Buying your first Canadian home can be a bit overwhelming. It goes beyond the size of the commitment. Finding the right mortgage can make the difference between your home purchase becoming an investment or becoming the biggest drain on your finances for years to come. This is one of the foremost reasons the mortgage broker industry has begun to make a major difference in Canada. Whereas before you had to go to the bank or credit union to find a loan only a few years ago, now you can go to a Canadian mortgage broker who has the power to connect you with other investors as well as banks and credit unions. Reason #1: There is no better way to get the best price and best structure available in Canada's real estate market. In order for a broker to be successful, he or she must keep a constant watch on …show more content…
Reason #2: Mortgage brokers make a great deal of sense for a first-time home buyer. It's quite rare for someone who is new to buying real estate to know the ins and outs of negotiating the right mortgage product for his or her situation. This is especially true in Canada, where a mortgage may have a multiple "terms" within one amortization time frame of say 25 years. A Canadian broker is a negotiating expert. Even if the initial offer from a lender isn't quite what you are looking for, a broker may be able to negotiate a deal that matches your requirements. This is especially true in British Columbia. This province has the strictest mortgage broker licensing requirements of any province or territory in Canada. If you are purchasing a property in BC, a broker has training that competes with that of most bank lending officers, and exceeds the training of the mobile mortgage specialists may banks employ as outside sales personnel. Reason