An important component of the confidence that you should have in a mortgage advisor (courtier hypothécaire) is derived from his expertise.
In 2006, a minimum of six new lenders came onto the home loan market in Quebec, and many other lenders added or changed dozens of mortgage products. There are several hundreds of mortgage products on offer in Quebec. It’s a full time job to know all of the options, products and mortgage strategies in today’s market - courtier hypothécaire.
Signs of expertise in a mortgage broker
• He has the ability to talk about full strategies, not just products or rates.
• He has the ability to understand the interest rate market, what influences it, how it will affect mortgages, and can readily explain all of this to clients, without a lot of jargon.
• He knows all of the products that are on the home loan market at any given time and can make rapid comparisons between them for his client. He may mention XYZ bank because its variable rate is the best at the moment, or he may emphasize that ZYX lender has the best credit margins in the industry right now, and explain what that means - courtier hypothecaire.
• 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 - courtier hypothécaire.
•Lets the client know about all of the possible strategies that may help him pay off his mortgage as fast as possible.
• He is accredited by the Canadian Association of Accredited Mortgage Professionals and therefore holds the designation of an Accredited Mortgage Professional
• His company has a large volume of loans, in the millions of dollars
• He keeps on top of all of the new products that his clients can be offered, and can readily explain each one - courtier hypothecaire.
One of the recent developments in the mortgage market is the tendency for mortgage advisors to specialize in a given area of the market.
You can find a specialist for:
• Mortgage strategies for people who have a good credit history
• Self employed who cannot substantiate their revenue
• Less than perfect credit applications and mortgages for people who have declared bankruptcy
• Specialist in construction loans - courtier hypothecaire
• Mortgages for rental property
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 become specialists in this way - courtier hypothécaire. Better to be a master of one trade than a jack of all trades and master of none!
If you can locate a mortgage consultant with a great deal of expertise, you will be saving thousands of dollars on your mortgage - courtier hypothécaire.
