A mortgage broker is someone who acts as an intermediary and negotiates mortgage loans on behalf of home buyers and businesses seeking to build or purchase commercial real estate. In developed real estate markets like Canada’s, a large percentage of mortgage products are sold by mortgage brokers.
The scope of a mortgage broker’s activity depends on the jurisdiction in which it does business. In Canada, mortgage brokers are regulated under provincial law, but throughout Canada, high ratio loans are insured by Canada Mortgage and Housing Corporation, Genworth Financial or AIG United Guaranty.
One reason lenders work with mortgage brokers is to increase the number of loans they sell. Banks and other institutions increase sales volume by contracting out part of their business to brokers.
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