Mortgage broker interview checklist: 14 questions to ask in Toronto
Checked against primary sources
Ask every broker the same 14 questions and compare the answers. Each question below names the Ontario rule that entitles you to an answer, what a good answer sounds like and the red flag. Mark two brokers side by side; your notes stay in this browser, and the page prints as a worksheet.
Broker interview sheet
Ask each broker the same 14 questions. Mark the answer; your notes stay in this browser only, and the page prints as a worksheet.
0 good 0 red flags 14 open
0 good 0 red flags 14 open
- 1. What are your FSRA licence number and your brokerage's?Ontario rules require a brokerage to give both on request (O. Reg. 188/08 s. 8). Check them on FSRA's register before you share documents.Good answer: Gives both right away; the names, brokerage and status match the register. Red flag: Hesitates, gives only a brokerage name, or the register shows a different brokerage.
Source: Government of Ontario (e-Laws), O. Reg. 188/08: Mortgage brokerages, standards of practice, effective March 1, 2022. Checked .
- 2. Are you a Level 1 agent, a Level 2 agent or a broker?Since April 1, 2023, Level 1 agents may deal only with banks, credit unions and other institutional or NHA-approved lenders. Private lending needs Level 2 or a broker.Good answer: States the class, and if your file may need a private or alternative lender, is Level 2 or works with someone who is. Red flag: A Level 1 agent offering to arrange a private mortgage.
Source: Government of Ontario (e-Laws), O. Reg. 409/07: Brokers and agents licensing (Level 1 / Level 2), effective April 1, 2023. Checked .
- 3. Who do you act for on this mortgage: me, the lender, or both?The brokerage must tell you in writing whether it represents you, the lender or both (s. 18).Good answer: A clear written answer, with what that means for the advice you get. Red flag: "Don't worry about that" or no written statement.
Source: Government of Ontario (e-Laws), O. Reg. 188/08: Mortgage brokerages, standards of practice, effective March 1, 2022. Checked .
- 4. How many lenders did your brokerage work with last year, and did one lender get more than half your deals?The number of lenders must be disclosed (s. 19(1)); the 50% question must be answered if you ask (s. 19(3)). FSRA suggests asking which lenders they typically use.Good answer: A number, the names of lenders they place with most, and a straight answer on concentration. Red flag: Unverifiable claims like "access to every lender" with no detail.
Source: Government of Ontario (e-Laws), O. Reg. 188/08: Mortgage brokerages, standards of practice, effective March 1, 2022. Checked .
- 5. How are you paid on this mortgage, as a percentage? Are there bonuses or incentives?Fees from the lender and the basis for calculating them must be disclosed in writing for each mortgage presented, plus any incentive to the agent (s. 21). FSRA says "the lender pays a commission" may not be enough.Good answer: A percentage or range in writing, and any volume or incentive payments named. Red flag: "It's free for you" with no figure.
Source: FSRA, Do your clients understand how you're paid? (compensation disclosure). Checked .
- 6. Will I pay you any fee? When, and is any of it refundable?No advance fee or deposit is allowed on mortgages of $400,000 or less (s. 37). If you pay the brokerage, it must give its own cost-of-borrowing disclosure (O. Reg. 191/08).Good answer: No fee on a standard bank or credit-union mortgage; any fee is quoted in writing with when it's due. Red flag: A request for money up front on a mortgage of $400,000 or less.
Source: Government of Ontario (e-Laws), O. Reg. 191/08: Cost of borrowing and disclosure to borrowers, effective March 1, 2022. Checked .
- 7. Do you, your brokerage or anyone you know have a relationship with the lender you're recommending?Relationships with each lender and any conflicts of interest must be disclosed in writing (ss. 26–27).Good answer: Discloses any ownership, referral or family ties, in writing. Red flag: Recommends a lender it is affiliated with without saying so.
Source: Government of Ontario (e-Laws), O. Reg. 188/08: Mortgage brokerages, standards of practice, effective March 1, 2022. Checked .
- 8. Why is this mortgage suitable for me, and what are its material risks?Brokerages must take reasonable steps to make sure a mortgage is suitable and disclose its material risks in writing (ss. 24–25).Good answer: Explains the fit for your plans (how long you'll stay, chance you'll sell) and the risks, not just the rate. Red flag: Talks only about the rate.
