New Brunswick Mortgage Brokers and Agents
To secure the best mortgage rates in New Brunswick, 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 Brokers Association of Atlantic Canada
Mortgage brokers in New Brunswick falls under the Mortgage Brokers Association of Atlantic Canada (MBAAC). The MBAAC supports professional and ethical standards in the mortgage brokerage industry through professional development and educational courses. They also represent their members when dealing with agencies, licensing bodies and regulators. Members of MBAAC must adhere to the professional and ethical standards outlined by the association and meet the qualification requirements.
Mortgage Broker Licensing in New Brunswick
To be a licensed mortgage broker in New Brunswick you must meet the education and work experience requirements as outlined by New Brunswick’s Financial and Consumer Service Commission. The Financial and Consumer Service Commission enforces the Mortgage Brokers Act and Mortgage Brokers Fees rules.
Other Professionals
During the purchase process of a new home you may come into contact with numerous professionals offering services to help you purchase your new home. Some of these professionals are: realtors, home inspectors and real estate lawyers.
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- Realtors aid in the finding and negotiating involved with a home purchase. They are overseen by the Financial and Consumer Services Commission of New Brunswick. Many realtors are also part of the New Brunswick Real Estate Association which regulates education and ethical standards in New Brunswick’s real estate industry.
- Home inspectors evaluate the condition of your property and determine the repairs and maintenance which is required. Since provincial licensing of home inspectors is not required, consult the Canadian Association of Home & Property Inspectors Atlantic for a listing of its members to find a qualified home inspector.
- Real Estate Lawyers ensure your rights as a buyer are upheld while executing all legal documents such as a purchase agreement and mortgage agreement.