Mortgage Broker Kingsland

If you are used to working with the people in your local bank to help you open your accounts, set up registered retirement savings plans and tax free savings accounts you may think it’s a good idea to do the same when you are buying a home.

However, your favorite person at the local bank only knows about the products that they offer. Each lender has a slightly different offering and by understanding the difference between each lender, you could save thousands or pay thousands if you don’t get the most complete advice.

So, why use a mortgage broker, here are five reasons:
• More choice and options for you
• Compare different offers to determine what is best for you (without having to do it yourself and without knowing what the right questions are to ask)
• Mortgage broker can help you navigate the process
• Mortgage broker can present you in the best possible light to a lender to secure the best deal
• To have a knowledgeable and experienced professional as your advocate, sitting on your side of the table when you deal with a bank (lender).

As mentioned above, the knowledge and experience of the person working with you is so important. Mortgage brokers must be licensed and also belong to professional associations which help with continuing education.

One organization is AMBA, the Alberta Mortgage Brokers Association. Let me discuss this a little.

AMBA is a community that encourages education, professional development and advocacy for mortgage brokers and ultimately their clients.
When you mortgage broker is a member of AMBA, you know that they continue to pursue continuing education and adhere to best practices so that they can advocate for you as their client.
In several cases, when the government attempted to make changes to qualifying criteria for mortgage clients that would not be in a clients best interest, AMBA lobbied the government and succeeded to remove or modify these changes.

Every Mortgage Broker in Calgary must be licensed through the Real Estate Council of Alberta (RECA). There are licensing requirements that must be adhered to by each broker, including courses and other industry requirements.
The Real Estate Council of Alberta is a regulatory agency that enforces standards for each brokerage and broker in Alberta. Other professions licensed under RECA are realtors, property managers, appraisers as well as mortgage brokers.