Mortgage brokers can help in a number of ways, some advantages of using a broker are:
- 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)
- all negotiations are handled by the mortgage broker
- greater flexibility when finding a time to meet with your broker in-person as mortgage brokers usually have extended hours
- access to your mortgage broker’s in-depth industry knowledge
- it is a free service; mortgage brokers are paid by the lender that provides your mortgage
Mortgage Broker Association
As provincial associations are not mandated, the majority of Regina mortgage brokers belong to Mortgage Professionals Canada (formerly CAAMP). Mortgage Professionals Canada is a national mortgage broker industry association which ensures ethical and professional standards are maintained.
Mortgage Broker Licensing in Saskatchewan
For Regina mortgage brokers to be able to conduct business, they must meet the education and experience requirements outlined by the Financial and Consumer Affair Authority of Saskatchewan. This includes 24 months of experience, the completion of an approved mortgage broker education course, and a criminal record check. The Financial and Consumer Affair Authority of Saskatchewan enforces the Mortgage Brokers Act and Regulations to protect the public and betters the mortgage broker industry.
Other Professional Ties
When purchasing a new home or property in Regina you will come into contact with multiple professionals all who play different roles in the purchase process. The main individuals you will work with are realtors, home inspectors and real estate lawyers.
- Realtors are overseen by the Real Estate Council of Saskatchewan. They have access to home sales data and can help you find the right property and negotiate with the seller on your behalf.
- Home Inspectors provide home inspections to determine the condition of the property. A home inspection will allow you to determine the required maintenance and repairs need on your property. To be a licensed home inspector in Saskatchewan you must meet the requirements laid out by CAHPI Saskatchewan (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.