what you ought to know about mortgage broker
DESCRIPTION
Planning to buy a new home? Don’t have any idea regarding this. Then hire a mortgage broker. Before you start the hiring process, read the information given here about mortgage brokers.TRANSCRIPT
What You Ought To
Know About A
Mortgage Broker
These days, most Canadians are using mortgage
brokers to help them organize the financing of their
home purchase. A mortgage broker is a licensed
lending professional who represents several
different lenders, and usually offers more loan
options.
Responsibilities of Mortgage Broker
A broker helps you navigate the bumps you may
encounter in qualifying for a mortgage.
If you have glitches on your credit history, your broker
can fix them.
Mortgage brokers make it their business to know all the
various plans and lending policies, as well as the
lender’s attitude on various aspects of mortgage
security and covenants.
He/she is in effect a matchmaker, attempting to
introduce the appropriate lender to the purchaser.
Sources of Funds
Mortgage brokers in Calgary have access to numerous
sources of funds, including the following:
Conventional lenders such as banks and trust companies
Credit unions
Canada Mortgage and Housing Corporation (CMHC)
Private pension funds
Insurance companies and more.
Tips to find a Mortgage Broker
One of the best ways to find a mortgage broker is to ask
friends who have recently bought a home.
Just as licensing rules for real estate agents are different
throughout Canada, there are differences for mortgage
brokers too. So make sure you’re dealing with the right
broker with the right license.
Check whether they have the proper credentials.
Seek help of the Canadian Institute of Mortgage Brokers
and Lenders that has information on ethics and standards
for mortgage brokers.
Tips to find a Mortgage Broker Online
To find whether an online mortgage broker is trustworthy
or not, check their website. The mortgage broker’s site can
offer you a couple of clues, such as:
The company should be registered member of the
Canadian Association of Accredited Mortgage
Professionals.
The website should feature a list of preferred lenders.
The longer the list, the better; this shows that the broker
has a good business relationship with many clients.
Don’t want to deal with the above tiresome tasks? Visit
Mortgage 360 which delivers the best service in the industry.
Phone: 403 615 6132
Toll free: 866 615 6132
Website: http://www.mortgage360.ca/