What is a Mortgage Broker exactly ?

Hmmmm....

Wikipedia defines it as this:

" A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses."

Merriam Webster describes a Broker as such:

"one who acts as an intermediary."

But what is a definition that a non0industry professional can understand.

How about this....

Think of mortgage brokers as scouts. They find and evaluate home buyers, analyzing each person's credit situation to determine which lender is the best fit for that person's needs.

Does that make it easier to understand my job?

Mortgage brokers are professionals who are paid a fee to bring together lenders and borrowers.

This means we don't charge fees to clients save and except the most trying and trivial circumstances.
That means no hidden costs associated with the way we work.

On a side note, Brokers in BC are the most highly regulated across Canada.

What does that mean for you the end consumer?

It means disclosure. It means transparency. It means we conduct open and honest business with each and every one of our clients.

We can work with dozens or even hundreds of lenders, not as employees, but as freelance agents.

We submit an application to one or more lenders in order to sell it, and we work with the chosen lender until the loan closes.
 
A good mortgage broker can and will find a lender for just about any type of credit.
 
What does that mean for you?
 
Peace of mind knowing they are working for you and not the institution they are obtaining funding from.
 
What Difference Does it Make?

Why should I care as long as I get financing?

A local or online mortgage broker may find you a lender in another part of the country. An online bank might not have a local office where employees can help you one-on-one. Some out of town lenders don't understand the types of heating systems used in specific areas, they aren't familiar with private septic systems, and they don't immediately understand common classifications and terms used by local appraisers. Those are just a few examples of problems we see.

Using a local bank can sometimes be a plus. Their staff generally understand the specifics of local properties, but a distant lender who doesn't will delay closing until questions are answered. A Broker can often find a lender who will make loans that a bank refuses--problem credit is one example. Loans for unique or commercial properties might be easier to secure through a mortgage broker.
 
Why write this?
 
In our world we are commonly misunderstood.
 
Brokers who have obtained their AMP designation are the most highly accredited professionals you can use in your home buying process.
 
Look for the AMP designation when choosing your Broker.
 
Check out my website for links to finding more out about the AMP designation and why I worked hard to obtain it. www.kevynoyhenart.ca
 
Until tomorrow...
 
Kevyn