Danger Signs: The Mortgage Broker Red Flag

Edmonton, Alberta is a capital city located in Canada

, a country known for having some of the highest priced housing facilities and one of the countries that have a high demand for home ownership. Edmonton is the second largest city in Alberta after Calgary, and is the hub of Canada's sixth-largest census metropolitan area.

Being in a country where home ownership is in high demand, Edmonton is home to so many qualified and licensed mortgage brokers. Banks and lending institutions offer home loans to Edmonton clients at varying interest rates and mortgage packages. It is the job of these licensed mortgage brokers to sort through all the different home loan plans available and find the one that suits their client best.

But how exactly does one choose a mortgage broker to help them start a home loan? For residents of Edmonton Alberta Canada, there are a few things to consider before choosing any mortgage broker.

Obviously, accreditation is required before any of the mortgage brokers Edmonton holds is enlisted. Being accredited means the mortgage broker is properly trained, and will surely abide by a strict set of professional and ethical guidelines put in place by the certifying body.

Future home owners should also inquire about how many banks and lending institutions does the mortgage broker work with, to ensure that they are given as many options as possible as far as interest rates and payment options go. Many of the mortgage companies Edmonton boasts of have connections with different institutions that offer hundreds of loan options. It also helps to have an understanding of how the broker compares different loan options and how they determine the most ideal option for their client.

Lastly, it is important to know how the broker is compensated and if they have professional indemnity insurance. Some of the mortgage brokers Edmonton employs get paid for their time, while others get paid a commission by the lender. The insurance protects or covers the mortgage company if they are sued for any reason, such as being negligent in their pursuit of a loan or not holding to their professional guidelines.

by: Davil Brain

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