There are many advantages to working with a trusted and reliable licensed Mortgage Broker
They are tightly regulated in Canada. Each Province has a licensing arm that Governs and regulates mortgage professionals.
Each Province will have their own nomenclator / mortgage license types. For example, Mortgage Broker or Mortgage Agent or Mortgage Associate.
Mortgage professionals, study and are licensed to work only and just on mortgage financing services. Most of them work for Mortgage Brokerages, which are independent from any financial lending institution. This means that they are not trying to sell only a particular financial institutions mortgage product.
Most of them are not tied to a financial institution and do not try to upsell you with other credit products, such as bank accounts, credit cards or other loan types.
A Mortgage Broker has the fiduciary duty
to serve either for the best interest of the applicant / client or both the best interest of the applicant and the lender or sometimes they represent and act in the best interest of just the lender. These are mainly cases when the broker is themselves a private lender or represents a private lender. In these cases, the applicant must also work with an independent mortgage broker who can act on their best interest.
They have extensive experience working in the mortgage industry
Mortgage brokers know about all the different real estate financing solutions. They analyze an applicant’s financial situation, including credit history and score and assess and advice on best options for the applicant to consider when applying for a mortgage.
Every person’s income and credit situation is different and requires a customized review and solution that best meets their needs and reality.
Their services for most people are free
That is right! Most of the time Mortgage Broker’s will not charge you a fee. So, you get an amazing one-on-one customer care experience and advice. There are times that there will be a broker fee, because of the complicated and special circumstances of the application. You would be advised of this at the start of the application process.
Trusterra Mortgage is ready to help you
Contact us! We will do our best to answer any questions you have. Should you feel it is time, we can start the mortgage application. We will guide you along the way making sure that you understand each step of the process. You would never be given a product or put into a position that we feel would put you in a financially dangerous position. We are pretty honest with that. Should we feel that it is not time yet for you to get into the mortgage borrowing world, then, we would tell you not to do it and wait until it is the right time.