Mortgage Broker Toronto , North York

Who We Are?
What We Offer
Something For Everyone

Who We Are?
We are a FSRA licensed mortgage broker, under the RMA Mortgages umbrella, offering mortgage advise in Toronto and North York. We offer mortgage pre-approval, renewal, and refinancing to people with different credit histories. We are not your average mortgage broker – our mortgage solutions are tailor-made to match our clients’ unique circumstances and needs. We offer both individual and commercial mortgages. Our services include second mortgages, residential mortgages, private mortgages, commercial mortgages, self-employed mortgages, mortgages for rental properties, first-time homebuyer mortgages, new-to-Canada mortgages, construction mortgages, and mortgage refinance. Other services on offer are equity takeout, home equity line of credit, unsecured line of credit (both business and personal), business-equipment-financing, and mortgage transfers.
What We Offer
You First: When we are negotiating or managing process with credit agencies, real estate agents, lawyers, lenders, and anyone in between, we always put your interests first. We have a big network with these professionals, which enables us to get the best possible deal for you. We work for you and not for a particular lender. Loan officers in big banks work for their banks only on a permanent or commission basis and they will, therefore, push to you their products, even if they don't suit you. You Save Money: You need not worry about incurring additional costs from hiring us. We get our commission from the lender, not from you. You also save money since the first consultation is free. Your Own Broker: When you come to us, we will assign a mortgage broker Toronto or mortgage broker North York to you. Your broker will guide you through the entire process. We understand that most mortgage seekers are frustrated not knowing when the deal will “close” and about industry jargon. Your broker will be there to ensure the correct accounts are paid out and to ensure all documentation is in order and is collected.
Something For Everyone
We assist clients get different products, appreciating that they have different income levels, needs, and circumstances. From our mortgage refinancing to rental property mortgage services, we have something for everyone. Our solutions help you refinance, consolidate debt, rebuild your credit, and lower the rate of your mortgage. Quick Turnaround: We endeavor to get your mortgage in a timely manner. In most cases, the mortgage or the refinance will be approved the same day if you engage us. You do not have to constantly chase our agents or the lender for answers. Getting a good mortgage can be time and energy-consuming since it means visiting different lenders to compare their offers and filing endless paperwork. This can interfere with your work and social life. More than just Mortgages: Other than help you get a mortgage at a good rate, we also offer additional related services. These include debt relief services to help you reorganize your debt, home equity line of credit, business-equipment-financing, and unsecured line of credit. Helping you get special mortgage features: The mortgage industry in Toronto, North York, and Ontario, in general, is very competitive. Different mortgage lenders offer different special features to attract and to retain clients. These features include covering registration and appraisal costs, giving you back percentage cashback, loyalty programs like frequent flyer points, portable mortgages, expandable mortgages, assumable mortgages, step mortgages, and even giving you cash to cover your relocation. We will help you get the mortgage with the best features, but of course without overlooking the fine print. Call us today or fill our online form for a mortgage broker Toronto or mortgage broker North York to start you on your journey towards property ownership.

Mortgage Offers

pick the one thats right for you.

get
$ 2,000
on purchase over
$500, 000
Receive
$ 1,400
when you transfer
your mortgage of over $500,000
complimentary
12 months
Home service plan
fint out more

Looking for Mortgage Broker in Toronto & North York?

Mortgages are often the biggest debt that individuals incur in their lifetime and they usually take between 15 and 30 years of monthly payments. So, what is a mortgage? Mortgages are financial transactions wherein debtors charge their personal or real properties to creditors as security for their debt. The term is usually used for property purchases. The properties are then returned to the debtors on condition that they pay the debt within the stipulated period. In Canada, you have to pay a down payment upfront before you can get a mortgage. The down payment is subtracted from the total mortgage amount. For loans equal to or less than $500,000, the down payment is 5% of that amount. For amounts above $500,000,
the excess amount is multiplied by 10% and the figure added to $25,000. Before you can qualify for a mortgage, the lender requires you to go through a pre-approval process. This is where a mortgage broker like us comes in because issues like the applicable interest rates, the loan duration, and how much you qualify for are discussed at this stage. You can get a fixed-rate or a variable-rate mortgage. Variable-rate mortgages are more popular in Canada since they allow for the fluctuation, either upwards or downwards, of the interest rate based on how the economy is doing. We will also help you choose between a fixed and a variable payment option. Fixed payment options are whereby you make a fixed monthly payment irrespective of interest rate changes while variable payment options are
dependent on the Canadian Central Bank interest rates. There are also “convertible” variable-rate mortgages where the creditor can shift to a fixed rate. We always advise our clients to go for fixed rates since this shields them from financial pressure. If you already have a mortgage and the mortgage term is near, a mortgage broker will help you negotiate for a lower interest rate. This could be after 1, 3, or 5 years within the amortization period.

