Mortgage Agent in London, Ontario

A licensed mortgage agent reviews your income, credit, down payment and property, compares options across a network of lenders, submits your application and manages the file through to funding with your lawyer and lender. I'm licensed by FSRA as a Mortgage Agent Level 1 (M25002951) with The Mortgage Firm Inc., Brokerage Licence #13466.

In Ontario they are distinct FSRA licence classes, though both arrange mortgages through licensed brokerages and multiple lenders. In everyday conversation the terms are used interchangeably.

On standard residential files placed with lenders that pay a finder's fee, there is no fee to you. Some alternative or private lending arrangements involve fees — those are disclosed in writing before you commit to anything.

Budget for Ontario land transfer tax, legal fees and disbursements, title insurance, a home inspection, and adjustments for prepaid property taxes or utilities. London has no municipal land transfer tax, so buyers here pay only the provincial amount. First-time buyers may qualify for the provincial rebate.

Your down payment needs a documented 90-day history, existing debt payments reduce your maximum mortgage more than most buyers expect, and getting properly underwritten before you shop prevents an accepted offer you can't finance.

Your lender mails a renewal offer before maturity. You can sign it, negotiate it, or transfer to another lender. Start about 120 days out so a competing lender can hold a rate for you. Switching at maturity generally avoids a prepayment penalty.

Generally up to 80% of the appraised value. Refinancing mid-term usually triggers a prepayment penalty, so the analysis compares that cost against the interest or cash flow you gain.

No. I work with clients across London, St. Thomas, Ingersoll, Woodstock, Tillsonburg, Strathroy and Middlesex, Elgin and Oxford counties, and with clients elsewhere in Ontario remotely.