Buying a home is an important decision, as is the choice of financing. Mortgage is a complex instrument that must be examined well beyond the rate. The legitimate reflex of any informed consumer is to seek advice from an expert. In Quebec, 2 professionals can help you: the specialist and the mortgage broker . This article proposes to you to discover these 2 profiles.
The mortgage marketer
The mortgage marketer is an independent advisor who nevertheless works exclusively for a financial institution. He offers you the same types of mortgages, at the same rate and under the same conditions, as the lender he represents. If his advice is free and he can help you navigate the offer offered by the bank represented, it is still limited in terms of product range. It is also good to note that no specific approval is necessary to officiate as a mortgage specialist, moreover it can not be really independent having only the products of his bank to propose to you.
The mortgage broker
The mortgage broker is also an independent expert. He works with many banks and credit institutions (about twenty on average), which means he has many more assets in his sleeve to direct you to the mortgage loan perfectly suited to your needs and your expectations . Whether in terms of rates, but also clauses that are very important to take into account (penalties, conditions in case of early repayment, etc.).
The mortgage broker profession is regulated in Quebec. To be able to practice, this professional must undergo training and pass a specific examination. Since the world of mortgages is constantly evolving, it must also undergo continuous training. This financial and legal knowledge is constantly updated, his work is supervised by the OACIQ.
Mortgage broker or broker? Conclusion
If the mortgage marketer can help you build your financial plan, suggest tax optimization tips and help you choose the best offer from a financial institution, it’s still limited. Not only can the mortgage broker provide you with these same services, but he also has many more opportunities to shop and find the most attractive mortgage for you.
Whether you choose the marketer or the broker, the most important is still its ability to inform and guide you. If we only talk about rates it is better to go your way, because the choice of a mortgage must take into account many other parameters. Which ? The variability of the rate, the penalties, the deadline, the interest of a RAP, etc …