Purchase or Refinance

call (416) 419-3939

for a free consultation

Second Mortgage
Residential Mortgages
Commercial Mortgages
Home Equity Line of Credit
New to Canada Mortgage
Unsecured Line of Credit
Self Employed Mortgage
Private Mortgage Lending
Mortgage Refinance

Second Mortgage
If you have a mortgage, the law allows you to take a second one. You can get up to 80% of your property’s appraised value, less the balance on your existing mortgage. As an example, if your home is worth $500,000 and you still owe $300,000 on your first mortgage, you can get $100,000 ((0.8*500,000)-300,000) which sounds like a good deal. So are you considering getting a second mortgage in Toronto?The idea of taking out two loans sounds frightening, for sure. A second mortgage, however, when used in the right circumstances saves you money. For instance, it allows you to meet your financial needs. Homeowners take it out to pay for items like:
- Home renovations
- Medical emergencies
- Business expansion
- College education for their child
Besides helping cover financial needs, getting a second mortgage boosts your credit score. Usually, second mortgages have lower interest rates compared to those of credit cards or unsecured credit cards. If you want to take out a second mortgage, brokers at RMA Mortgage Brokers are happy to help. We offer reasonable interest rates. Typically, interest rates on second mortgages are higher than for the first mortgage. Our team negotiates with lenders to ensure you get a low interest.
Apart from having reasonable interest rates, we also help borrowers avoid hefty fees. Some common administrative fees from Toronto lenders include:
- Legal fees
- Appraisal fees
- Title insurance fees
- Title search fees
It’s common to find lenders waiving some of these fees to attract customers. Here our team works smartly to ensure you bag the best deals. To get started, call (416) 419-3939.
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Residential Mortgages
One or more people are eligible for a residential mortgage only if they intend to reside in the house or other residential property. There are other types of mortgages for those who want to lease the properties they buy.
To get a residential mortgage, make sure you have enough money saved up for a down payment. Have at least 5% of the property’s value reserved as the minimum deposit amount. It’s good to note that if the residential mortgage down payment is below 20% of the property’s value, you’ll insure with mortgage default insurance (CMHC insurance).
You also need to prepare to do the stress test. The stress test is an assessment which the lender conducts to check if you can manage to pay the principal as well as the interest payments in case interest rates hike up.
Our brokers have access to lenders, agents and real estate lawyer in North York and Toronto. The strong relationship we’ve built with our lenders increases your chances of landing the best residential mortgages in Toronto. To top it all, we understand the industry in and out. We know how you can beat the stress test and the different mortgage options suitable for you depending on your financial needs. Also, we know how to get you good interest rates and other perks like reduced fees. If you need to start your homeownership journey, call us on (416) 419-3939 or fill out our online form.
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Commercial Mortgages
Assessing a business’ credit history whether for a partnership, incorporation, or a limited company isn’t an easy task. For starters, mortgage repayment highly depends on the company’s or business's health. At some point, if the companies experience difficulty making monthly repayments, they can simply choose to file for bankruptcy. Indeed, that’s what most companies or businesses do. This risk makes commercial mortgages rates much higher than that for a residential mortgage.
Good thing though, our brokers help borrowers find lenders offering the lowest commercial mortgage rates. Our team deals with all types of commercial properties. We deal with pure residential real estate where borrowers buy property as an investment. Even other types of properties like:
- Commercial plaza mortgage with a loan-to-value ratio at 75%
- Storefront with apartments (loan-to-value ratio at 80%)
- Pure multi-family residential (1 to 4 units)
- Pure multi-family residential (with more than 5 units) with a loan-to-value ratio at 85%
A commercial mortgage takes 60 days to a year before it goes through. Through our relationships with lenders, we know you’ll get the mortgage in good time. What’s more, we assist you to compare different mortgage offers. With commercial mortgages, you need to make big down payments. To obtain help in getting your commercial mortgage, contact us on (416) 419-3939 today.
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Home Equity Line of Credit
If you’re planning to get a HELOC in Toronto, you should know it’s the easiest to access. It’s also a lot cheaper than other types of loans such as the unsecured or credit cards. That’s not all. This mortgage allows you to pay back the money at your will without the risk of facing repayment penalties. Once you receive the money, just make sure to make monthly interest payments.
Besides having equity in your home, you also need to have the following qualifications:
- Have a good credit score
- SHave a steady income. You need to prove that you can afford the monthly payments through probably T4s, pay tubs and so on.
- Ensure you have a debt-to-income ratio of approximately 40% to 50%
If you’re ready to take out a HELOC mortgage, our team of brokers is willing to guide you every step of the way. We know where to find lenders with favorable terms and low-interest rates. You also don’t have to worry about the HELOC fees like legal fees, appraisal fees and so on. Our team of brokers goes for lenders with least fees. Call us on (416) 419 3939 to get you started.
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New to Canada Mortgage
