Canadian Mortgage Brokers and Agents
Get in touch with a Canadian mortgage broker or agent to gain access to the best Canadian mortgage rates. The advantage of using a local broker is two-fold: you can meet with the mortgage agent or broker in-person and discuss your needs, and the agent or broker will compare the best mortgage rates offered by banks and lenders across Canada.
Canadian Mortgage Brokers
Mortgage brokers in Canada function as an originator for your mortgage. What that means is a mortgage professional will serve as your representative when shopping for a mortgage through lenders. A Canadian mortgage professional will evaluate your situation to determine the best rate and product to service your needs.
The Advantages of Using a Mortgage Broker in Canada
- A broker’s services are free. The lender that provides the mortgage loan will pay the broker a finder’s fee
- All the negotiating and paperwork is handled by the broker
- Canadian brokers have extended hours because they operate independently
- A mortgage agent in Canada can source a mortgage from multiple lenders
- Mortgage professionals have immense industry knowledge because they are not limited to one lender, so they have a broad view of the mortgage landscape
Canadian Broker Associations and Licensing
Nationally, there is no unifying governing body that all mortgage brokers adhere to. Rather, each mortgage professional licence is handled province-to-province. However, in all provinces, the mortgage broker-to-be must be at least 18 years of age and have Canadian citizenship.
The Canadian Association of Accredited Mortgage Professionals, also known as CAAMP, does offer licensing courses for individuals in order to receive the Accredited Mortgage Professional (AMP) designation. The courses cover important topics such as ethics, standards, and responsibilities. The Accredited Mortgage Professional designation (AMP) is the only national proficiency standard for Canada’s mortgage industry. It’s not required but adds additional credibility.