A mortgage agent assists would-be homebuyers to purchase and finance their homes. A mortgage agent fulfills several roles to help a person apply for a mortgage loan. They also play an important part in facilitating the transaction completion for a property. In essence, a mortgage agent is your go-to mortgage expert that a buyer has on their side to get questions answered, help manage financing, and secure the property of their dreams.
Find a mortgage agent you trust. Ask friends or family who they used if they’ve recently purchased a home. There are tens of thousands of licensed mortgage agents across Canada. Do your due diligence. Check a mortgage agent’s website and online presence for reviews. See what others are saying. Consider speaking with another agent if the first mortgage agent you met with did not connect with you.
Let’s learn more about what a mortgage agent is:
Mortgage agents are not mortgage brokers.
A mortgage broker is a firm or individual. They are licensed to work on mortgages and employ other mortgage agents. Mortgage agents, by comparison, work on behalf of a firm or individual with a broker’s license.
Mortgage agents work for a financial institution, advising on the mortgage products they offer. In short, a mortgage agent is the primary bank representative you will work with to acquire a mortgage.
Mortgage agents work independently
Some mortgage agents or brokers are not employed directly by a financial institution. They can help you compare mortgage products from different companies, ensuring you receive the best interest rate and conditions according to your needs.
These are generally the best mortgage agents to find as they have no loyalty to any individual lender and can provide a full picture of what’s available.
Mortgage agent assists clients.
If you have never applied for a mortgage, you likely don’t know the best way to submit a proposal, the required paperwork, and how to set yourself up for the best rates and conditions.
A mortgage agent has all that information and more and can help you acquire the right mortgage product.
Discuss with a mortgage agent.
In applying for a mortgage, an agent will review your current and past income, credit history, and current lending scenarios to calculate the range of mortgages you can afford. For first-time homebuyers, be prepared to go into every facet of your finances.
In many cases, you may be surprised by how much you qualify for or, in other cases, you may see your expectations come crashing down to reality. Mortgage agents use a lot of different formulas and calculations to ensure what they produce is accurate and standard.
Mortgage agents assess your finances.
You may be coming to the table already with full knowledge of what’s possible with your finances, having worked with a mortgage calculator, and being ready to close the deal.
Many, however, still want to have their finances assessed by a mortgage agent to confirm whether there are products the client does not know about that may help them acquire an even better rate and terms.
Mortgage agents handle various products and services.
A mortgage agent must be well-versed in dozens of mortgage products. This base knowledge assists with purchasing property, refinancing, debt consolidation, equity mortgages, RRSP mortgages, private mortgages, investment properties, reverse mortgages, and construction mortgages. A mortgage agent is equipped to handle these requests and more.
Some individuals have complex, challenging financial situations. Among some lenders, they qualify for a mortgage. Among others, they do not. A mortgage agent can advocate for you if you are in a difficult position, explaining the circumstances and highlighting the positives as you enter a request for a mortgage at a specific financial institution.
Mortgage agents follow laws.
Legislation and government and corporate-level mortgage policies are in constant flux, depending on what’s happening in the real estate market. A mortgage agent has up-to-date knowledge of how to best navigate mortgage legislation and is bound by it to offer products or services that adhere to what it states.
Expert in mortgage matters.
A mortgage agent is trained not only in mortgage products and services but also in financial security, client privacy, and mortgage processes. They know the ins and outs and what’s expected of them professionally to ensure the client is served right. A mortgage agent is certified with a post-secondary background touching upon the topics mentioned and others.
Mortgage agent follows ethics.
Mortgage agents are not looking to get you the biggest and best mortgage for their company. Agents work for the client. They are ethically required to protect their clients and ensure all loans and transactions align with client expectations and interests.