Are you hesitant about using the services of a mortgage broker or are uncertain as to what can do for you? The purpose of this article is to clarify the many advantages and benefits you will receive when using services provided by mortgage brokers in Canada.
After reading this article you will have a much better understanding of the services provided by the mortgage broker and would consider using a mortgage broker for their mortgage financing needs. You can also look for a 'mortgage broker' (also known as 'Courtier hypothecaire' in the French language) for buying a home.
What exactly is a mortgage broker?
A mortgage broker is a representative of all Canadian lending institutions in Canada. Their function is very similar to an insurance broker. A bank representative who works in one of the particular lending institutions that are used by banks and realizes any mortgage product that offers its banks.
Therefore, when you go to your bank for a mortgage representative analysis of your situation and choose the best products to offer their bank for your needs.
Mortgage brokers act as agents for all Canadian banks, Credit Unions, Trust companies, financial firms, and individual private lenders. Furthermore, when you visit a mortgage broker to mortgage finance will analyze your specific situation and choose the best product from one of the 50 Canadian credit institutions that they have.
FSCO (Financial Services Commission of Ontario) is just one government agency that monitors the business practices of mortgage brokers; each province has an institute that provides the same service for Canada. As a result, the agency stated that Canada was granted reliable protection, a thorough understanding of mortgage products, and the standard of service to meet their individual needs.