Mortgage Broker Association Of British Columbia
In most provinces across Canada consumers looking for the best mortgage have turned to the advice of a qualified mortgage broker
. The services these brokers offer can save you tens of thousands of dollars. The reason these professionals are so effective is because they belong to a mortgage broker association which ensures that anyone performing the services of a broker are well versed in all the requirements.
Some people are under the impression that all mortgage brokers are equal when nothing could be further from the truth. In British Columbia for example when you speak with a broker you need to ask if they are a broker or a mortgage agent. The association allows brokers to have associates who have the academic skills necessary for processing mortgages but lack the practical experience. Since the only way to get practical experience is to do the actual work so the association has made it allowable for these mortgage agents under the close supervision of a mortgage broker to offer the service of mortgage lending acquisition in British Columbia.
Everyone who is a member of the mortgage broker association must work on continued education to keep abreast of the current rules and regulations of mortgages in British Columbia, and Canada for that matter. The formal academic education takes anywhere from a year to two years depending on your educational background. During the training you will be shown how real transactions take place, how to deal with the solicitor of the lender,the client and the property seller. You will also be introduced to how real estate agents operate and how to do business with them. Since you are dealing with a wide range of professionals, the association wants to ensure anyone representing the mortgage industry is the most qualified candidate possible.
In conclusion, when you are getting a mortgage, make sure you are dealing with a professional like a member of the mortgage broker association. In British Columbia, all mortgage brokers are only authorized to conduct mortgage business if they are part of the association, since the role of broker is very critical in finance and real estate sector.
by: Gary Bains
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