Finding a good counselor is easier than you may realize. It’s a little like hiring an employee to work for you. Like a long term employee, your mortgage expert will be there to help you, even if you plan to pay off your mortgage in 15 or 25 years - courtier hypothecaire.
Here are certain factors to consider that will help you to find a good mortgage consultant:
Three kinds of mortgage counselors
Working with each type of home loan counselor has advantages and disadvantages:
• Representative of the bank branch: Only has lending products, has many jobs in addition to home lending, is salaried with a possibility of an annual bonus.
Traditionally, it is the branch representative of the bank who acts like a mortgage consultant. They are the only ones with the right to submit a mortgage application for their clients. The world of mortgage lending has changed and almost all lenders offer mortgage products through mortgage brokers or, in certain cases, mortgage marketing agents.
• Mortgage marketing agents: Offer loan products only, and specialize in home loans. Is paid for the most part by commission (paid by the bank or lending institution - courtier hypothécaire.
To better serve their clients, financial institutions have started to hire local representatives. Mortgage marketing agents travel to their clients but work principally for a bank or lender. Like mortgage brokers, they receive a commission on the amount of the loan their client gets.
• Mortgage brokers: Offer the products of many lenders and specialize in home loans. They work only on commission (paid by the lender).
Mortgage brokers have existed for thirty years, but have only become a major factor in the mortgage market over the last few years. Mortgage brokers (courtier hypothécaire) work closely with many lenders (more than 30) in order to offer the best solution to their clients. Today, there are more than 12,000 mortgage brokers in Canada who represent 27% of the market.
Factors to consider when choosing a mortgage consultant
You have to choose a mortgage counselor that you will have confidence in. Two factors will help the client to gain confidence in him:
• Integrity: Will this mortgage counselor (courtier hypothécaire) have only my interests to consider, or will he have to get the best deal for the bank? When a home loan is negotiated, each side wants something different: the bank wants to earn more money and the borrower wants to spend less. A mortgage consultant who is trying to earn money for his employer may not want to get the lowest interest rate for his client.
• Expertise: Does your mortgage consultant (courtier hypothecaire) have the ability to offer the best solutions? Your mortgage broker should have the ability to compare all of the different mortgage products for you and find the best one for you.
These two factors, integrity and expertise, will be the most critical factors in choosing a mortgage consultant - courtier hypothecaire. Look at these examples:
• Someone may be a very good used car salesman and has the right expertise to sell you a used car. Does that mean you have confidence in him? Maybe, maybe not.
• You may have the best auto mechanic in the world but just because he works with motors and mechanics of a car, does that mean he can repair anything for you, like your T.V. or your plumbing? No, he does not have the expertise in those fields.
Choose well.
Confidence is sometimes just a feeling you have about a person. It lies in the fact that you think that this person show integrity and has a certain expertise. If you find the right person to be your mortgage counselor (courtier hypothecaire), you have probably locateda professional who will be able to help you for many years.
Gregory is an Accredited Mortgage Professional (AMP) in Canada. To have more information on Mortgage Broker - Courtier hypothecaire please visit: Hypotheque | MortgageThis article is free for republishing
Source: http://www.articlealley.com/article_158099_19.html
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