Looking for a mortgage broker in Canada? Here’s a helpful read!

 Dealing with a bad credit history or denied mortgage renewal is a challenging task for anyone. A qualified mortgage broker can help you with good financial advice and solutions.

Canadian firms like Nord Est prêt hypothécaire mauvais credit help distressed borrowers with credit rating issues and help improve their financial position.

This article takes you through the services offered by a mortgage broker and how they can help you.

Let us begin!

Who is a mortgage broker?

A mortgage broker is an intermediary between lending institutions that are secured with real estate and individuals who need a loan to buy real estate property. The broker will work with both parties to get the loan sanctioned.

Some advantages of having a mortgage broker:

  • Due to their regular contact with various lenders, they help their clients choose the lender who offers the best possible terms.
  • Some lenders work through mortgage brokers. Hence better access through credit is ensured to the borrowers.
  • The close ties between brokers and lending firms can result in a waiver of certain mortgage fees like origination fees, application fees, etc.

What are the services provided by a mortgage broker?

A mortgage broker can render his/her services in a variety of financial distress conditions. 

Some of them are

  1. Private mortgage loan: It is a special method of obtaining mortgage financing in some specified cases.
  2. Second mortgage loan: It is a loan that is registered in the second position on your home with a private lender.
  3. Denial of mortgage renewal: Poor credit rating can be a reason for the denial causing a lot of stress in the borrower.
  4. Mortgage refinance for debt consolidation: Poor credit score can affect refinancing of the debt for the borrower.
  5. Mortgage for liens and tax debts: Tax dues can be cleared by authorities by registering a tax lien on your home. This creates difficulties in getting a mortgage renewal with the lender.
  6. Bad credit mortgage

Some issues to ponder before engaging a mortgage broker

  • Conflict of interest: A mortgage broker earning significant remuneration from the lender fee might not uphold your best interest while securing a loan.
  • Professionalism: Look for the professional experience of the broker in securing the best interest rates.
  • Broker fee: If you hire a broker with huge fees, the savings from interest rates may not be substantial.
  • Qualification: The broker needs to be certified by the Canadian authorities and professional circles to undertake mortgage broking.

Concluding thoughts

Credit distress is a challenge for any borrower. Choose a professional mortgage broker to help you tidy the situation and improve your financial position.

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Evelyn Adams