Newfoundland Mortgage Brokers and Agents

To secure the best mortgage rates in Newfoundland, contact a mortgage broker or agent in your area. Using a local broker gives you the ability to meet in-person to discuss your needs and concerns and gives you access to the best mortgage rates offered by banks and lenders across Canada.

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Best Mortgage Broker Rates In Newfoundland

Mortgage brokers offer better rates than the big banks. Find the broker in Newfoundland with the best mortgage rates.

Best variable rates 2.10%
Prime - 0.60
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Advantages of Using a Mortgage Broker

There are many benefits of using a mortgage broker, some of which are:

  • greater access to lenders, mortgage products and rates
  • your mortgage broker will conduct all rate shopping for you, resulting in your credit report being only pulled once
  • the mortgage broker can negotiate on your behalf and pass on some of their volume discounts to you
  • mortgage brokers’ extended operating hours provides greater flexibility when finding a time to meet with them in-person
  • access to your mortgage broker’s industry knowledge as they are not limited to products from a single lender
  • free service, as mortgage brokers are paid by the lender that provides your mortgage

Mortgage Brokers Association of Atlantic Canada

Mortgage brokers in Newfoundland falls under the jurisdiction of the Mortgage Brokers Association of Atlantic Canada (MBAAC). The MBAAC represents its members when dealing with local issues at the provincial level, and when dealing with agencies, licensing bodies and regulators. They help to enhance both professional and ethical standards in the mortgage broker industry providing educational and professional development courses. As a member of MBAAC your mortgage broker is agreeing to the standards outlined by the association.


Mortgage Broker Licensing in Newfoundland and Labrador

To conduct business in Newfoundland you must register with Service Newfoundland for a mortgage broker licence. Unlike many of the provinces, there is no education requirement to be a mortgage broker in Newfoundland and Labrador. However, through Mortgage Professionals Canada (MPC), one may acquire an Accredited Mortgage Professional (AMP) designation. It is the only proficiency standard for the Canadian Mortgage industry and although not necessary, does add additional credibility.


Other Professionals

During the home buying process, you may encounter various professionals who offer services to aid in the purchase of your new property. These professionals include realtors, home inspectors, and real estate lawyers.

A relator can help you find the right property and negotiate with sellers on your behalf by using home sales data. Realtors are overseen by Service Newfoundland and must be licensed by the Financial Services Regulation Division.

Home inspectors conduct home inspections to determine the condition of the property. This will allow you to see what repairs and maintenance your property may require. As provincial licensing of home inspectors is not required, consult the Canadian Association of Home & Property Inspectors Atlantic for a listing of its members to find a qualified home inspector.

Real estate lawyers will process all legal documents including purchase agreements and mortgage agreements and ensure your rights as a buyer are upheld.


Mortgage Brokers Across Canada