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
Since provincial associations are not required, many mortgage brokers in Winnipeg 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 Manitoba
To conduct business as a mortgage broker in Manitoba you must register with the Manitoba Securities Commission. The Manitoba Securities Commission administers the Mortgage Brokers Act and the Real Estate Brokers Act to protect borrowers and individuals buying or selling their home.
When purchasing a new home or property you will come in contact with multiple professionals who aid in purchasing a home. The main individuals you will come in contact with are:
- Realtors—Realtors help you find the right property and negotiate with the seller on your behalf by accessing home sales data. Realtors are overseen by the Manitoba Securities Commission with many belonging to the Manitoba Real Estate Association (MREA). The MREA provides education, professional standards and advocacy for Manitoba’s real estate industry.
- Home Inspectors—Provide home inspections to determine the condition of the property. A home inspection will help you to determine the expected maintenance and repairs required. 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—Executes all legal documents such as a purchase agreement and mortgage agreement, and ensures your rights as a buyer are upheld.