You can get a mortgage straight from a bank or credit union, or through a mortgage broker who works with many lenders. Either way, someone is going to ask you a lot of questions and want a lot of documents. Knowing who does what, and how they're paid, makes the process calmer.
Lenders and brokers
A lender is whoever actually provides the money: the big banks, credit unions, and monoline lenders, which only do mortgages and usually only take applications through brokers. Going directly to a lender means you see that lender's products.
A mortgage broker doesn't lend. They take one application and compare it across several lenders, then help you through approval and closing. A broker can be particularly useful when a situation doesn't fit the standard box, such as self-employment income or a recent credit problem.
In Ontario, brokers and agents must be licensed by the Financial Services Regulatory Authority of Ontario (FSRA), and you can look up a licence on FSRA's public register before you share anything.
How brokers are paid
On a typical mortgage, the broker is paid by the lender that funds it, often called a finder's fee. That's why most borrowers with standard mortgages don't pay a broker directly. For some private or alternative lending, the borrower may pay a fee as well. A broker should explain in writing how they're paid and any conflicts of interest, and it's a fair question to ask at the start.
MortgageSkip works the same way. We're not a broker or a lender, and the calculators are free. If you ask to be introduced to one of our partner brokers and a mortgage later funds, we receive a share of that broker's commission. How we make money has the details.
Questions worth asking
A low rate is easy to compare, but the terms around it can matter as much. A few useful questions for any broker or lender:
Which lenders do you work with, and how are you paid on this mortgage? What are the prepayment privileges? How is the penalty calculated if I break the mortgage early, and does the lender use its posted rate in the IRD? Can the mortgage be ported if I move? How long is the rate hold?
The penalty question can be worth thousands. Two mortgages at the same rate can carry very different penalties, as the refinancing lesson explains.
The paperwork
Lenders confirm everything on the application with documents. Gathering them early makes the process faster and avoids surprises. Use the checklist below to see what's typically requested. Ticking items off just helps you keep track on this page; nothing is saved or sent anywhere.
Try it
Mortgage document checklist
What lenders typically ask for on a purchase. Tick off what you have; it's only kept on this page while it's open.
Comparing offers
When you have more than one offer, comparing them side by side on more than the rate is worthwhile: the term, the penalty method, prepayment privileges, portability, and any fees. If an offer is fixed and another is variable, the fixed or variable lesson covers how each behaves.
You can also take your time. A pre-approval's rate hold gives you room to compare without pressure, and it's reasonable to ask any broker or lender to explain something again until it makes sense.
Where to go next
Once the mortgage is in place, there are ways to shape it as you go. The next module starts with paying it off faster.
Worked figures are estimates based on the example inputs shown, checked October 11, 2026. Rates, rules and lender policies change, and your own numbers will differ. This is educational information, not financial advice.