Looking for a mortgage in Canada, but don’t know where to start? If so, working with a mortgage agent or broker might be the solution you’re looking for.

They can present you with the best mortgage funding, terms, and interest rates. But how do we differentiate between the two? Our financial experts will tell you all about the differences between the two in this guide.

Mortgage Agents

Mortgage agents arrange financing for borrowers through lenders. These lenders could be institutions like banks, credit unions, even private lenders.

Another thing to note is that a mortgage agent could work with a handful or even up to 60 lenders. But this depends on their location; the main reason is so they can find the best possible product for you.

When to Consult With a Mortgage Agent?

Consult with an agent if you’re not educated about mortgages. They have access to multiple lenders and could greatly help you find the best possible product!

lady talking to her client

Consulting with a mortgage agent is also best if you’re looking at local lenders as agents don’t have as wide a reach as brokers.

Mortgage Brokers

Now that you’re aware of the exact role of a mortgage agent, let us point out what differentiates a mortgage broker vs mortgage agent, which are:

man reading document

In addition to these roles and responsibilities, mortgage brokers have access to more lenders. A broker’s job is to act on their clients’ behalf and find them the best mortgage interest rates and terms.

When to Consult With a Mortgage Broker?

If you want access to mortgages that aren’t readily advertised to you, consult with a mortgage broker. They have access to more lenders and better interest rates. In addition, they may even have multiple agents at their disposal.

Differences Between the Two

Now our team will break down more thoroughly the key differences between a mortgage agent and a mortgage broker:


The two cater to the same types of clients. They work for people looking for possible mortgage funding for a private residence or a commercial property.

in discussion with a client


Typically, mortgage agents and mortgage brokers in Canada are paid a finder’s fee or commission by a lender. The key difference is brokers earn it in addition to their salaries.

Commissions are earned from lenders who are able to fund their borrowers’ mortgages. They are also based on predetermined percentages. When making a comparison though, there’s no difference in the commission they receive!


Did you know that to become a licensed mortgage broker, being a mortgage agent for at least two years is one of the requirements [1]? Therefore, you can rest easy when dealing with a mortgage broker. He/she is guaranteed to have been working in the industry for a while.


To be a licensed mortgage agent, aspirants must successfully complete a Mortgage Agent Education Program approved by the regulators in their area (like the Financial Services Commission of Ontario).

lady writing on a notebook

Becoming a licensed mortgage broker entails completing an additional educational course (also approved by regulators) after working as a licensed agent for at least two years.


Mortgage Agent Programs are offered by different providers:

Programs like these cover Mortgage Agent Qualifying Standards (MAQs) determined by the regulator. They ensure that agents are equipped with the following:

female office worker smiling

As for Mortgage Broker Programs, they’re geared towards learning skills and knowledge required to properly hire and supervise agents. It ensures that brokerages adhere to laws and regulations.


In terms of compensation, one key difference is a mortgage agent doesn’t earn a salary while mortgage brokers may earn a regular paycheck.


Finding the best mortgage takes a lot of effort and choosing between a mortgage broker vs mortgage agent can add to your financial dilemmas. Our team hopes that this guide has made your decision-making easier.

For related topics, here are the pages you can consider reading: 

Everything to know about mortgage pre-approval process 

Foster Mendez

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