A new online database helps consumers find out if mortgage brokers have broken the rules that govern their profession. The database was developed by the Mortgage Broker Regulators’ Council of Canada (MBRCC).
We are concerned that this article misinforms the public about obtaining mortgage advice, and exposes real estate industry members to an unnecessary risk of facing disciplinary measures or civil liability.
Mortgage shopping has its complexities. If you are a real estate professional who is being asked for information and advice from a home-buying client, beware! It’s important that the client gets the proper information.
Any mortgage broker who thinks they are in the business of selling mortgages is in for a rude awakening. In Ontario alone, there are over 12,000 registered mortgage brokers and agents. What sets them apart?
As most homeowners are aware, mortgage life and default insurance is different from homeowner’s insurance, which provides coverage for loss caused by fire, theft, and in some cases, floods or sewer back-ups.
The journey to home ownership is filled with fears and anxiety. To help navigate the process, first-time homebuyers look to industry professionals who live and breathe the housing and mortgage financing market for guidance.
Due diligence is required before helping your clients choose a mortgage. “You want to make sure that they are established and that they have access to the best lenders and lender status programs,” says Rob McLister.
REM (Real Estate Magazine) is Canada’s premier monthly magazine for real estate professionals. REALTORS®, real estate agents, sales representatives, brokers, owners, administrators, and other real estate industry stakeholders read REM every month for news, analysis, and commentary on Canadian real estate.
REM is independently owned and operated, and is not affiliated with any real estate association or board.