Certified Financial Planner and Independent Mortgage Broker Serving the Greater Toronto Area

What a lender approves you for is based on income, debt ratios, and credit — a formula designed to assess risk, not to assess your life. It tells you the ceiling. It does not tell you whether reaching that ceiling is the right decision for your retirement timeline, your cash flow, or the financial plan you are trying to build.

William Chan, Mortgage Agent Level 2 (FSRA Lic. #M21003034) and Certified Financial Planner, approaches the conversation differently. The question is not just how much you qualify for — it is how much you should borrow given everything else in your financial picture. How the amortization schedule interacts with your retirement date. Whether the monthly payment leaves room for the savings rate your plan requires. What the insurance gap looks like once the mortgage obligation is in place.

Working through MortgageBroker.ca with access to over 50 lenders, the recommendation is always the best fit across the full market — not the most convenient option from a single institution. The advice starts with your situation, not a lender's product shelf.



Download the My Mortgage Planner app for personalized calculators, current mortgage rates, and a pre-qualification tool — then let us handle the rest.

How a Mortgage Broker Gets Paid in Ontario

A mortgage broker in Ontario is compensated in one of two ways — by the lender or by the borrower — depending on the type of transaction and the lender involved. In either case, all compensation must be disclosed in writing before any commitment is signed, as required under FSRA regulations.

For most residential transactions, the lender pays the broker directly after the mortgage funds. In situations involving alternative or specialty lending, a broker fee may be charged to the borrower and settled at closing. The model that applies will always be explained clearly before the engagement begins.

Lender-paid compensation

The standard model for most residential mortgage transactions in Canada. When a borrower qualifies with an "A lender" — a major bank, credit union, or national monoline lender — the lender pays the broker a finder's fee after the mortgage funds, typically between 0.5% and 1.2% of the mortgage amount. That cost is absorbed by the lender entirely. There is no charge to the borrower and no impact on the rate.

This applies to the majority of purchases, renewals, and refinances involving borrowers with verifiable income, strong credit, and properties that meet standard lending guidelines.

Borrower-paid compensation

Applies in situations where standard lender compensation does not — typically when the borrower or property falls outside conventional lending guidelines. The broker fee is disclosed in writing before commitment, agreed to by the borrower, and deducted from the mortgage proceeds at closing through the lawyer. There is nothing paid upfront.

This applies in situations involving alternative or B lenders, private financing arrangements, self-employed borrowers with non-traditional income documentation, credit-challenged borrowers, or properties that do not meet standard lender criteria.

Find the Right Mortgage for Your Situation

Home Equity Line of Credit — Borrowing Against What You've Built

A Home Equity Line of Credit gives you revolving access to your home's equity — borrow what you need, when you need it, and pay interest only on what you use. Most lenders will advance up to 65% of your home's appraised value as a HELOC, with the combined mortgage and HELOC not exceeding 80% of the value.

Used deliberately, a HELOC serves legitimate financial purposes — value-adding renovations, business use, debt consolidation, real estate investment strategies, and short-term cash flow bridging where a clear repayment plan is in place. What it is not is a substitute for an emergency fund. Interest-only payments mean the principal never moves unless you make it move.

A HELOC is particularly relevant for real estate investors using equity to fund the next acquisition, and self-employed borrowers managing variable income alongside a mortgage obligation.

William Chan

Mortgage Agent Level 2 & Certified Financial Planner™

Most mortgage brokers focus on the rate. William Chan focuses on what the mortgage means for everything else.

Licensed as a Mortgage Agent Level 2 (FSRA Lic. #M21003034) through MortgageBroker.ca Ltd and holding the CFP®, CLU®, CHS™, and CEA designations, William brings a perspective that most mortgage brokers cannot — one that connects the mortgage decision to the broader financial plan it sits inside.

Fifteen years serving clients across the GTA, first inside some of Canada's largest financial institutions and now independently, has made one thing clear. The borrowers who come out ahead are the ones who understand what they are signing before they sign it — not just the rate, but the structure, the timing, and the implications for everything the mortgage touches.

Named Best Mortgage Agent/Broker — Diamond Winner in the 2025 Best of Mississauga Readers' Choice Awards and a WPC 5-Star Advisor 2026 by Wealth Professional Canada, William is independently recognized across both the mortgage and financial planning verticals — a combination that remains rare in the Canadian market.



Independent access to over 50 lenders through MortgageBroker.ca means the recommendation is always built around the client's situation, not a single institution's product shelf.

Frequently Asked Questions — Independent Mortgage Advice