Gregory is an Accredited Mortgage Professional (AMP) with Mortgage Intelligence. If you need more information about Mortgage broker - courtier hypothecaire, visit: Hypotheque - Mortgage Intelligence
There are three different kinds of mortgage loan consultants:
• The representative of the local bank branch: This consultant only offers loans, and he has other banking duties to attend to. They receive a salary from the bank they work for, and perhaps a bonus.
The local bank branch representative acts just like a mortgage consultant, but he is the only one who can actually submit a home loan application. Things have changed in the mortgage world, and now almost all of the lenders market their mortgages through brokers or sometimes through mortgage marketers - taux hypothecaire. Bank representatives still offer mortgage loans in addition to other financial products, but only for the bank they work for.
• The mortgage marketer: He only deals with loans, with a specialty in mortgage loans. He is compensated by the bank that he originates the loans for.
A recent trend is for banks to hire local reps in order to give better service to the client. A mortgage marketer (taux hypothecaire) will go to the client, but he works for the bank that hires him. He is paid a commission on the amount of the loans he generates.
• The mortgage broker: The broker can offer the loan products of many lenders. He specializes in mortgages and works for commission, which is paid by whatever lender takes the loan.
Mortgage brokers have been in business for a while (thirty years) but have only in recent times become an important factor in the mortgage market. A mortgage broker will work with many lenders (thirty or more) and can deal with any one of them to find the best deal for a borrower - taux hypothecaire. There are more than 12,000 mortgage brokers in Canada, and they represent 27% of the mortgage market).
(NB: I try to be neutral on this issue, but since I am a mortgage broker, I want to let you know that I believe that a mortgage broker is the best person to deal with for a mortgage - taux hypothecaire. Otherwise, I would have chosen one of the other fields!
One thing is certain. It is the expertise and integrity of the consultant that will make the difference. There are excellent local bank branch representatives, excellent mortgage marketers and excellent mortgage brokers. However, the opposite can also be true.
The service of the individual with whom you will work is most important.
One thing is certain. It is the expertise and integrity of the advisor that will make the difference - taux hypothecaire. There are excellent local bank branch representatives, excellent mortgage marketers and excellent mortgage brokers. However, the opposite can also be true.
The service of the individual with whom you will work is most important.
Mortgage brokering has become more popular
A survey by the CMHC showed that in 2004 more than 26% of mortgage loans were financed with the help of a mortgage broker (taux hypothecaire). No matter what, it is the individual, his integrity and his expertise that will make the difference.
- Related Videos
- Related Articles
- Ask / Related Q&A
- Keep Yourself Off The Breadline With The Best Refinance Home Mortgage Loan Rate
- Mortgage Interest Rates-the Current Situation
- Mortgage Interest Rate History, and a Change for the Future
- Mortgage Refinancing Rate:
- Best Mortgage Refinance Rates
- Mortgage Interest Rates Hit Historic Low
- Getting the Best Second Mortgage Interest Rate
- 5 Considerations When Comparing Mortgage Refinance Rates
Is It Really Difficult To Acquire Bad Credit Home Loan Refinance?
By: Alan Lim | 09/12/2009There are many people who think it is a head pressing problem to acquire bad credit home loan refinance. But are they true in their belief?
How do I document assets in an investment account for an FHA Home loan?
By: FHA home loan Lender | 08/12/2009How do I document assets in an investment account for an FHA Home loan?
A Beginners Guide to Basic Mortgages
By: Karrie Rose | 08/12/2009Mortgages are basically the holding of the interest in a property in exchange for a loan. In the US, mortgages can be held by a bank or more commonly the mortgage is sold to Fannie Mae or Freddie Mac for the purpose of ensuring that mortgages are available equally across the nation.
Your Home Could Be Saved With A Loan Modification
By: JRichardson | 08/12/2009Save your house and avoid foreclosure.
Shopping for a Mortgage Loan and do I Really Know What I am Doing?
By: Instant Quote Store | 08/12/2009I know when I decide to look for a mortgage loan the first thing I do; is make a cup of tea. Hit the restroom, fluff up the seat cushion and sit down in front of my computer. Of course this is all optional but I can guaranty you will be on the phone and computer for a long time. I like to be prepared because if you just open the phone book ask a few questions, and deal with the first company you call, it will still be an hour or more before you get off the phone.
