Kelowna Mortgage Broker

All You Need To Know Regarding The Different Tasks Of Mortgage Brokers

The mortgage broker's duty is to be the liaison between the borrower or client and the financial lending institution is the process of negotiating a mortgage loan arrangement. The broker sells the mortgage loans to the individual borrowers on behalf of the businesses, based on the best criteria fit for a particular product. They take into consideration the clients finances and find the best solution for their unique financial situation. It is the task of the mortgage broker to explain to the client the complicated laws of real estate financing to ensure the client knows completely the circumstances and terminology involved. This is particularly useful for individuals who are first time buyers and understand nothing about how to apply for a mortgage loan.

The mortgage broker's priority is to protect the client. Brokers have the task to assist the customer while they are obtaining their loan. The screening process for a mortgage broker is intense. The individual has to be dependable, detail-oriented and orderly. Due to the nature of their job, it is important that the broker is absolutely transparent and trustworthy. The successful mortgage broker must be able to obtain the trust of the client and treat them with respect throughout the entire procedure.

The mortgage broker would do their best in order to negotiate a fair arrangement between the customer and the financial institution. However, as soon as the loan contract has been completed, the broker is no longer involved and any questions that the borrower might have must be directed towards the lender. Mortgage licensing laws differ depending on the business location. The majority of locations require mortgage brokers to have a practicing license. Nevertheless, various locations only limit the amount of loans an unlicensed broker could aid. However, laws on licensing are being loosened in several locations due to amount of people asking regarding them and some have even been conducted over the Internet.

Some tasks which the mortgage broker needs to have knowledge of is the rates and policies of the different banks and lending institutions, looking over terms and paperwork of a customers loan, negotiating better rates, and gathering and disseminating paperwork that should go to the business professionals. Because of their responsibility in advising customers on financial issues, in particular first time buyers, they could be held accountable for what they say. Incorrect advice or information given by the broker could result in termination or job suspension. Both the financial and real estate industries need mortgage brokers.

Click to Download the pdf



Kelowna Mortgage Brokers

  • APPLICATIONS CLOSED. SCHOLARSHIP WINNER ANNOUNCED.

    SCHOLARSHIP WINNER FOR THE DEC. 30th, 2014 AWARD: Click Here

    Scholarship Value: $500
    Number of Awards: 1

    To be considered eligible for the Scholarship you must:

    A) Be between the ages of 17 and 24 on December 30th, 2014

    B) Submit answers to the essay question, which can be found on the application page, prior to the December 30th, 2014 deadline.

    C) Have at least one full year of post secondary studies remaining at the time of the award

    D) Have a GPA of 2.75 or greater.

    E) Be a resident of Canada or the United States

    The scholarship winner will be announced 6 weeks after the deadline and will be posted on this website immediately after. All applications must be received by 11:59pm ET on December 30th, 2014. No late applications will be reviewed.

    GO TO APPLICATION
  • Kelowna Mortgage Brokers
    Most Common Mortgage Terms You Should Know Prior To Purchasing A Home Before entering into a long-term binding contract, every consumer must know what the many mortgage terms mean. Below is a list covering the basic terms that are normally ... More
  • Mortgage Brokers Kelowna
    Mortgage Brokers And The Way They Truly Earn A mortgage broker acts as a liaison between the borrower and the lender. Individuals or businesses go to them and request that they broker mortgage loans on their behalf. Other lending ... More
  • Commercial Mortgage Broker Kelowna
    General Info Regarding Mortgage Brokers At times there is confusion as to the distinction between lenders and mortgage brokers. The mortgage brokers would act for the borrower and work directly with the lender while the lender provides the ... More
  • Kelowna Commercial Mortgage Broker
    How To Purchase A House Utilizing A Mortgage Broker It is a great decision to acquire the services of a mortgage broker, specially if you are a first time buyer. They provide access to a large range of mortgage products to make sure that you ... More
  • Kelowna Commercial Mortgage Brokers
    Canada And The Laws That Regulate Mortgage Brokerage Industry Within The Country In Canada it is the provincial government who establishes the laws which regulate mortgage brokerage. Mortgage brokerage businesses within the majority of ... More
  • Mortgage Broker Service Kelowna
    Use A Mortgage Broker And Obtain The Best Deal Available The services of a mortgage broker is now used by around 20% of Canadians. This is due to broker being able to save the borrower money and even time. The duty of a mortgage broker is ... More
  • Mortgage Broker Kelowna
    Qualified Mortgage Broker - Avoid The Most Difficult Parts Of Real Estate Agreements Amongst the hardest aspects of a real estate deal is looking for the right financing to meet all your requirements. There are so many packages and options ... More

Kelowna Mortgage Brokers

Kelowna Mortgage Brokers
1290 St Paul St #316
Kelowna, British Columbia

Phone: 250.469.9176