Ottawa Mortgage Brokers and Agents
To secure the best mortgage rates in Ottawa, 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
Canadian Mortgage Brokers Association of Ontario
Ottawa mortgage brokers will belong to the Canadian Mortgage Brokers Association of Ontario. The association delivers licensing and continuing education courses to their members in addition to representing them when dealing with local issues at the provincial level, and when dealing with agencies, licensing bodies and regulators. As a member of the Mortgage Brokers Association of Ontario, mortgage brokers are agreeing to abide by the outlined professional and ethical standards outlined by the association and meet the qualification requirements.
Mortgage Broker Licensing in Ontario
To work as a mortgage broker in Ottawa you must be fully licensed and thus meet the requirements outlined by the Financial Services Commission of Ontario (FSCO). All education requirements must be approved by the Superintendent and the FSCO.
Other Professionals
When purchasing a new home or property in an Ottawa area, 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 are able to access home sales data which can be used to help you find the right property and negotiate with the seller on your behalf. Realtors are overseen by the Real Estate Council of Ontario (RECO). RECO regulates real estate professionals in Ontario on behalf of the provincial government.
Home inspectors provide home inspections to determine the condition of the property. A home inspection will allow you to determine the foreseeable repairs and maintenance required on your property. Ontario is looking to introduce new legislation to regulate the home inspection industry in Ontario as it is currently not regulated.
Real Estate Lawyers executes all legal documents such as a purchase agreement and mortgage agreement, and ensures your rights as a buyer are upheld.