A mortgage agent is a professional unbiased independent contractor between you and the mortgage lender. They offer loan products from multiple mortgage lenders (generally over 80) and will shop & negotiate with these lenders on your behalf to find the mortgage product that offers the best combination of features, options, rates and terms to suit your unique circumstances. They take your application, put together the complete file of information including credit report, appraisal, verification of employment, listing of your assets and liabilities, etc., then present that information in the best optimum way. The information provided to a mortgage agent is always kept confidential.

Using a mortgage agent you will go through what you feel may be a tedious, time consuming and worrisome application process only once. If a lender turns down an application the mortgage agent can quickly redirect it to another lender, or several other lenders, for consideration without any further involvement or work from you. They are able find the lenders who specialize in various market niches that other lenders do not lend to, such as loans to applicants with poor credit ratings, self employed or commissioned borrowers, investment properties, minimal or no down payment, etc. As well, in most cases the posted mortgage rates offered by chartered banks are higher than the rates a mortgage agent can obtain for you.

Very importantly, Mortgage  agents are a source of information and an aid in helping you understand the myriad of mortgage options available.

Once a loan has been accepted by you the mortgage agent will stay involved solving any unforeseen problems, answering questions and acting as a liaison between the lender, your lawyer and you ensuring the transaction closes smoothly.

Borrowers with acceptable credit do not pay a fee for the mortgage agent’s services.

Please refer to: What is a mortgage broker.pdf