The role of a mortgage broker is to negotiate mortgages between borrowers and lenders. A mortgage broker is likely to negotiate better rates, thanks to their relationships with lenders.
The mortgage industry can be a minefield. An accredited mortgage professional (broker) will not only help you get the best mortgage rates, they will also help you avoid the pitfalls or buying a house.
High mortgage rates can mean paying a larger amount of money towards your home every month. Money that could be better spent. That’s why it’s important to have an expert in your corner, who understands mortgage rates and what’s available.
Good mortgage brokers are worth their weight in gold. Pick the right mortgage broker, you won’t regret it.
One of the goals of Income.ca is to compare mortgages to help Canadians save money. When comparing mortgage rates, Canada has some great offers. For example, the top 5 Canadian mortgage providers offer rates in the range of 1.9-2.29%. But dig deeper and we can do even better.
The right accredited mortgage professional, won’t be satisfied with negotiating with the same old banks. They will find other lenders too. Institutions that don’t offer your typical savings account or chequing account, but specialize in the mortgage sector.
In this article, we will discuss Canadian mortgage rates and the many different options available This includes a variety of mortgage brokers who can help you find an affordable mortgage.
British Columbia Mortgage Brokers
Here is a list of the main urban areas in British Columbia:
Vancouver, Victoria, Kelowna, Abbotsford, Nanaimo, Kamloops, Chilliwack, Prince George, Vernon, Courtenay, Duncan, Penticton, Campbell River, Parksville, Fort St. John, Cranbrook, Port Alberni, Quesnel, Squamish, Nelson, Williams Lake, Salmon Arm, Powell River, Terrace, Prince Rupert, and Dawson Creek.
In British Columbia, an accredited mortgage professional must be registered with the Registrar to deal with borrowers and lenders. The Registrar of mortgage brokers ensures that integrity is maintained in the mortgage industry. It is the responsibility of a broker to adhere to the mortgage brokers act and regulations. This is an essential part of the training a mortgage professional will be required to go through.
Alberta Mortgage Brokers
Here is a list of the main urban areas in Alberta:
Airdrie, Beaumont, Brooks, Calgary, Camrose, Chestermere, Cold Lake, Edmonton, Fort Saskatchewan, Grande Prairie, Lacombe, Leduc, Lethbridge, Lloydminster, Medicine Hat, Red Deer, Spruce Grove, St. Albert and Wetaskiwin.
The association overseeing Alberta believes that hiring a mortgage professional is the best way to ensure you are offered the most competitive mortgage rates.
One of their key values is professional excellence. Each mortgage professional is required to have extensive industry knowledge to get the best mortgage rates for their clients. So homeowners get the home they want at a price they can afford.
Another important value for them is a focus on community. They believe that mortgage brokerage should ensure each broker keeps learning and developing.
Saskatchewan Mortgage Brokers
Here is a list of the main urban areas in Saskatchewan:
Estevan, Flin Flon, Humboldt, Lloydminster, Martensville, Meadow Lake, Melfort, Melville, Moose Jaw, North Battleford, Prince Albert, Regina, Saskatoon, Swift Current, Warman, Weyburn, Yorkton.
To become a mortgages broker in Saskatchewan you need to learn your trade as a mortgage professional. Often through an education centre. Training lasts 24 months and includes a criminal record check.
Currently, there is no provincial association or education centre in Saskatchewan that governs mortgage professionals. A mortgage broker in this province belongs to Mortgage Professionals Canada association. Nonetheless, a financial advisor or broker with industry knowledge is qualified to advise you on credit cards, mortgage rates and savings account. Plus other financial products.
They are experienced at negotiating with lenders on your behalf and will help you get the best mortgage rates for your home.
Manitoba Mortgage Brokers
Here is a list of the main urban areas in Manitoba:
Altona, Arborg, Beausejour, Carberry, Carman, Churchill, Gillam, Grand Rapids, Lac du Bonnet, Leaf Rapids, Lynn Lake, Melita, Minnedosa, Morris, Neepawa, Niverville, The Pas, Powerview – Pine Falls, Snow Lake, Ste. Anne, Stonewall, Swan River, Teulon, Virden and Winnipeg Beach.
Mortgage rates in Manitoba are usually 5 years long and fixed. They tend to offer some of the most affordable mortgage rates in Canada, averaging 1.6%.
A mortgage broker in this area is registered with the Manitoba Securities Commission. The commission ensures that a broker follows the Mortgage Broker Act and the Real Estate Broker Act. Furthermore, a mortgage agent belongs to the Mortgage Professionals Canada Association. This is due to there being no provincial organization in Manitoba that specifically governs a mortgage agent or mortgage broker.
Ontario Mortgage Brokers
Here is a list of the main urban areas in Ontario:
Toronto, Ottawa, Mississauga, Brampton, Hamilton, London, Markham, Vaughan, Kitchener and Windsor.
A mortgage broker in this province belongs to the Canadian Mortgage Broker Association of Ontario. The association delivers exceptional training though their education centre that ensures brokers study extensively. Some of their courses include dealing with credit cards, mortgage rates and savings account and chequing account options.
Quebec Mortgage Brokers
Here is a list of the main urban areas in Quebec:
Montreal, Quebec City, Gatineau, Sherbrooke, Saguenay, Trois-Rivières, Saint-Jean-sur-Richelieu, Drummondville, Granby, Saint-Hyacinthe, Shawinigan, Rimouski, Sorel-Tracy, Joliette and Victoriaville.
In this province, you must pass the necessary exams to be a fully qualified mortgage agent. And it’s not just mortgages, but also credit cards, chequing account and dealing with lenders. It’s quite an education centre. When a broker has passed the training requirements they will be able to start working with Canadian mortgage applications, helping clients get the one and only best mortgage Canada rates for their house.
New Brunswick Mortgage Brokers
Here is a list of the main urban areas in New Brunswick:
Bathurst, Campbellton, Dieppe, Edmundston, Fredericton, Miramichi, Moncton and Saint John.
The best mortgages in the region offer variable rates. This is another province that places a large emphasis on a training centre to become a Canadian mortgage advisor. Similarly to other provinces, on top of being Canadian Mortgage experts, agents are required to be experts with credit card providers, stocks and other financial products.
Nova Scotia Mortgage Brokers
Here is a list of the main urban areas in Nova Scotia:
Halifax, Cape Breton, Truro, Amherst, New Glasgow, Bridgewater, Yarmouth, Kentville, Antigonish and Wolfville.
In this province, agents do not need to train to become qualified to work with Canadian mortgage lenders. However, they are usually involved in a training centre because they appreciate it offers peace of mind to the client.
The Bottom Line
You can save time and money with a broker on your team. They do not charge you a fee and you are not obligated to work with a broker if they do not find what you need.