Updated October 17, 2026 · By Jatin Sood, Mortgage Agent Level 2
Quick answer: In Ontario, a Mortgage Agent Level 1 can arrange mortgages only with traditional lenders such as banks and credit unions. A Mortgage Agent Level 2 can work with all mortgage lenders, including alternative and private lenders, and must first have at least 12 months of experience as a Level 1 agent plus extra education. You can check any agent’s licence and level on the Financial Services Regulatory Authority of Ontario (FSRA) public licence search.
Choosing someone to help with your mortgage is a big decision. Knowing what the licence levels mean helps you ask the right questions before you share any documents. This guide is general information for buyers and homeowners in Brampton and the GTA, not advice for your situation.
What does a mortgage agent do in Ontario?
A mortgage agent helps you understand your options, prepares your application and arranges a mortgage with a lender. Agents work through a licensed brokerage, and the lender, not the agent, decides whether to approve the mortgage. In Ontario, mortgage agents, brokers and brokerages are licensed and supervised by FSRA.
The Financial Consumer Agency of Canada (FCAC) notes that mortgage brokers generally don’t charge you a fee, because they receive a commission from the lender when they arrange a mortgage. Some situations can involve fees, so ask about every payment at your first meeting.
What can a Level 1 mortgage agent do?
Since April 1, 2023, FSRA has issued two classes of mortgage agent licence. A Level 1 agent can help you get a mortgage from a traditional lender, for example a bank or a credit union (FSRA). FSRA’s guidance says Level 1 agents deal exclusively with lenders that are financial institutions or approved lenders under the National Housing Act, and they cannot arrange private mortgages.
For many buyers with steady income, good credit and a standard down payment, a traditional lender is the usual first step.
What can a Level 2 mortgage agent do?
A Level 2 agent can help you get a mortgage from all mortgage lenders, including alternative and private lenders (FSRA). FSRA tells consumers that if you are working with a mortgage agent on a private mortgage, you should make sure the agent holds a Level 2 licence.
That matters if your situation doesn’t fit a bank’s standard rules, for example self-employed income, a recent credit problem or a short-term need. Private and alternative mortgages usually cost more and carry more risk, so they are worth understanding before you decide. Our page on private mortgages in Brampton explains how they work.
How does someone become a Level 2 mortgage agent?
Under FSRA’s licensing guidance (last updated October 7, 2024), a Level 2 agent needs:
- At least 12 months of experience as a Level 1 mortgage agent within the last 24 months
- Completion of the FSRA-approved Level 2 program, which includes a course on private mortgages
So a Level 2 licence shows extra training and time in the field. It does not mean any lender will approve you.
How do I check a mortgage agent’s licence in Ontario?
It takes about a minute:
- Go to FSRA’s public search for licensed mortgage professionals.
- Search the agent’s last name or licence number.
- Check that the licence is active, the licence class (Level 1, Level 2 or Broker) and the brokerage they work through.
Do this before you send pay stubs, tax documents or bank statements to anyone. FSRA also says that for mortgages of $400,000 or less, a mortgage professional should not ask you for an advance payment or deposit.
What should a mortgage agent give me in writing?
FSRA requires brokerages, brokers and agents to give you clear written disclosures in time to help you decide, including:
- An estimate of the total cost of borrowing over the term
- The material risks of the mortgage
- Their relationship with the lender and with you, including who they represent
- Any conflicts of interest, and any fees, payments or incentives they receive or pay
You also get a minimum two-day cooling-off period after receiving these disclosures, unless you waive it in writing (FSRA). If anything is unclear, ask before you sign.
Can I work with a mortgage agent in Punjabi or Hindi?
Yes, if the agent speaks your language. Many families in Brampton prefer to talk through big money decisions in Punjabi or Hindi, and that is a fair thing to ask about at the first call. The licence rules are the same whatever language you use, and your written disclosures should still be clear to you. Jatin Sood works with clients in English, Punjabi and Hindi.
Frequently asked questions
Do I need a Level 2 agent if I want a bank mortgage?
No. Both Level 1 and Level 2 agents can arrange mortgages with traditional lenders such as banks and credit unions. A Level 2 licence adds the ability to work with alternative and private lenders.
Do I pay a mortgage agent?
Usually the lender pays the brokerage a commission. Some files, such as certain private mortgages, can involve fees. FSRA says to ask about all fees at your first meeting, and for loans of $400,000 or less no advance payment or deposit should be requested.
Is a mortgage agent the same as a mortgage broker?
No. In Ontario they are different licence classes, and every agent must work through a licensed brokerage. You can see each person’s licence class on FSRA’s public search.
Talk it through
If you are buying, renewing or refinancing in Brampton or the GTA and want to understand your options in English, Punjabi or Hindi, book a free 15-minute review or call or WhatsApp 647-569-8109. A review is not a mortgage application or an approval. You can read more about Jatin’s mortgage services across the GTA.
Sources (checked October 14, 2026)
- FSRA, Working with a Mortgage Professional (licence classes in effect since April 1, 2023)
- FSRA, New mortgage agent and broker licensing requirements, last updated 2024-10-07
- FSRA, public search of licensed mortgage agents
- Financial Consumer Agency of Canada, Getting preapproved for a mortgage, modified 2025-10-15
Jatin Sood, Mortgage Agent Level 2 (Lic. #M24002757) | The Mortgage Centre – Hard Money Approvals, Brokerage #12880. Independently Owned & Operated. General information only; not financial, legal or tax advice. Approval depends on the lender’s review.