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What You Ought To Know About Mortgage Broker

Planning to buy a new home? Don’t have any idea regarding this. Then hire a mortgage broker. Before you start the hiring process, read the information given here about mortgage brokers.

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What You Ought To Know About Mortgage Broker

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  1. What You Ought To Know About A Mortgage Broker

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. 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/

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