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Mortgage brokers

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					Mortgage brokers

    A mortgage broker acts as an intermediary between the borrower and the lender.
Mortgage brokers act on the behalf of either individuals or organisations. As a result of a
competitive loan market, mortgage brokers are popular and are recruited for finding the
lowest mortgages. Canadian Mortgages Inc. (CMI) is a brokerage firm that currently
specializes in residential real estate lending markets in Alberta, British Columbia,
Manitoba, Ontario and Saskatchewan.Canada has a strong mortgage industry. Mortgage
brokers work under the terms and conditions of the national institute and so they
guarantee a degree of security for consumers. This prevents monopolisation and produces
a fairer market with wide ranging possibilities for the consumers and also for the loan
granting institutes for whom mortgage brokers act as distributors and market their
products.

    Mortgage brokers perform several crucial functions in the mortgage industry. They
market the products of the lending bodies and attract borrowers, assess the borrower’s
financial condition, analyse the market to find mortgage products that suit the needs of
the clients, like the lowest possible mortgage rate, apply for lenders’ agreement in
principle (pre-approval), collect all the necessary official documents, fill in official forms
and other documents for the borrower, explain the legal aspects of the mortgage and then
submit all the material to the lending institute. For checking the borrower’s financial
condition, mortgage brokers check the borrower’s credit history from a credit report and
the check the ability of the borrower to repay the debt by checking their income
documentation. Mortgage brokers can thus be responsible for both the lender and the
borrower.

    Mortgage brokers help in finding the lowest mortgages rates. Mortgage brokers are
not allowed to use exaggerated rates and borrowers check the details of the contract. The
value of the mortgages rate is calculated taking into account several factors such as
whether it is a single loan, if second or third loans exist, whether the first loan is
combined with subsequent loans and whether there is a refinanced mortgage. The
mortgage period is taken into account with the type of mortgage rate—fixed rate
mortgage or adjustable rate mortgage. In Toronto, the lowest mortgages are generally
fixed rate mortgages. The rate usually varies 4% to 6 % or more. Mortgage brokers can
help in obtaining the lowest mortgages, such as the Toronto lowest mortgage.

    Mortgage brokers are generally former employees of loan granting institutes such as
banks and are presently working as independent third parties. Having worked with banks,
they know the way mortgage rates function, when, how and from where one can find the
lowest mortgage rates such as the Toronto lowest mortgage.

    With roots in the real estate sector branching out over 30 years, Canadian Mortgages
Inc. has exceptional experience in the Canadian real estate marketplace. CMI works with
over 60 different lenders and has access to over 2000 mortgage products. For more
information about mortgage brokers, visit http://www.canadianmortgagesinc.ca/index.asp

				
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posted:11/24/2011
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