Alberta Mortgage Brokers and Agents
To secure the best mortgage rates in Alberta, contact a mortgage broker or agent in your area. Using a local broker gives you the ability to meet in-person to discuss your needs and concerns and gives you access to the best mortgage rates offered by banks and lenders across Canada.
Why get a Mortgage Broker?
Mortgage brokers can help in a number of ways, some advantages of using a broker are:
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- greater access to lenders, mortgage products and rates
- the ability to compare mortgage rates without having your credit report being pulled multiple times (if you conducted your own comparison shopping, your credit report would be pulled once by each of the lenders you go to)
- all negotiations are handled by the mortgage broker
- greater flexibility when finding a time to meet with your broker in-person as mortgage brokers usually have extended hours
- access to your mortgage broker’s in-depth industry knowledge
- it is a free service; mortgage brokers are paid by the lender that provides your mortgage
The Alberta Mortgage Brokers Association
The Alberta Mortgage Brokers Association (AMBA) helps to ensure ethical business practices, integrity and professionalism within the Alberta mortgage broker industry. They also deliver licensing and courses to become a fully licensed mortgage broker. By being a member of AMBA, your broker is agreeing to abide by the ethical business principles and code of conduct outlined by the association. The Alberta Mortgage Brokers Association also provides information from homebuyers to help make an informed decision. They have information on the First-time Home Buyers Tax Credit and ways you can protect yourself from real estate fraud.
Mortgage Broker Licensing in Alberta
To be a fully licensed mortgage broker you must meet the education requirements outlined by the Real Estate Council of Alberta (RECA). This can be done by completing courses offered by the Alberta Mortgage Brokers Association or by RECA. The Real Estate Council of Alberta regulates and enforces standards in mortgage brokerage, real estate brokerage, property management, and real estate appraisers in Alberta.
Other Professionals
When purchasing a new home or property you will come in contact with various professionals each having their own role in the purchase of your new home. The main individuals you will come in contact with are realtors, home inspectors and real estate lawyers.
Realtors can help you find the right property and negotiate with the seller on your behalf by accessing home sales data. Realtors are overseen by the Real Estate Council of Alberta and the majority are represented by the Alberta Real Estate Association.
Home Inspectors provide home inspections to determine the condition of your property. A home inspection will allow you to determine what repairs and maintenance may be require. To be a licensed home inspector in Alberta you must meet the requirements laid out by CAHPI Alberta (Canadian Association of Home & Property Inspectors).
Real Estate Lawyers execute all legal documents such as a purchase agreement and mortgage agreement, and ensures your rights as a buyer are upheld.