An accredited independent mortgage broker can be a boon. The broker can be a source of free unbiased guidance. The broker helps the customer learn about the options and negotiates rates on your behalf with lenders. Licenced brokers are qualified under applicable provincial laws and in good standing.
A distinguishing feature of a mortgage broker, over a mortgage agent, is that the broker has more years of experience. The broker must pass a mortgage broker course. A broker can supervise a mortgage agent.
Mortgage agent may only work for a single mortgage brokerage. Like the broker the agent must be licenced. This requires meeting certain educational qualifications. The agent has to apply for a licence within two years of finishing the required educational program. These can be offered by commercial vendors. The curriculum is standardized; but, the format offerings can vary. An exam tests what has been learned.
A broker has first qualified and worked as an agent. A broker also has successfully taken a mortgage broker course. After taking of the course, the broker has been approved for a licence.
Brokers scout for the optimal choice. A consumer can both save effort and costs by using their service. They also have access to the hundreds of mortgage products individual lenders are not aware of and do not offer. They also may have products that are unique.
These useful services are free. The broker is paid a commission by the lender. The commission earned is for the mortgage term and size, not based on the rate. They can be available to their customers more than bankers, as they work also outside banking business hours. Their clients may also have access to them on weekends and afterhours. Mortgage renewal can also be done through brokers. Assistance with leveraged loans for investment can also be a service they provide. Home buyers who have never owned a home before will find comfort in the support provided by the broker.