Get Help Refinancing a Mortgage with Obamas Stimulus
By: MPetrone | 08/12/2009Are you at risk of foreclosure? Need to lower your monthly mortgage payments? Want 2% interest rates on your home loan? Then refinancing a mortgage may be the right thing for you to do. The good news is that new Government programs make it easier than ever to get help with your home loan. Here is how you can take advantage, and get a better mortgage.
Most Relevant Ways to Avoid becoming a Victim of Mortgage Fraud
By: Rose | 08/12/2009Home buying is a costly yet rewarding venture for those who have the resources to finance this type of investment. Mortgage is a vital component that helps in financing your venture and complying with the necessary monthly mortgage payments. Unfortunately, this alternative is also a venue where scams and fraud often abound in various ways and kind.
Mortgage-re-financing
By: Sheldon Tillman | 08/12/2009North American Companies, July, 2006 California Investors Acquired Proven West Texas Oil and Natural Gas Reserves. Today North American Companies announced it has closed on the purchase of the Kerrville based Oil and Natural Gas company. The partners Peter Woodard and Michael Llamas announced that they intend on drilling on the 27,000 acre as soon as possible while reworking existing wells. The proven reserves at the time the partners had contracted to purchase the company was at ...
Is it a Better Idea to Make your Home Loan Payments Weekly, Every Two Weeks, or Monthly? - Prêt Hypothécaire
By: Gregory van Duyse | 13/09/2007 | MortgageThe more often you make the payments, the more savings, even if you do not increase the amount paid. If it is possible, make your payments each week, if not, make them every two weeks - hypothèque.
The Most Common Situations That Lead to a Penalty (taux Hypothecaire)
By: Gregory van Duyse | 24/07/2007 | MortgageNo borrower wants to pay a penalty on his home loan! That’s for sure, but all mortgage loans, apart from some unusual types of open mortgages, have penalties for prepayments. The question of penalties includes many aspects which need clear explanation and examples in order to be able to fully comprehend them.
How to Save on Mortgage Penalities (hypotheque)
By: Gregory van Duyse | 23/07/2007 | MortgageNo borrower wants to pay a penalty on his home loan! That’s for sure, but all mortgage loans, apart from some unusual types of open mortgages, have penalties for prepayments. The question of penalties includes many aspects which need clear explanation and examples in order to be able to fully comprehend them.
How are Calculated Mortgage Penalities (hypotheque)
By: Gregory van Duyse | 13/07/2007 | MortgageNo one wants to pay a penalty on his home loan! That’s for sure, but all mortgage loans, apart from some rare types of open mortgages, have penalties for prepayments. The subject of penalties includes many aspects which need clear explanation and examples in order to be able to fully comprehend them.
The Variable Mortgage Strategy - Hypotheque
By: Gregory van Duyse | 12/07/2007 | MortgageThe interest rate of a variable rate home loan changes with the base rate of the large Canadian banks. The lender does not give you a fixed rate, but rather a rabais on the base rate. This is the reason that variable rates are expressed as a base rate less a percentage. If the base rate, for example, is 6.00%, and the bank quotes “base rate minus .90%”, this means that the variable rate loan will be 5.10% for the length of time that this base rate is in effect. If the base rate is lowered by the Bank of Canada, the loan rate is likewise lowered: a new base rate of 5.25% will mean a variable mortgage rate of 4.35% for that period. The Bank of Canada fixes this rate 8 times per year. Note that this rate may be refixed at the same rate (no change), so the base rate does not necessarily have to change 8 times a year.
The Fears of Mortgage Lenders
By: Gregory van Duyse | 19/06/2007 | MortgageOnce you understand what mortgage lenders don’t want to face, you will better understand whether or not your application will be viewed in a good light by the mortgage lenders you apply to - taux hypothecaire. A lender has two big fears: - Losing Time - Losing money.
Should you Work With a Mortgage Broker, a Mortgage Marketer, or a Bank Representative?
By: Gregory van Duyse | 14/06/2007 | MortgageThe service of the person with whom you will work is most important.
What’s Best to Work With, With a Mortgage Broker, a Mortgage Marketer, or a Bank Representative?
By: Gregory van Duyse | 17/05/2007 | MortgageOf this you can be sure: the expertise and integrity of whatever advisor - taux hypothecaire you work with will make a big difference. Yes, there are expert local bank branch representatives, expert mortgage marketers and expert mortgage brokers. And then, there are those who do not fully understand this field. It is the person in the position that is most important.