A mortgage broker shops your financing across several lenders rather than tying you to one bank: securing a realistic pre-approval, assembling your file, comparing rates and terms, then explaining penalties, portability and prepayment privileges before you commit. The lowest posted rate rarely tells the whole story. Before choosing, verify an active provincial licence, access to a broad panel of lenders rather than a single source, and a candid explanation of the penalty clauses. Payotte verifies the licence and track record of the single mortgage broker it recommends in each Mississauga sector — no ads, no paid placement.
The Mississauga real estate market
As of April 2026, the MLS benchmark price in Mississauga stood at $958,700, down 7.4% year-over-year. Inventory sat at roughly 4.4 months of supply, and homes took about 27 days to sell.
Scope: Ville de Mississauga · Cornerstone Association of REALTORS (via ACI/CREA) · Apr 2026. — Source : Cornerstone Association of REALTORS (via ACI/CREA)
How much does a mortgage broker cost?
In most standard residential files: nothing for the borrower. The broker is paid by the lender, typically around 0.5% to 1.2% of the mortgage amount (Ratehub, citing CMHC data — 48% of Canadian borrowers used a broker in 2024).
Fees can apply for private mortgages, alternative lenders or hard-to-place credit files — they must be disclosed in writing up front. Always ask how your broker is compensated and confirm their licence with the provincial regulator before signing.