| There are three different kinds of mortgage loan | | | | (more than 30) so that they can offer the best |
| consultants: | | | | solution to their clients. Nowadays, there are more |
| - The representative of the local bank branch: This | | | | than 12,000 mortgage brokers in Canada who |
| consultant only offers loans, and he has other | | | | represent 27% of the market.) |
| banking jobs to take care of. They receive a salary | | | | (Please note that, although I try to be neutral on the |
| from the bank they work for, and perhaps a bonus. | | | | subject, I am a mortgage broker - taux hypothecaire. |
| The local bank branch representative acts exactly like | | | | I want to advise you that I believe working with a |
| a mortgage consultant, but he is the only one who | | | | mortgage broker is the best way to go when you |
| can actually submit a mortgage application. Things | | | | are shopping for a mortgage for your home.) |
| have changed in the mortgage market, and now | | | | Of this you can be sure: the expertise and integrity |
| almost all of the lenders sell their mortgages through | | | | of whatever advisor you work with will make a big |
| brokers or sometimes through mortgage marketers - | | | | difference. Of course, there are expert local bank |
| taux hypothecaire. Bank representatives still offer | | | | branch representatives, expert mortgage marketers |
| mortgage loans in addition to other financial products, | | | | and expert mortgage brokers. And then, there are |
| but only for the bank they work for. | | | | many who do not fully understand this field. |
| - The mortgage marketer: He only offers loans, and | | | | It is the person in the position that is most important. |
| specializes in mortgage loans. The bank or lender he | | | | Of this you can be sure: the expertise and integrity |
| works for pays him a commission (taux | | | | of whatever consultant - taux hypothecaire you |
| hypothecaire). | | | | work with will make a big difference. Yes, there are |
| Banks now hire local reps to be able to serve the | | | | expert local bank branch representatives, expert |
| clients better. A mortgage marketer will go to the | | | | mortgage marketers and expert mortgage brokers. |
| client, but he is still only works for the one bank that | | | | And then, there are many who do not fully |
| hired him and is responsible for his commission (based | | | | understand this field. |
| on the amount of the mortgage of the borrower.) | | | | It is the person in the position that is most important. |
| - The mortgage broker: He offers the loan products | | | | Mortgage brokering has become more popular |
| of many lenders, specializes in home loans and works | | | | A survey by the CMHC showed that in 2004 more |
| only for commission (paid by the lender). | | | | than 26% of mortgage loans were financed with the |
| Mortgage brokers have existed for thirty years, but | | | | help of a mortgage broker (taux hypothecaire). In |
| have only become a major factor in the mortgage | | | | one way or another, it is the individual, his integrity |
| market over the last few years (taux hypothecaire). | | | | and his expertise that will make the difference. |
| Mortgage brokers work directly with many lenders | | | | |