The decision to buy a new home is always a complicated endeavor. You’ll need the services of the best mortgage agent in Toronto. Apart from the total cost of the property you intend to acquire, you may have to pay some additional fees. These extra costs can include valuation fees, stamp duty fees, and mortgage broker fees. Normally, you’ll want to ensure that you don’t overspend while hunting for a new home. This is where the role of a mortgage agent comes in.


A reliable mortgage agent is a licensed professional working in the real estate sector. Their role is to ensure that their clients get the type of property they need (whether it is for residential or commercial use). A mortgage agent usually acts as a middleman. It is their duty to broker mortgage loans for people or businesses looking to acquire real estate. The agent must find a lender willing to provide funds for people looking for mortgage loans. Let’s see answers to some frequently asked questions about mortgage agents. The details discussed here will help you find the ideal mortgage agent.


What you Need to Know About the Best Mortgage Agent Toronto

Are Mortgage Agents the Same?

Mortgage agents work in two categories. They work as tied/multi-tied and whole-market mortgage agents.


1. Tied/Multi-tied Mortgage Agents

This type of mortgage agent can be directly tied to one lender or multiple lenders. This means that their mortgage recommendation options are limited. However, their close relationship with lenders allows them to keep you updated on the latest mortgage deals. The downside as stated above is that this mortgage agent can’t offer people seeking their services some unique options that they may find in other places. Tied/Multi-tied mortgage agents are linked to specific lenders despite the option of working with multiple lenders.


2. Whole Market Mortgage Agents

Unlike tied/multi-tied mortgage agents, whole market mortgage agents cover a larger market when it comes to lending options. Whole market mortgage agents are usually independent advisors. They are not affiliated with any particular lender. This entails that you will have access to more mortgage lending options to choose from. Besides, the fact that they have no links to lenders means they can offer honest and unbiased suggestions. Note that despite offering broader lending options whole market brokers can’t cover every lending option as well.


What you Need to Know About Mortgage Agents

A mortgage agent is always willing to accommodate the schedule of their clients. They are usually friendly. A mortgage agent also has an outgoing personality. He/she is always willing and ready to search for lenders who will agree to work with borrowers/buyers. Generally, they are patient because some of them may see their requests to find lenders declined.

A mortgage agent’s job description may vary by jurisdiction. In some places, the agent is usually offered regulated financial activity. In other areas, a mortgage agent can offer advice or professional suggestions to make sure the borrower gets the best deal. In some cases, the agent can be held liable if the advice offered becomes defective. In other jurisdictions, the transactions initiated by the agent can have limitations. The agent will be entitled to a commission and the borrower will get a direct link to the lender. There won’t be any professional advice given to the borrower.

A mortgage agent typically undertakes the following tasks:

  • Conducting marketing campaigns to attract customers.
  • Accessing the circumstances of borrowers.
  • Filling out fact-finding forms for potential borrowers (including conducting credit history assessments via their credit card records, checking their affordability, and their income reports or bank statements).
  • Conducting market assessment to find a solution that is tailored to the needs of the borrower.
  • Mortgage recommendations and applying for agreement forms with lenders pending approval.
  • Gathering every relevant document to complete the process including payslips, and bank statements.
  • Completing lender forms and making sure the parties involved understand the legal implications of the document.
  • Submitting the necessary forms to the lender and making sure the lender stays true to their obligation.
  • Making sure borrowers save costs.
  • Offering the necessary advice for their clients based on the customer’s circumstances.


Benefits of Using a Mortgage Agent

You can approach a mortgage lender directly if you wish. However, there are tons of benefits that come from working with a middleman or mortgage agent. Let’s discuss these benefits below:

1. Mortgage Agents Have the Necessary Training

Mortgage agents are trained to do the job. They know everything about their field. They must help you with your mortgage. Apart from acting as middlemen between you and the lender, they’ll make sure you get a mortgage that’s tailored to your needs.

2. You Can Save Time by Working With a Mortgage Agent

Time is very important in our day-to-day life which is why we always do our best to make good use of our time. This is one benefit of working with a mortgage agent. They will help you save time by taking care of everything concerning market comparison. This means they’ll help you cut the amount of time you would have spent trying to purchase a home through a mortgage lender.

3. You Can Save Money by Working With a Mortgage Agent

Working with a mortgage agent can save you money. There’s a lot of spending involved in acquiring a new home. If there’s a middleman, you’ll be exposed to great deals. You’ll also have a chance to get better rates working with a mortgage agent than not.


Final Words

Mortgage agents have to put potential buyers and lenders together. They make sure their clients get the financing needed for the property they want to buy. They are middlemen. While there are tons of benefits of working with the best mortgage agent Toronto, it is important to consider the long-term when making a decision. This is necessary because buying real estate is usually expensive. Thinking about the long-term will help you make the best decision. You’ll get a solution that suits your needs in the end.