Are you new to Canada and in desperate need of a newcomer’s mortgage? Then, here are a few things you need to know. First, the down payment needed, the supporting documentation required to get a mortgage, and interest applicable for New to Canada Mortgage depends on the permanent residency status. That is if you’re a permanent resident, meaning that you have a work permit or have submitted a permanent residency application. On top of that, you need a solid credit rating because you pay as little as 5% in interest as the mortgage rate.
On the other hand, if you’re not a permanent resident, the security deposit is 10%. In case you don’t meet this or any other qualification criteria, it’s possible to get default mortgage insurance via the New to Canada Program through the Genworth Financial, Canada Guaranty or Canada Mortgage and Housing Corporation (CMHC).
Our team of brokers is happy to streamline this application process for you. We guide and advise clients on everything they need to know about Canadian Mortgages. From how to save for the deposit, steps to complete the mortgage pre-approval to the intricacies of Canadian mortgages. To jump-start your New to Canada Mortgage process, call us on (416) 419-39393 today
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Unsecured Line of Credit
An unsecured line of credit permits you to borrow up to a pre-determined limit without needing you to offer collateral. Once the lender forwards the money to you, you can use up the money however you want as long as it doesn’t pass the approved limit. On most occasions, home projects are the most common use of unsecured lines of credit.
People also use them to help pay college fees for a child, for medical emergencies or to fund business opportunities. To qualify for an unsecured line of credit most lenders, both private and mainstream, expect:
- A borrower to have a high credit score
- You to demonstrate business health
In as much as it’s okay to spend, you still need to pay off your unsecured debt. Failure to do so will lead to the lender suing you or worse, hiring a debtor to recover their money. To avoid all these troubles, hire a professional broker from RMA Mortgage Brokers. Our team of experts helps you determine the best interest rates and terms that favorably suit your needs. If getting a great deal is a huge trouble for you, then hiring us saves you time and money. Call us on (416) 419 3939 to get started today.
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Self Employed Mortgage
The self-employed include entrepreneurs, small-business owners, doctors, and many others. The “gig” economy is on the rise, meaning this number is expected to rise. Even so, getting a self-employed mortgage in Toronto isn’t easy. To access a mortgage, your business must have operated for no less than 2 years. You must also provide documentation that shows income verification. This can be a T1 and/or T2 general accompanied by a Notice of Assessment (NOA) or a business statement alongside a Notice of Assessment.
As you can imagine, if you fail to meet the qualifications criteria or have a poor credit rating, getting a self-employed mortgage will be hectic. This, however, doesn’t mean there’s no way to get one. We help all clients get mortgages despite their financial situation.
First, our team of experts guides you through the nerve-wracking process of searching and engaging the lenders. Usually, private mortgage lenders are more flexible when it comes to the qualification criteria. This is despite the fact that they charge a higher interest rate. Our team hooks you up with a genuine lender so that you enjoy the lowest interest rates.
Our brokers also prepare you on what to expect from lenders during the assessment stage to increase your chances of success. To begin the hunt for a good mortgage, contact us on (416) 419 3939 today.
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Private Mortgage Lending
According to Teranet Market Insights Report 2019 Q1, Canada’s biggest banks lost about 2.7% of mortgages to private lenders. So, why are major banks and institutional lenders losing their mortgage market share to private entities? While there are many reasons, here are the most prominent 2:
- Strict lending rules set up by the federal government to govern government-backed insured mortgages.
- Greater restrictions for houses worth over $500,000
Do you need a mortgage but are facing restrictions? Maybe you have more than one property or a poor credit score. Whatever it is, we can help.
Banks are likely to reject your applications but we won’t. Our Mortgage Brokers has fostered excellent working relationships with various private mortgage lenders around Toronto. As such, we negotiate on our client’s behalf for the mortgage of their choice. So instead of taking all the time to visit hundreds of private lenders, allow us to get you the best deal possible.
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Mortgage Refinance
According to Canada’s Financial Consumer Agency, mortgage refinancing entails breaking your current mortgage to get a second loan using your home equity as security. You access this home equity through a reverse mortgage, by blending or extending your current mortgage, or through a HELOC (Home Equity Line of Credit).
Many people hope to benefit from the lower interest rates that come with mortgage refinance. Without a doubt, breaking your current mortgage for one offering lower interest rates saves you a lot of money over time. We help clients determine how much money they are likely to save after breaking their initial mortgage contracts. Contact us now.
With mortgage refinance, you access up to 80% of the home’s value, less outstanding mortgage. This means getting your hands on some extra monies. Mortgage refinance improves your credit score by helping you pay-off high-interest debts and get enough equity on your house. In fact, some refinancing options allow you to merge different outstanding debts like car loans, credit card bills, and lines of credit.
Come to us for all your mortgage refinance solutions. We will help you counteract or avoid all the related hassles and fees that come with mortgage refinance.
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Banks and Mortgage Brokers
vs. RMA Mortgage

