The Expertise of Your Mortgage Advisor

An important part of the confidence that you should have in a mortgage advisor comes from his expertise.

New lenders come onto the mortgage market in Canada each year, at least six new ones in 2006 alone. Other lenders add and change products constantly. There are hundreds of home loan products on offer in Quebec. Following and understanding all of these changes takes study and the devotion of a lot of time and effor.

Signs of expertise in a mortgage broker

• He discusses all of the possible strategies for a borrower, rather than focus on a mortgage product.
• Has a full understanding of the many things that influence interest rates, and can clearly explain all of the nuances of the interest rate market to his clients.
• Completely understands the whole range of mortgage products that are in the market and can compare them easily. He is able to state, for example that: “XYZ lender had the best variable rates right now, but the credit margin is better with ZYX bank for the following reasons…”
• Has the ability to access rates from all lenders on the spot and present the appropriate one to a borrower.
•Makes it a clear priority to understand the client’s unique situation and focus on his objectives
•Lets the client know about every possible strategies that may help him pay off his mortgage as fast as possible.
• He holds the designation of an Accredited Mortgage Professional (AMP) from the Canadian Association of Accredited Mortgage Professionals
• He works for a company that has a large volume of home loans (many millions of dollars of mortgage loans per year).
• He clearly and easily can discuss the newest mortgage concepts.

Something new that has developed in the mortgage market is that many mortgage advisors are specializing in a given area of the mortgage market.

Here are some of the kinds of specialties we are now seeing:

• Working with borrowers with good credit
• Working with the self employed, who have a more difficult time verifying income
• Working with clients with less than perfect credit, or even former bankruptcies
• Working with construction loans
• Working with rental properties

This concept allows a mortgage consultant to be an expert in a certain area. This is becoming more important as the mortgage field becomes more competitive as well as more complex. I think more and more mortgage consultants will start to specialize in this way. Better to be a master of one trade than a jack of all trades and master of none!

If you are successful in getting a mortgage advisor with true expertise, you will probably save thousands of dollars on you home mortgage.

Gregory is an Accredited Mortgage Professional (AMP) in Canada. To have more information on Mortgage Broker – Courtier hypothecaire please visit: Hypotheque | Mortgage

Tagged with: home mortgage • loan • mortgage advisor • mortgage market

Filed under: Home Loans • Real Estate

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