender to process your application and finalize your loan.

To learn more about TD mortgage rates, new mortgage rules and to use the TD Mortgage Affordability Calculator, visit TD Mortgages.