subject: Mortgage Brokers: Providing Housing Loans For The Residents Of Calgary [print this page] A mortgage broker is an entity or an individual that sells mortgage loans on behalf of individuals or businesses. Traditionally, banks and other lending institutions have sold their own products; however as markets for mortgages have become more competitive, the role of the mortgage broker has become more popular.
Today in most developed mortgage markets, especially in Canada, mortgage brokers are the undisputed top sellers of mortgage products for lenders. Mortgage brokers are also big sellers of mortgage products in the United States, the United Kingdom, Australia, New Zealand and Spain.
Mortgage brokers in Calgary, Alberta, Canada provide financial assistance to the citys population of approximately one million residents. Canada is the second largest country, which occupies a vast majority of the continental North America, and consists of ten provinces and three territories, namely Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, Quebec, and Saskatchewan. The three territories are the Northwest Territories, Nunavut, and Yukon. The city of Calgary is the largest city in the province of Alberta, Canada.
Calgary is a city that is well-known as a destination for winter sports and ecotourism with a number of well-known mountain resorts near and around the city and metropolitan area. Economic activity in Calgary is mostly centered on its petroleum industry; however, agriculture, tourism, and high-tech industries have also contributed to the city's economic growth. For many of the employees of these companies, Calgary mortgage brokers also deserve some of the credit.
For countries such as Canada, where home ownership is in high demand, the mortgage brokerage market is thriving. Any Calgary mortgage broker will say that business is good and there is hardly any shortage of people in need of a mortgage loan, although the laws on mortgage brokerage in Alberta are different from the other provinces.
Calgary mortgage brokers need to be specifically trained because the laws governing mortgage brokerage in Canada are determined by provincial governments. In Canada, high ratio loans are insured by the Canada Mortgage and Housing Corporation, Genworth Financial or AIG United Guaranty. The CAAMP, or Canadian Association of Accredited Mortgage Professionals, is the nationwide association for Canada's mortgage brokerage industry.
