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/