What is a Mortgage Broker?
In Manitoba, a Mortgage Brokerage or Mortgage Broker refers to a group of individuals or an organization that specializes in bringing lenders and borrowers together for the purposes of arranging a mortgage loan in order to acquire real estate. The individuals that assist with facilitating mortgage loans under the Mortgage Brokerage or Broker are referred to as Mortgage Specialists or Mortgage Professionals.
What Do Mortgage Brokers Offer?
A Mortgage Broker or Brokerage establishes and maintains relationships with numerous different Financial Institutions in order to provide a variety of options for the Mortgage Specialists to offer their clients.
This gives the Mortgage Specialist the ability to shop around through dozens of different lenders and products to find the best deal for their client.
This gives the Mortgage Specialist the ability to shop around through dozens of different lenders and products to find the best deal for their client.
How Do Mortgage Brokers Get Paid?
In most cases, when a mortgage loan is facilitated using a mortgage broker, the financial institution that funded the loan will pay a commission directly to the mortgage brokerage. This commission is based on the mortgage amount and in not charged to the client or included into their mortgage in any way. This essentially means that the client does not have to pay for the brokers services.
However, if creative financing solutions are necessary due to the type of property being purchased, or if the client's financial situation is unique, either an alternative lender or private lender may be required in order to secure financing. Alternative lenders and private lenders do not pay a commission directly to the mortgage broker. Most of the time, in these types of situations, a fee for service would need to be charged to the borrower.
Whenever there are fees involved, the amount is fully disclosed to the client prior to any binding commitment being made by the client.
However, if creative financing solutions are necessary due to the type of property being purchased, or if the client's financial situation is unique, either an alternative lender or private lender may be required in order to secure financing. Alternative lenders and private lenders do not pay a commission directly to the mortgage broker. Most of the time, in these types of situations, a fee for service would need to be charged to the borrower.
Whenever there are fees involved, the amount is fully disclosed to the client prior to any binding commitment being made by the client.
7 Reasons To Use A Mortgage Broker
1. MORE OPTIONS - With a network of major lenders and products to choose from, we can source your ideal mortgage options from banks, monoline lenders, non-traditional lenders and more. Taking the time to find the best option for your unique needs is essential to our role as a mortgage broker.
2. FAST AND EFFICIENT - From the initial assessment of your unique situation right through the closing process, transactions move quickly when working with us. We do the research and shopping for you so there’s no need for you to waste time organizing appointments with competing mortgage lenders when you could be house-hunting!
3. NEGOTIATING ON YOUR BEHALF - Negotiating can be stressful. We act in your best interest and do all the negotiating to secure competitive rates and terms that make sense for you.
4. ONGOING SUPPORT - Even after your successful mortgage transaction, we are an excellent resource for advice, queries or future needs. Our focus is to build a lifetime partnership with you and your family.
5. NO COST TO YOU - We are paid by lending institutions in the vast majority of cases – this means there’s no cost to you and no surprises. Mostly you get to use all our knowledge, expertise and connections within the industry to secure the best mortgage for your needs, at no cost.
6. EXPERT ADVICE - We are specialists providing expert advice and guidance on mortgage products, interest rates and current housing market conditions. We help choose the right mortgage product for you and assist you by creating a strategy for your specific situation and needs.
7. REGULATED - The mortgage industry is highly-regulated through federal and provincial regulators to protect you, your family, and your future.
2. FAST AND EFFICIENT - From the initial assessment of your unique situation right through the closing process, transactions move quickly when working with us. We do the research and shopping for you so there’s no need for you to waste time organizing appointments with competing mortgage lenders when you could be house-hunting!
3. NEGOTIATING ON YOUR BEHALF - Negotiating can be stressful. We act in your best interest and do all the negotiating to secure competitive rates and terms that make sense for you.
4. ONGOING SUPPORT - Even after your successful mortgage transaction, we are an excellent resource for advice, queries or future needs. Our focus is to build a lifetime partnership with you and your family.
5. NO COST TO YOU - We are paid by lending institutions in the vast majority of cases – this means there’s no cost to you and no surprises. Mostly you get to use all our knowledge, expertise and connections within the industry to secure the best mortgage for your needs, at no cost.
6. EXPERT ADVICE - We are specialists providing expert advice and guidance on mortgage products, interest rates and current housing market conditions. We help choose the right mortgage product for you and assist you by creating a strategy for your specific situation and needs.
7. REGULATED - The mortgage industry is highly-regulated through federal and provincial regulators to protect you, your family, and your future.
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Castle Mortgage Group
100-1345 Waverley Street
Winnipeg, MB, Canada
R3T 5Y7
100-1345 Waverley Street
Winnipeg, MB, Canada
R3T 5Y7