Calgary Mortgage Brokers and Agents
To secure the best mortgage rates in Calgary, 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?
By using a mortgage broker, you will benefit in the following ways:
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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)
- the mortgage broker can negotiate on your behalf and pass on some of their volume discounts to you
- the ability to leverage your mortgage broker’s large amount of knowledge of Calgary’s mortgage market
- free service, as mortgage brokers are paid by the lender that provides your mortgage
The Alberta Mortgage Brokers Association
Mortgage brokers in Calgary will be a part of the Alberta Mortgage Brokers Association (AMBA). The association 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 the AMBA, your Calgary 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
A Calgary mortgage broker 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 in Calgary you will come in contact with various professionals each having their own role in the purchase of your new home. The main professionals 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 the property. A home inspection will allow you to determine what repairs and maintenance may be required in your property. 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.