Mortgage Brokers in Canada. What is the term of a professional mortgage? A Canadian mortgage professional will evaluate your situation to determine the best rate and product to service your needs.
The Advantages of Using a Mortgage Broker in Canada
- A broker’s services are free. The lender that provides the mortgage loan
- All the negotiating and paperwork is handled by the broker
- Canadian brokers have extended hours
- A mortgage agent in Canada can source a mortgage from multiple lenders
- Mortgage professionals have immense knowledge of knowledge because they are not limited to a lender, so they have a broad view of the mortgage landscape
Canadian Broker Associations and Licensing
Nationally, there is no unifying governing body that all mortgage brokers adhere to. Rather, each mortgage professional license is handled province-to-province. However, in all provinces, the mortgage broker-to-be must be at least 18 years of age and have Canadian citizenship.
The Canadian Association, does not offer accreditation to the Accredited Mortgage Professional (AMP) designation. The courses cover important topics such as ethics, standards, and responsibilities. The Accredited Mortgage Professional designation (AMP) is the only national proficiency standard for Canada’s mortgage industry. It’s not required but adds additional credibility.