Mortgage Agent Advantages
- greater access to lenders, mortgage products and rates
- the ability to compare mortgage rates without having your credit report being pulled multiple times (if you conducted your own comparison shopping, your credit report would be pulled once by each of the lenders you go to)all negotiations are handled by the mortgage Agent / Broker
- greater flexibility when finding a time to meet with your Agent / Broker in-person as mortgage Agent / Brokers usually have extended hours
- access to your mortgage Agent / Broker’s in-depth industry knowledgeit is a free service; mortgage Agent / Brokers are paid by the lender that provides your mortgage
Mortgage Agent / Brokers Association of Ontario
To work as a mortgage Agent / Broker in Toronto you must be licensed by the Canadian Mortgage Agent / Brokers Association of Ontario. The association deliver licensing and continuing education courses to their members in addition to representing them when dealing with local issues at the provincial level, and when dealing with agencies, licensing bodies and regulators. As a member of the Mortgage Agent / Brokers Association of Ontario, Toronto mortgage Agent / Brokers are agreeing to abide by the outlined professional and ethical standards outlined by the association and meet the qualification requirements.
Canadian Mortgage Agent / Broker licensing in Toronto
To be a fully licensed mortgage Agent / Broker in Toronto you must meet the requirements outlined by the Financial Services Commission of Ontario (FSCO). All education requirements must be approved by the Superintendent and the FSCO.
Other Professionals
During the purchase of your new property, you will come into contact with professionals including realtors, home inspectors and real estate lawyers.Realtors are overseen by the Real Estate Council of Ontario (RECO). RECO regulates real estate professionals in Ontario on behalf of the provincial government. A realtor can help you find the right property and negotiate with the seller.Home inspectors in Ontario are currently not regulated, but Ontario is looking to introduce new legislation to regulate the home inspection industry. The Ontario Association of Home Inspectors is the only recognized body of home inspectors in Ontario, thus consult their website for a qualified inspector.Real estate lawyers help to ensure all transactions proceed by having all legal documents completed. Additionally, real estate lawyers’ goal is to ensure that your rights are protected during the home purchase process.