Many people don't realize this, but if you go to your bank to apply for a mortgage, your banker only has a limited number of options for your to choose from. Contrast this with a mortgage broker, who has access to a wide variety of lenders and programs, and can structure a home mortgage that is perfect, just for you. Think of a mortgage broker as your personal shopper, one that will do all of the running around for you until he finds the lender that offers a mortgage that makes sense for you. Mortgage brokers are essentially middle-men (or women) between the lender and you. Because mortgage brokers are governed by provincial law, they are required to meet certain local criteria and must be licensed to operate in a specific province. They receive specific, formal mortgage agent education, must successfully pass a final exam, and must prove that they are financially responsible. Some mortgage brokers will work at a mortgage brokerage firm while others will work individually. In any case, it is important to remember that a mortgage broker does not work for any specific lender. Instead, mortgage brokers will often work more than 40 hours per week to ensure that they are networked with their peers in the banking business and are the first to be aware of which lenders offer what type of mortgage products. Because they are well connected to a variety of lenders, even home buyers with weak credit will find that they can qualify for a loan through the use of a mortgage broker. The bottom line is that a good mortgage broker can offer you a variety of options from a variety of lenders, to find a home loan that will fit your individual needs.
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