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BlogNewsWhat, exactly, does a mortgage broker do?

What, exactly, does a mortgage broker do?

Thursday, June 30, 2016

The role of a mortgage broker is to understand your client’s needs, seek out the options that offer the best fit with their individual situations and guide clients through the process of getting a mortgage.

Mortgage brokers do not work for a specific financial institution or lender. They work independently, and they can get the best rates from banks and other non-bank lenders. Mortgage brokers are professionals with expertise in mortgage financing, with training and oversight by OACIQ (Organisme d’Autoréglementation du Courtage Immobilier du Québec) and Mortgage Professionals Canada.

The client’s borrowing profile determines the type of mortgage loan the client can contract and the interest rate. The client profile consists of: The client’s work status (salaried employee, self-employed, on commission, seasonal worker, etc.), the client’s credit history, the source of funds in the case of a home purchase, the type of property, etc.

Mortgage brokers meet with clients at a location that’s convenient for clients, and their services are free of charge. Clients have nothing to lose, but everything to gain!

With as many options on the market, it makes sense to work with a mortgage broker to make sure your client gets the best product with the best terms for their individual situation.

Contact a broker, it’s free and well worth it!

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