Finding a Canadian Mortgage Broker

Need help looking for somebody to lend you $$$ for a Canadian mortgage? All you have to do is look for a Canadian mortgage broker!

As we mentioned, a mortgage broker is a person who serves as negotiator between you or your company and the financial institution who will ultimately grant you your Canadian mortgage loan. In other words, they serve as your 'front' person to the lender of choice.

The Role of the Government in Mortgage and Housing

Canadian mortgages are overseen by the government. The government does not necessarily handle the entire operation, they just make sure that every Canadian gets quality and affordable housing and housing services, and they create rules and regulations to enhance facilitation. These tasks fall under the Canada Mortgage and Housing Corporation or CMHC.

The CMHC also approves and gives certification for financial institutions to issue Canadian mortgage loans. Therefore, ensuring that the lender you'll be borrowing from is approved by the CMHC should be your foremost concern. Second, and most importantly, if you're considering a broker's help, make sure that he's properly affiliated with any of the CMHC-approved banks.

What to Look for in a Canadian Broker

Once you get proof that you're eyeing on a "legal" broker, it's time to check his soft skills:

* His ability to arrange rates with the lender.
* His ability to "harden up" your "soft" spots, such as unemployment or a turbulent employment history, both of which are super minus points for financial institutions.
* His knowledge of the Canadian mortgage market--which offers the best rates, the best deals, and the best services.