Edmonton Mortgage Brokers and Agents

Why use a mortgage broker?

Using a local mortgage broker is beneficial for the following reasons:

• greater access to lenders, mortgage products and rates
• the ability to compare mortgage rates without having your credit report being pulled multiple times (if you conducted your own comparison shopping, your credit report would be pulled once by each of the lenders you go to)
• the mortgage broker can negotiate on your behalf and pass on some of their volume discounts to you
• larger timeframe to meet with your broker in-person as mortgage brokers usually have extended hours, outside of the typical bank business hours
• the ability to leverage the large amount of industry knowledge from your mortgage brokers as they are not limited to products from one lender
• free service, as mortgage brokers are paid by the lender that provides your mortgage

The Alberta Mortgage Brokers Association

Edmonton mortgage brokers would be a part of the Alberta Mortgage Brokers Association (AMBA). The association helps to ensure ethical business practices, integrity and professionalism within the Alberta mortgage broker industry. They also deliver licensing and courses to become a fully licensed mortgage broker. Members of AMBA agree to abide by the ethical business principles and code of conduct outlined by the association. The Alberta Mortgage Brokers Association also provides information from homebuyers to help make an informed decision. They have information on the First-time Home Buyers Tax Credit and ways you can protect yourself from real estate fraud.

Mortgage Broker Licensing in Alberta

To be a fully licensed mortgage broker in Edmonton, you must meet the education requirements outlined by the Real Estate Council of Alberta (RECA). This can be done by completing courses offered by the Alberta Mortgage Brokers Association or by RECA. The Real Estate Council of Alberta regulates and enforces standards in mortgage brokerage, real estate brokerage, property management, and real estate appraisers in Alberta.

Other Professionals

When purchasing a new home or property you will come in contact with various professionals each having their own role in the purchase of your new home. The main individuals you will come in contact with are realtors, home inspectors and real estate lawyers.

Realtors can help you find the right property and negotiate with the seller on your behalf by accessing home sales data. Realtors are overseen by the Real Estate Council of Alberta and the majority are represented by the Alberta Real Estate Association.

Home Inspectors are able to determine the current condition of your property and the required repairs that will be needed in the future through a home inspection. To be a licensed home inspector in Alberta you must meet the requirements laid out by CAHPI Alberta (Canadian Association of Home & Property Inspectors).

Real Estate Lawyers execute all legal documents such as a purchase agreement and mortgage agreement, and ensures your rights as a buyer are upheld.

Mortgage Brokers Across Canada