Toronto Brokers: A Newcomer’s Checklist for Getting a Mortgage
New to Canada and buying in Toronto?
Toronto’s housing market moves quickly, and as a newcomer, you may be juggling a new job, new credit history, and a new set of financial rules—at the same time you’re trying to buy a home.
That’s where Toronto Brokers can be helpful: they can compare multiple lenders, explain trade-offs (rate vs. flexibility), and help you package an application so it’s easier for lenders to approve.
Below is a practical checklist you can use before you ever write an offer.
1) Confirm your Toronto brokers is licensed in Ontario
In Ontario, mortgage brokerages, brokers, and agents are regulated by the Financial Services Regulatory Authority of Ontario (FSRA). Before sharing documents or signing anything, take two minutes to verify licensing.
- Check that the broker/agent and brokerage are licensed
- Confirm the name matches (people sometimes work under similar business names)
- Ask who the “principal broker” is at the brokerage (standard structure in Ontario)
FSRA provides consumer resources and a public list to verify licensing.
2) Get clear on your newcomer “mortgage profile”
Lenders typically want to understand three things:
- Income stability (role, probation period, employment type)
- Credit history (Canadian credit is often strongest, but context matters)
- Down payment + proof of funds (where the money came from and how long you’ve had it)
CMHC maintains newcomer-specific homebuying guidance and tools that are worth reviewing before your first broker call.
3) Know the down payment basics (and when insurance applies)
Down payment rules affect which lenders and mortgage types you can access. The Financial Consumer Agency of Canada (FCAC) explains how down payments work in Canada and when mortgage loan insurance is required.
Practical tip: even if you’re still saving, talk to a broker early—small changes (timing, account structure, documentation) can make approvals smoother later.
4) Prepare a “Toronto-ready” document bundle
A fast approval usually comes down to having clean, complete documents. Your Toronto broker may request items like:
Identity & status
- Government photo ID
- Proof of status in Canada (as applicable)
Income
- Recent pay stubs and a letter of employment
- If self-employed: tax documents and/or business financials (requirements vary)
Credit & debts
- List of current debts (credit cards, student loans, car loans)
- Permission for a credit pull (your broker should explain what they’re doing and why)
Down payment / funds
- Bank and/or investment statements showing available funds
- Paper trail for gifts (if applicable) and where funds originated
Canada’s newcomer homebuying page also outlines the broad steps of financing and mortgage insurance in plain language.
5) Ask these questions in your first broker meeting
Use these questions to compare Toronto brokers apples-to-apples:
- Which lenders are you considering for my situation—and why?
- What’s the penalty risk on this option if I break early?
- Can this mortgage be portable if I move within Toronto/GTA?
- What happens if my closing date changes?
- What documents are most likely to hold up approval?
If you want a longer question list to bring to calls, FCAC’s mortgage education pages are a solid starting point.
6) Understand the timeline (so you don’t miss conditions)
A common Toronto purchase timeline looks like this:
- Discovery call with your broker (goals, budget, documents)
- Pre-approval / strategy (what price range is realistic and safe)
- Offer accepted (often with financing conditions if possible)
- Lender approval + appraisal (if required)
- Remove conditions (when you’re satisfied and ready)
- Closing (lawyer, final documents, funds transferred)
Rule of thumb: the earlier your broker sees your documents, the more options you usually have.
Work with a Toronto broker who does the legwork
If you’d like help from a Toronto-focused team, you can start with a no-pressure application and we’ll tell you what’s realistic, what to fix, and what to prepare next.
- Start here: Apply Now
- Or reach out here: Contact Us
FAQ
Are mortgage brokers regulated in Ontario?
Yes—Ontario mortgage brokerages, brokers, and agents are overseen by FSRA, and you can verify licensing on FSRA’s public list.
Do newcomers need Canadian credit to get a mortgage?
Not always, but Canadian credit history can improve lender options and pricing. Requirements vary by lender and borrower profile—your broker can map out the easiest path.
What is mortgage loan insurance?
Mortgage loan insurance may be required when your down payment is below a certain threshold. FCAC explains how it works and what to consider.
Does working with a broker cost me money?
Often brokers are compensated by lenders on funded deals, but some scenarios (certain alternative/private solutions) can involve fees. Ask for full transparency up front.