In British Columbia Canada, the Ministry of Finance Corporate Relations regulates the BC Mortgage Broker Industry and licenses all British Columbia Mortgage Brokers. A BC Mortgage Broker is very much like the Real Estate Agent or Broker. They have to attend financing courses and have to pass exams imposed by the British Columbia Provincial jurisdiction.

British Columbia Mortgage Brokers act as an intermediary between lenders and borrowers, bringing them together and in the process finding the best possible mortgage for the borrowers.

There are many advantages to deal with a mortgage broker:

Mortgage Brokers can negotiate rates on your behalf with a large number of lenders concurrently. Sometimes they play one lender against another lender to your benefit. Lenders include Banks, Credit Union, Trust Company, Private Mortgage Company, Individual lenders.

You only need to fill one application form to the Mortgage Broker. The Mortgage Broker will use this standard application to approach as many lenders as are necessary to get your mortgage approved. If you have to do it on your own, you will have to visit many lenders across British Columbia and fill many application forms.

You do not pay any fee to the Mortgage Broker. The Mortgage Broker works for you for free and get paid by the lenders. Only in rare cases you may have to pay a fee and the Broker must advise you upfront.

In British Columbia lenders pay the Mortgage Broker a fee irrespective of what interest rates are offered; so BC Mortgage Broker has no incentive to offer you a bad rate for your mortgage. BC Mortgage Broker is better off offering the lowest possible mortgage rate he/she can find on the market and close a deal. Only when he/she has closed a deal that a fee is paid to him/her by the lending institution.

Mortgage Broker will check your credit rating only once. If you deal directly with many lenders, each lender will check your credit status separately, and this multiple credit checks may adversely affect your credit score.

Mortgage Brokers have to abide by the guidelines and ethical directions of the Canadian Mortgage Broker Associations such as:

Mortgage Brokers Association of British Columbia (MBABC) ...Learn more

Canadian Institute of Mortgage Brokers and Lenders (CIMBL) ...Learn more

So the next time you are looking for a mortgage by all means feel free and comfortable to consult a mortgage broker. You may be surprised how helpful they are!

Please find below links to some of the mortgage brokers in Canada: