First step to finding a top mortgage brocker.

A mortgage is likely the most onerous burden you'll ever carry. It's a loan of monstrous proportions, but for anyone who isn't a rock star or Bill Gates, it's the only way you'll own a house.

Clearly, the goal is to find the most competitive interest rate on that whopping sum, but not everyone knows how to go about it. According to stats culled by the Canada Mortgage and Housing Corporation, more than 50 percent of Canadian homebuyers accept the first rate their bank offers.

Not only does that mean most of them are settling for the first quote, but that the majority aren't using a mortgage broker.

A mortgage broker is a certified professional who seeks the best mortgage terms for you by accessing a network of lenders that includes major banks, trust companies, credit unions and finance companies. (Brokers may also draw on local lenders that aren't part of a network.) This stable of lenders provides brokers with interest rates on a near-daily basis.

While she has relationships with the country's biggest lenders, a mortgage broker is not beholden to any of them. A broker is beholden only to you, the client. She will sift through her posted rates to find you the best one.

Mortgage expertise can save you money
The most basic advantage of a mortgage broker is that she saves you from approaching the various lending institutions yourself, a laborious and sometimes undignified task. You fill out an application stating your assets and earnings, and based on your financial details, she will scout the market for the best mortgage.