Who should consider a mortgage broker? Everyone! What is a mortgage broker? When it comes to mortgage brokers, there are many misunderstandings and misconceptions. A mortgage broker is an expert certified by the Real Estate Council of Alberta (RECA). To obtain this credential mortgage brokers must meet certain educational and professional conduct requirements , and be subject to background tests. What makes a mortgage broker different from the bank? A mortgage broker should not be compared with your local financial institution. Each has its own objective and purpose. An independent mortgage broker is just that-independent-meaning they have no association with any one lender. It is their responsibility to provide you with impartial advice. In essence, they're professionals who are trained and licensed in the business of mortgage finance. Their main objective is to work for you-not the lender! They search the mortgage market to find the best rate, term and product for the consumer, but they also do more than that, including options for debt consolidation and strategies for recovering credit. The best part is that the mortgage you get through a broker operates in the same way as the one you get from your local financing institution. There are a variety of options available such as online banking, accelerated payment, pre-payment, and online banking. It's simple and easy. Myth #1: Interest rates with the mortgage broker are extremely. Truth: Only a mortgage broker is able to offer the industry's lowest interest rates. Why should an independent mortgage broker be used? It's important to work with an expert broker to Mortgage broker license represent your interests and make sure that the mortgage you are offered is suitable for your requirements. Mortgage brokers have access to each major lender across Canada. If it's a chartered banking institution or trust, insurance company or a private lender, they all offer different rates and product features. One thing you should be aware of is that a lot of these lenders can only be accessible through a mortgage broker. It is essential to choose the right one for you. After you've decided the location you'd like to apply, getting mortgage approval will typically depend on how your application is made. The mortgage broker will present your application to get an affirmative response. The turnaround time for a broker to receive an answer from a lender and get you financing can be within one or two days, contingent on the workload of the lender. Who pays the mortgage broker? Mortgage brokers are paid an "finder's fee" for residential mortgages by the lender once the transaction has been completed and funded. Many brokers don't charge their clients for their services. Make sure to ask your broker about the fee they'll charge you. Myth #2: A mortgage broker only deals with people who have damaged credit Truth: A broker can be a valuable asset, regardless of your credit rating. The facts are in the independent statistics... the brokering of mortgages continues to grow in leaps and bounds each year as more people gain a better understanding of their work. For more detail please visit:- https://andatphat.vn/ pusat cuan Have your neighbors and friends ask who have had dealings with brokers in the past , if you're thinking of employing one. Get to know the broker you've chosen. Does the broker have ties with a lender How do they find a mortgage? Find out if they are willing to visit your house or workplace to talk about an offer from a lender in the event that you are working. Ask to discuss your credit report with the broker. Keep in mind that an institution that gives only one "posted" rate could cost you hundreds of dollars. Why spend extra money when you don’t need to? Matthew Buxton, the broker and proprietor of Alberta Mortgage Solutions Inc. He is an Alberta resident and a member of the Real Estate Council of Alberta. For more financing advice, or to find out your chances of getting a mortgage, visit his website at [http://www.abmsi.ca] Permission to reproduce this article in its entirety will only be given if the name "Alberta Mortgage Solutions Inc." and the company web address - [http://www.abmsi.ca] - accompanies the reproduced article.