Getting a mortgage is often the largest financial commitment Canadians make. Mortgages can come with many benefits. Mortgages will help you own your own home. And owning a home can be a good asset over time.

But, since mortgages are financial products and large financial commitments, there will always be risks. This is true whether you work with a mortgage broker or deal with the lender directly. But, if you do use a mortgage broker, he or she can help you better understand these risks and how they may relate to you personally.

This webpage will help identify some of the possible risks and how to manage them. For more information, you can speak to a licensed mortgage broker. Depending on the type of licence and the province in which it was issued, the licensed professional you deal with may be a mortgage broker, submortgage broker, associate mortgage broker or mortgage agent. Here, “mortgage broker” is used broadly to refer to all of these individuals. You can also connect with a brokerage or the regulatory authority in your province. The regulatory authority may also be able to provide you with information on laws and regulations that are specific to your province.