Big Bank Rates
$ 706
Typical Broker Rates
$ 3200
$ 5485

Our team consists of experienced negotiators. This and the relationships we have with different lenders allow us to get the best interest rates for you.

Featured Rates

Fixed

Lender
Rate
Term

Toronto-Dominion
1.94%
5 years
Scotiabank
1.99%
5 years
CMLS
1.84%
5 years
RFA
1.64%
5 years
First National Bank
1.74%
3 years
DUCA
1.99%
5 year
B2B
2.64%
5 years
Meridian
1.6%
5 years
RMG Mortgage
1.84%
5 years
Manulife Bank
1.89%
5 years

Variable

Lender
Rate

Home Trust
4.49%
5 years
Mcap
1.95%
5 years

Other

Type
Rate

Secured line of credit
2.95%
Private mortgages
5.99%

Questions?

We Are Here to Help

call (416) 419-3939

Our team consists of experienced negotiators. This and the relationships we have with different lenders allow us to get the best interest rates for you.

A Brief History of the Mortgage Industry in Canada
Taking on a mortgage is the easiest and the most common way Toronto residents can own their own homes. This has been the case for a long time, with the industry dating back hundreds of years. Over the years, mortgages have evolved from ensuring that repayments provide protection and benefits to the landowner to a system in which both the lender and the borrower can be confident entering a transaction.
Since 1946, the Canada Mortgage and Housing Corporation (CHMC), set up by the National Housing Act which has been selling mortgage insurance in mortgages where buyers are putting up less than 20% of the price of the new property to protect lenders incase of default.
An Interest Rates Climbed
The mortgage products we know of today were brought about by the inflation of the 1970s. As interest rates climbed, there was a need to move from fully amortized loans since they were not reflecting the interest rate changes. Partially amortized mortgages, which are the most common type of mortgage in Canada today, protect both the borrower and the lender from market fluctuations. 20 and 30-year terms were replaced with 1, 3, and 5-year terms amortized across 20 to 25 years. In 1992, the Canadian Government introduced the Home Buyer's Plan, allowing Canadians to draw money from their RRSPs (Registered Retirement Savings Plans) tax-free to buy a home. The amount ($25,000) is meant to allow you to pay for all or part of
the down payment. If you choose to go for this option, you will have to pay the amount back in 15 years, otherwise, you will attract tax penalties.
Mortgage Brokerages, Lenders and Administrators Act
Under the 2006 Mortgage Brokerages, Lenders and Administrators Act, the Ontario Government in 2008 made a requirement that all individuals and businesses who conduct mortgage brokering activities to be licensed with the FSRA (Financial Services Regulatory Authority of Ontario), keeping in mind that 51% of all transactions by first-time homebuyers go through mortgage brokers and agents, according to a 2016 CMHC survey. This has fostered professionalism, competition, and consumer protection in the industry.
One such mortgage brokerage company is RMA Mortgage Broker.