Source: Government of Ontario (e-Laws), O. Reg. 188/08: Mortgage brokerages, standards of practice, effective March 1, 2022. Checked .
- 9. How is the prepayment penalty calculated: posted rate or my contract rate?Lenders must tell you how they calculate the penalty. A posted-rate IRD can be several times larger than one based on your contract rate.Good answer: Names the method, shows an example in dollars, and points you to the lender's calculator. Red flag: "You won't break it" instead of an answer.
Source: Financial Consumer Agency of Canada, Mortgage fees: prepayment penalties, effective October 15, 2025. Checked .
- 10. What are the prepayment privileges, and can I port or assume the mortgage?Privileges decide how fast you can pay it down and what happens if you move. They differ a lot between lenders with similar rates.Good answer: Gives the annual lump-sum and payment-increase limits and the porting rules from the lender's terms. Red flag: No written terms before you commit.
Source: Financial Consumer Agency of Canada, Mortgage fees: prepayment penalties, effective October 15, 2025. Checked .
- 11. Will it be registered as a standard charge or a collateral charge?FCAC notes a collateral-charge mortgage can cost more to switch at renewal.Good answer: Tells you which, and what it means for switching later. Red flag: Doesn't know.
Source: Financial Consumer Agency of Canada, Renewing your mortgage, effective October 15, 2025. Checked .
- 12. How long is the rate hold, and what happens if rates fall before closing?Rate holds and float-down rules are lender terms, not regulation, so you have to ask.Good answer: Gives the hold length and the lender's policy in writing. Red flag: Vague promises.
Source: Financial Consumer Agency of Canada, Getting preapproved for a mortgage (working with brokers), effective October 15, 2025. Checked .
- 13. When will I get your written disclosures?Disclosures are due at least 2 business days before you sign, unless you waive that in writing (s. 35).Good answer: Commits to sending them with time to read; doesn't push you to waive. Red flag: Asks you to sign a waiver as routine.
Source: Government of Ontario (e-Laws), O. Reg. 188/08: Mortgage brokerages, standards of practice, effective March 1, 2022. Checked .
- 14. If something goes wrong, how do I complain?Brokerages must answer written complaints in writing and tell you that you can take it to FSRA (s. 9).Good answer: Names the complaints contact and mentions FSRA. Red flag: No process.
Source: FSRA, Submit a complaint. Checked .
How should you use the checklist?
Interview two brokers and your own bank's mortgage specialist within the same week, so rates are comparable. Ask the questions in order: the first four take minutes and screen out most problems. Ask for anything about pay, conflicts and risks in writing; Ontario rules require it in writing anyway.
Your bank's specialist isn't covered by Ontario's brokerage rules, so questions 3 to 7 won't apply the same way, but questions 9 to 12 apply to every lender.
What do you do with the answers?
Drop anyone with a red flag on questions 1, 2 or 6. Then put the remaining written offers into the offer comparison; the tool weighs the rate against the penalty method, fees and cashback. Before signing, go through the questions for your offer.
Sources
- Government of Ontario (e-Laws) — O. Reg. 188/08: Mortgage brokerages, standards of practice (effective March 1, 2022). Checked .
- Government of Ontario (e-Laws) — O. Reg. 191/08: Cost of borrowing and disclosure to borrowers (effective March 1, 2022). Checked .
- Government of Ontario (e-Laws) — O. Reg. 409/07: Brokers and agents licensing (Level 1 / Level 2) (effective April 1, 2023). Checked .
- FSRA — Do your clients understand how you're paid? (compensation disclosure). Checked .
- FSRA — Your mortgage matters: five questions to ask. Checked .
- FSRA — Working with a mortgage broker or agent? Know what to expect (PDF). Checked .
- Financial Consumer Agency of Canada — Mortgage fees: prepayment penalties (effective October 15, 2025). Checked .
- Financial Consumer Agency of Canada — Renewing your mortgage (effective October 15, 2025). Checked .
- FSRA — Submit a complaint. Checked .
Estimate, not advice. Educational estimate only, not financial, mortgage, tax or legal advice. Lenders, insurers and governments set their own rules and can change them; confirm with a licensed professional before you decide.