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The three distinct types of mortgage consultants are: • The representative of the local bank branch: This person can only offer loans, not a full strategy, and they have regular banking duties to attend to. They are paid a salary by the bank they work for, with the possibility of an annual bonus. The rep of the local bank branch plays the part of a mortgage consultant, and he is the only one who can submit an application. Things are different recently in the mortgage lending, and now most lenders also work through mortgage brokers or sometimes mortgage marketers - taux hypothecaire. The bank representative will still offer a mortgage loan (in addition to the other banking products the bank offers) but only for the one bank. • The mortgage marketer: He offers loan products only, specializes in home loans and is mostly paid by commission (paid by the lender). In order to better serve their customers, banks have begun to hire local representatives. Mortgage marketers go to the client but work primarily for a bank or lender. Like the other mortgage brokers (taux hypothecaire), they are paid by commission on the amount of the borrower’s mortgage.) • The mortgage broker: The broker offers the loan products of many lending institutions. He specializes in mortgages and receives a commission. This commission is paid by the lender that the loan is placed with. Mortgage brokers have been dealing with mortgages for more than thirty years but have only become an import component of the mortgage market (taux hypothecaire) lately. A mortgage broker works with many lenders, usually 30 or more and can choose the best one for each client. Today, more than 12,000 mortgage brokers operate in Canada, controlling 27% of the mortgage market.) (Note: I have tried to be as neutral as possible, but the fact is that I am a mortgage broker - taux hypothecaire. So I want to inform you right away that I believe that it is better to deal with a mortgage broker to finance your property.) One thing is for sure. It is the expertise and integrity of the advisor that will make the difference. There are excellent local bank branch representatives, excellent mortgage marketers and excellent mortgage brokers. However, the opposite is also true. The service of the individual with whom you will work is most important. Of this you can be sure: the expertise and integrity of whatever consultant - taux hypothecaire you work with will make a critical difference. Yes, there are expert local bank branch representatives, expert mortgage marketers and expert mortgage brokers. And then, there are those who do not fully understand this field. It is the person in the position that is most important. Mortgage brokering has become more popular A survey by the CMHC showed that in 2004 more than 26% of home loans were financed with the help of a mortgage broker (taux hypothecaire). No matter what, it is the individual, his integrity and his expertise that will make the difference.
Article Source: http://www.financemanual.com
Gregory is an Accredited Mortgage Professional (AMP) in Canada. To have more information on Mortgage Broker - Courtier hypothecaire please visit: Hypotheque | Mortgage
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