London Mortgage Brokers and Agents
To secure the best mortgage rates in London, 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
Mortgage Professionals Canada
Mortgage Professionals Canada (formerly CAAMP) is a national industry association which provides ethical and professional standards for its members. They provide education and information to mortgage brokers, regulators and mortgage consumers in order to maintain industry standards and conduct. By being a member of Mortgage Professionals Canada, mortgage brokers are agreeing to the ethical and professional guidelines outlined by the association.
Mortgage Broker Licensing
Mortgage brokers are licensed by the province, although each province has its own rules. In many provinces, mortgage brokers are expected to complete training courses and have a minimum amount of work experience before becoming licensed. In others, there are no educational requirements. In all provinces, one may acquire an Accredited Mortgage Professional (AMP) designation from the association known as Mortgage Professionals Canada (MPC). It is the only proficiency standard for the Canadian Mortgage industry and although not necessary, does add additional credibility.
Other Professionals
When purchasing a new home or property in London you may choose to use the services of various professionals who all have a role in your new home purchase. These professionals include realtors, home inspectors and real estate lawyers. Realtors have access to home sales data and can help you find the right property and negotiate with the seller on your behalf. Home inspectors conduct 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. Real estate lawyers execute all legal documents such as a purchase agreement and mortgage agreement, and ensures your rights as a buyer are upheld.