What Does a Mortgage Broker Do Anyway?

Luisa Hough • March 26, 2015

So, you’re buying a home. Now you did your research, you got your paperwork ready and off you went to get a mortgage. Pretty simple, right? But there’s a hundred best-rate offers out there, and a million types of mortgages, from all sorts of banks and lenders. And even worse, there’s a mountain of math and a stack of rules and forms to go along with it. This really isn’t simple at all. You just want to make the right financial choices for you and your family. Mostly, you want to be able to afford your home and get the best deal available.

But you’ve already got car loans, student loans, credit cards, taxes, cable bills, food, diapers, and oh man, this is getting scary. If you choose the wrong mortgage, and with insurance and property taxes on top of all that, well your home won’t be paid off until you’re 100. But, what if there was someone who could help you get the mortgage that best fits your needs, with the lowest rates in the market, who explains all your options in plain, simple language; all from the convenience of your own home.

Introducing your Verico mortgage advisor, your expert, independent, unbiased mortgage broker. Someone with the expertise to take away all the frustration of trying to find and figure out the best mortgage for you.

A Verico mortgage advisor is an expert that works for you, and has access to over 40 lenders, including banks, credit unions, trusts, and mortgage companies. So instead of struggling to find the best deal around, the mortgage lenders compete for your business. Your advisor does all the research, the math, and the paperwork necessary to get your application approved, saving you the time and money that you’d spend going from lender to lender, and sales pitch to sales pitch.

And because we arrange a large number of mortgages through our list of competing lenders, we can negotiate the best rate for you. Whether you have good or not-so-good credit, whether you have a job or are self-employed, we’ve got you covered.

And here’s what’s really great—the fees. In most cases, there’s no cost for our services. So while the other guys are scratching their heads, working their calculators and burning rubber looking for the best deal around, well you can relax, catch the game, spend the day at the park, or even start picking out paint colours.

So if you’re thinking about buying a home, refinancing, renewing, consolidating debt, or you’re just looking for expert advice that will help you pay less interest and save you money, feel free to contact me anytime!

Recent Posts

Deposit vs. Down Payment: Key Differences for Homebuyers

By Luisa & Candice Mortgages • July 22, 2026
When you’re buying a home, two terms often cause confusion: deposit and down payment . While they’re related, they serve very different purposes in the homebuying process. Here’s what you need to know. What Is a Deposit? A deposit is the money you provide when you make an offer on a property. Think of it as a show of good faith that proves you’re serious about purchasing. How it works : Typically, you provide a certified cheque or bank draft that your real estate brokerage holds in trust. If your offer is accepted, the deposit remains in trust until the deal moves forward. If negotiations fall through, the deposit is refunded. Connection to your down payment : Once the sale is finalized, your deposit becomes part of your total down payment. Why it matters : The amount is negotiable, but a larger deposit can make your offer more attractive in a competitive market. Keep in mind, however, that if you back out after conditions are removed, you risk losing your deposit. What Is a Down Payment? Your down payment is the amount you contribute toward the purchase price of your home when securing a mortgage. Minimum requirement : In Canada, the minimum down payment is 5% of the home’s purchase price. Anything less than 20% requires mortgage default insurance. Sources : Down payments can come from your savings, the sale of another property, RRSP withdrawals (through the Home Buyers’ Plan), a gift from family, or even borrowed funds. Example: How They Work Together Imagine you’re buying a $400,000 home with a 10% down payment ($40,000). When you make your offer, you provide a $10,000 deposit . Once conditions are met, that deposit is transferred to your lawyer’s trust account. At closing, you add the remaining $30,000 to complete your full down payment. The lender provides the rest—$360,000—through your mortgage. The Bottom Line Your deposit shows commitment and secures your offer, while your down payment is what makes the mortgage possible. Together, they work hand in hand to get you into your new home. 📞 If you’d like clarity on deposits, down payments, or any other part of the mortgage process, let’s connect. I’d be happy to walk you through it step by step.

Bank of Canada Holds Rate at 2.25% — July 15, 2026

By Luisa & Candice Mortgages • July 15, 2026
The Bank of Canada announced today that it is holding its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. The tone of today's announcement is notably more optimistic than previous months. Here's what's changed and what it means for you.

RRSP Home Buyers’ Plan Explained: A Smart Way to Buy Your First Home

By Luisa & Candice Mortgages • July 8, 2026
Saving for a down payment is one of the biggest challenges first-time buyers face. What many don’t realize is that the Canadian government offers a program designed to make it easier—the Home Buyers’ Plan (HBP) . This program allows you to withdraw money from your RRSP to help purchase your first home, without immediate tax consequences. Here’s how it works: Who Qualifies? To be eligible, you generally need to be a first-time home buyer. In practical terms, this means you must not have owned a home in the past four years, nor lived in a property owned by your spouse or partner during that time. There are also special allowances if you’re living with a disability or helping a relative with a disability. In these cases, you can use the HBP even if you’ve owned a home more recently. How Much Can You Withdraw? Under the program, you can access up to $35,000 from your RRSP as an individual. Couples can combine their withdrawals for a total of $70,000 . These funds must have been in your RRSP for at least 90 days before you take them out. Paying It Back The HBP isn’t “free money”—it’s an interest-free loan from your own retirement savings. You’ll have 15 years to repay the full amount back into your RRSP, starting in the second year after withdrawal. Each year, the CRA will send you an HBP Statement of Account outlining how much needs to be repaid. If you don’t make your repayment in a given year, that amount will be added to your taxable income. Why It’s a Smart Strategy The HBP can give first-time buyers a powerful boost toward homeownership. It helps you put together a larger down payment, which can reduce your mortgage amount and monthly payments. Just remember: it’s important to balance the short-term benefit of homeownership with the long-term impact on your retirement savings. Next Steps Thinking about using the Home Buyers’ Plan? Let’s sit down and review whether it’s the right move for you. Together, we can create a strategy that gets you into your first home while keeping your future financial goals on track. 📞 Reach out anytime—it would be a pleasure to guide you through the process.

Luisa & Candice Mortgages 

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