A mortgage broker (or mortgage consultant, in some jurisdictions) is an independent agent who works to find you the best deal on a mortgage. Rather than working for only one financial company, a mortgage broker is an independent agent. He or she will shop all available lenders to find the mortgage product that offers the best combination of features, options and rates to suit your individual circumstances. The best part - depending on your credit picture - there is no charge to the consumer for the service. The mortgage broker's fee is normally paid by the lender.

With the emergence of new mortgage products in the marketplace of late and increased competition among lenders, homeowners are becoming more aggressive in seeking out the best possible terms in a mortgage. The appeal of a mortgage broker lies in the opportunity to effectively search a large segment of the mortgage industry for the best terms, rather than negotiate personally with only one or a few lenders. As a result, the popularity of mortgage consultants is growing. Last year, 25% of all mortgages placed in Canada were through a mortgage broker compared to 14% in 1999 (A CMHC survey predicts that by 2005, 50% of all mortgages in Canada will be through a mortgage consultant).

A mortgage consultant can also be a source of information and an unbiased advise in wading through the myriad of options available in the mortgage industry today. Wondering about the advantages of refinancing? Want more information on the Home Buyers Plan? How about advice on adjustable term mortgages? Having problems getting a mortgage because you're self-employed? Or maybe you need special help arranging financing for an investment property. These are the kinds of issues a mortgage broker can help with, and usually at no cost to the buyer.

With all of this information available using an online mortgage consultant makes the most sense......