James Wong Richmond Mortgage Broker

The role of a Vancouver Mortgage Broker is to help their clients  with their mortgage financing.

A mortgage broker acts as an intermediary who sources mortgage loans on behalf of individuals or businesses. Typically, a mortgage broker is paid by the lender based on the loan he or she successfully placed with a lender.

A Vancouver mortgage broker would prefer working within a geographical area so as to better serve their clients.

A Mortgage Broker has to perform many tasks like:

* Marketing to attract clients
* Assessing borrowers circumstances, including credit history and incomes.
* Assessing the market to find a mortgage product that fits the clients needs.
* Getting a pre-approval or approval from the lender(s)
* Gathering all needed documents like paystubs, bank statements, employment letter, etc.
* For strata propertries, ensure all required documents are gathered for the lender.
* Explaining the legal disclosures and forward Solicitor contact to lender.

Market Acceptance

The proportion of purchasers using the services of mortgage brokers has risen to 33% from 2006's level of 27%. Mortgage brokers enjoy 26 per cent of the mortgage market share in Canada, according to an annual survey of mortgage buyers by Canada Mortgage and Housing Corp. (CMHC).

Even with today's low mortgage rates, an increasing number of Canadians are shopping around for the best rates. They are all motivated by getting the best rates possible to save money on their mortgage payments. There are huge savings a home owner can benefit by learning how to manage and optimize their mortgage payment.

The licensing of a Mortgage Broker in Canada is regulated by the various provincial authorities under the Ministry of Finance. Quebec is unique in all of North America as its laws are based on the Civil Code. The law permits mortgage brokerage to be performed by those in the finance industry, as well as those in the real estate industry.

A Mortgage Broker or mortgage advisor is an individual who is a registered, licensed and trained mortgage specialist helping his or her clients with their home financing needs.

Mortgage Broker Career

Anyone who are looking for more information on becoming a Mortgage Broker can search online using common Google search terms like "Canadian Mortgage Broker licensing requirements", "obtaining a Mortgage Broker License", "Mortgage Broker career in Canada", "how to become a Mortgage Broker", etc.

How a Mortgage Broker gets paid?

A mortgage broker is not paid a salary by the mortgage broker comapany he is licensed with. Instead he or she receives a fee or commission as financial compensation for bringing a mortgage business to a mortgage lender. An independent Mortgage Broker can access the mortgage products of mortgage lenders who are funding deals through their Mortgage Broker Centres.

Mortgage Specialists Working For Canadian Banks

Soem Candian Banks like Royal Bank and Bank of Montreal employed their own Mortgage Speciaists to promote the bank's mortgage products. For these Mortgage Specialists, they only can promote their own bank's mortgage products, and alternative lenders that are endorsed by the banks.

These Mortgage Specialists may be paid a basic salary and sales commission on deals they successfully funded through their banks. Soem of these specialists may be paid solely on commission on t he deals that they done with the banks.

A new mortgage repayment program that does not required a person to be licensed called Money Merge Account system by First United Financial is available for any finance and real estate related person to become the company's agent.

For more information on how to become a licensed Mortgage Broker, or becoming an Agent for First United Financial, you are welcomed to email me.

The mortgage business in Canada is well developed and home buyers have easy access to many mortgage lenders for home financing when buying their homes.

Definition of A Mortgage

A mortgage loan is a loan secured by real property through the Sunday, June 15, 2008 use of a mortgage - a legal instrument. The word mortgage used commonly by consumers everyday is often referred to as mortgage loan.

As with other types of loans, mortgages have an interest rate and are scheduled to be repaid over a period of time - normally from 25 to 40 years in Canada. Mortgage lending is the primary mechanism used to finance the private ownership of real estate.

The Income Opportunity

Home ownership in Canada is a multi-trillion dollars business. Home loan origination by Independent Mortgage Brokers or Consultants accounts for about 25% of the total home loan business in Canada.

Mortgage Brokers are independent agents who work for themselves and not for the mortgage lenders. A Mortgage Broker is paid a commission or fee for the mortgage business that he or she successfully places with a mortgage lender. The income potential for successful Mortgage Brokers is high and can be very rewarding for those who find their markt niches.

Requirements To Become A Mortgage Broker

All Mortgage Brokers are required to pass a sub-mortgage broker course before they are can be licensed and registered to work as sub-Mortgage Brokers. Employees of Canadian Banks, Credit Unions and Trust Companies are exempt by the Government and not required to be licensed to market their employers mortgage products to home owners.

For more info on becoming a mortgage broker, you can send me an email using the email-link to the right.

Have you been thinking how you can become a Mortgage Broker?

There are online resources you can do your research on the career prospect for a Mortgage Broker. The attraction of the mortgage business is the low cost to become a licensed Mortgage Broker, the freedom to work your own hours and the attractive commission income you can generate from the business.

You are in control

In today's competitive home financing business, service is everything. You have the access to the most competitive mortgage rates from dozens of mortgage banks and lenders. When you join a leading mortgage company, you have the tools to become a successful Mortgage Professional.

The Mortgage Group

If you are thinking of joining a mortgage company, I welcomed you to join my team. You will find that The Mortgage Group has the business building tools and management support to grow your business.

With over 400 Mortgage Advisors across Canada, you are in the company of dedicated home loan specialists helping home owners achieving their dreams of home ownership.

If you like to have more information about your career prospect, or how The Mortgage Group can help you build your own mortgage business, your are welcomed to send me an email using the "email-link to the right" of this post.

Sincerely,

James Wong
TMG The Mortgage Group

TMG The Mortgage Group > Richmond Mortgage Broker, James Wong offers you one-stop convenience and impartial advice when you shop for your mortgage.

We can help simplify your home financing and purchase decisions. You'll find answers to mortgage related questions and we can help you choose the mortgage that's right for you.

Richmond Mortgage Broker

We deal with a network of over 30 Canadian Banks and Mortgage Lenders. For borrowers who are having difficulties getting their mortgage financing from traditional financial institutions, we can access home financing from alternative mortgage lenders.

Managing You Mortgage

Most homeowners realize that by the time they pay off their $200,000 loan amotized over 30 years at 5.5% per annuam interest rate, they would have paid $206,000 in mortgage interest.

There are a few simple mortgage saving ideas that can help shaving off thousands of dollars in mortgage interest payment from your mortgage. Smart mortgage management can help you pay of your mortgage in a third of the time you'll take without having to increase your regular monthly payment.

For more information on home financing, you are welcome to contact your Richmond Mortgage Broker, James Wong at 604-721-4817 or email me.