Canadian Mortgage Brokering Industry

Canadian Mortgage Brokering Industry

The Canadian mortgage brokering industry still has a long way to go in becoming recognized as a primary source of financial services for real estate financing equal to the big banks. What many people do not realize is that Canadian mortgage brokers and agents for the most part get mortgages for their clients from the big Canadian banks and even those with stable income / employment and strong credit scores can still work with mortgage professionals. It’s actually to their benefit to go through a mortgage broker / agent as our services are more specialized and customer service oriented with our clients best interest first in mind.

Mortgage Brokers and Agents must study specific industry courses as a minimum benchmark before they can be allowed to get licensed by their respective Provincial regulator.

The official national association that represents the mortgage brokering industry is called the Canadian Association of Accredited Mortgage Professionals CAAMP.

Canadian Mortgage Brokering Industry

Mortgage Renewal

Mortgage Renewal

Is your mortgage coming up for renewal? Are you thinking about a mortgage renewal option? Have you considered the option of shopping around for a better mortgage product or mortgage interest rate instead of just staying with your existing mortgagee? Unfortunately many Canadians who are mortgage holders renew their mortgage with their existing mortgage bank / lender. The matter of fact here is that if you work with a Mortgage Professional, such as a Mortgage Broker or Mortgage Agent they will shop around and check to see if there are any other products out there with a better rate for you, therefore greater savings in the long run as well.

mortgage renewalThe cost for you to change banks or lenders at renewal time is minimal. Many mortgage lenders have promotions to attract customers from their competitors. Lenders provide perks to bring in more renewal business such as covering your legal and appraisal fees and also paying for your discharge fee to switch your mortgage.

Usually the mortgage professional will not charge you a fee either. This is another saving and a win-win situation for you.

Canadian lenders can guaranty a mortgage rate up to 120 days before the closing or renewal date of your mortgage. That means that you should start shopping around at least several months before your renewal date to take advantage of any good mortgage rates or products that are out there in the Canadian market place.  At Trusterra Mortgage we work with our clients and do our best in providing exceptional and trustworthy service and honest advice for their best interest.

What are you waiting for? Contact us and let’s work together in helping you get the best mortgage out there suited for your needs.

Mortgage Professional

Mortgage Professional

In the complexities of an ever advancing Canadian real estate market it has become increasingly important and beneficial for the consumer, such as the first time home buyer, existing home owner looking for a mortgage renewal, or the real estate investor seeking to acquire an investment property to work with a seasoned Canadian mortgage professional – mortgage broker / mortgage agent —  when it comes to getting their mortgage financing in order.

A mortgage professional, or otherwise known as a mortgage broker or agent – we will call them from this point onwards the ‘mortgage professional’ — studies in the field of real estate financing and specializes just in mortgages. A mortgage professional here in Canada works for the benefit of the consumer / client, making sure that the mortgage client receives the correct and unbiased professional advice that best suits the needs and realities of each clients situation, which differs from everyone one else.

Unlike the individual working in a bank, mortgage professionals will not try to up-sell to you proprietary specific bank products in order that they meet their sales quota. Mortgage professionals will not push you towards one lender over another, but rather, they will decide which one of the lenders has the best mortgage product based on your personal and unique circumstances. For most consumers when working with mortgage professionals there is no fee’s or charges that they have to pay. The lending institution that approves your mortgage application will pay a commission to the mortgage professional after the closing of the deal.

Unfortunately it has become normal practice for the consumer to shop around just for the lowest interest rate even if that means sacrificing the quality and trustworthiness of the individual or company that is quoting the low interest rate. There should be more to your investigation and shopping of mortgages than just how low their interest rates are. You should be looking at the overall package of the mortgage professional.

Most provinces in Canada regulate the mortgage brokerage industry. The purpose of the regulation is for the protection of the consumer by making sure that individuals who want to work in the industry meet certain minimal judiciary and educational requirements.

If you are considering to become a mortgage broker or agent in any of the Canadian provinces, or you are thinking about seeking the professional help of a mortgage broker or agent, you can visit the following Government web sites to learn more about the mortgage industry and its professionals in most Canadian provinces.

British Columbia

Financial Institutions Commission – FICOM

The Financial Institutions Commission (FICOM) is an agency of the provincial government, which administers nine statutes providing regulatory rules for the protection of the public in the province of British Columbia.

 

Alberta

Real Estate Council of Alberta – RECA

RECA is an independent, non-government agency, responsible for governing industry professionals in the real estate, mortgage broker, and real estate appraisal industries.

 

Saskatchewan

Financial and Consumer Affairs Authority – FCAA

Financial and Consumer Affairs Authority (FCAA) protects consumer and public interests and supports economic well-being through responsive financial marketplace regulation. FCAA enhances consumer protection through licensing, registration, audit, complaint handling and enforcement activities pursuant to various provincial statutes.

 

Manitoba

The Manitoba Securities Commission

The real estate division is responsible for administering The Real Estate Brokers Act and The Mortgage Brokers Act. This division registers real estate brokers, salespersons, and mortgage brokers, monitors brokers’ trust accounts, and investigates complaints against real estate brokers, salespersons and mortgage brokers.

 

Ontario

Financial Services Commission of Ontario – FSCO

The Financial Services Commission of Ontario is a regulatory agency of the Ministry of Finance that regulates insurance, pension plans, loan and trust companies, credit unions, caisses populaires, mortgage brokering, and co-operative corporations in Ontario.

 

Quebec

Organisme d’autoréglementation du courtage immobilier du Québec – OACIQ

The Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) is the organization responsible for the application and enforcement of the Real Estate Brokerage Act.

 

New Brunswick

Department of Justice and Consumer Affairs Consumer Affairs Branch

 

Nova Scotia

Service Nova Scotia and Municipal Relations Business Licensing