What our CLients Say

Customer Testimonials

Boyd Wehner ★★★★★
I used Nick to renew my mortgage. He found me a better deal than my bank could offer and I intend to use him again the next time I need to renew. Nick did all the work, he made it easy and simple for me. He really knows his stuff!
Nicole B. ★★★★★
I have been dealing with Masoud for my first mortgage back in 2016 and my second mortgage in 2019. He has always been of great help and easy access. He is the first person I go to with regards to mortgage questions. Keep up the good work guys!!
kit cathe ★★★★★
Working with Masoud was a great experience. We learned about mortgage options that were new to us as we were first-time buyers. Knowledgeable and helpful with no pressure, we were able to make an informed decision that worked out very well for our needs.
David Smith ★★★★★
I can't recommend Masoud enough if you need a mortgage, a renewal, or even help getting to that point. He is extremely knowledgeable and resourceful and works incredibly hard for his clients! He’s done our first mortgage in 2014, refinance in 2028 and now our second mortgage this winter.

FAQs

What does a mortgage broker do?

A mortgage broker works for a borrower to facilitate the process of searching for the best mortgage product. Mortgage brokers do all the legwork and use their networks to get the best interest rates and other loan terms. Mortgage brokers are licensed by the Financial Services Authority of Ontario (FSRA), subject to working for a licensed brokerage, getting Superintendent, FSRA-approved mortgage agent education, serving as a mortgage agent for at least 2 years, paying licensing fees, and meeting age, Canadian residency, and other requirements.

What are Fixed and Variable rates?

Fixed rate mortgages, as the term suggests, have fixed interest rates for the duration of the loan (the mortgage term). The term can range anywhere from 6 to 10 years. This means over the years, most of the payment will be going towards covering the principal. On the other hand, a variable rate mortgage has an interest rate that fluctuates with changes in the Bank of Canada's Prime Rate.

Can I make my down payment with gifted money?

You can make a down payment using gifted money, but most lenders specificy that the money can only come from a family member while others have limits on the percentage of the down payment that can be gifted. In case of a gift, you will be required to write a letter stating this is a true gift, and not a loan, and it must be signed by the donor. At Approved Mortgage Brokers, we will help you find out if your gifted funds can be used as a down payment.

Why should I get a pre-approved mortgage?

A pre-approved mortgage (a mortgage you get before you start your house hunt) has several benefits:

Your mortgage rate will be secured for 120 days when the interest rate will not go up

You will already know how much you can afford, helping you narrow down the search

You will look like a serious buyer if you have pre-approval and you are more likely to find a good realtor. You also get better negotiating power with the home seller.

The final closing will be faster since most of the work will be complete

How long does the mortgage approval process normally take?

When you come to Approved Mortgage Brokers, we will give you a checklist of the documentation that lenders require. Once we have the documentation, you can get your mortgage in as little as 24 hours.

How much should I consider spending on a home?

You should not take a mortgage that you cannot afford. Lenders consider the debt service ratio to determine how much a borrower can spend on a home. The debt service ratio is set up by the Canada Mortgage and Housing Corporation (CMHC). You will not get a mortgage if it will drive your Gross Debt Service Ratio (GDS) above 39% or the Total Debt Service Ratio (TDS) above 44%. In other words, lenders consider other debt that you may have and ensure that 44% of your monthly income does not go to your debts.