Mortgage brokers work as your agent, and they represent only your interests. When you walk into your favorite financial institution, the employee you will see works for this institution, obviously. Therefore this person’s mandate is to represent this institution’s interests at all time, otherwise they would be left out of job in a flash.

How can you possibly know you were offered the best possible fit for you? The employee knows the services/plans/products offered by her employer, but is not expected to know nor recommend what the competition has to offer. We obviously can’t expect them to send you to their competitor for better service and/or product – it just wouldn’t make any sense, would it?

On the other hand, when you sit with a mortgage broker, you are sitting with 50 different lenders at the same time. Your broker has access to all these Lenders, and knows where to find you the best possible deal according to what you need, and not to what their employer has to offer. They can offer anything available on the market, and their role is to guide you towards the best possible lender to suit your particular situation. It’s like having your own personal negotiator looking out for you.

The beauty of it all is that it’s free in most cases. The broker gets paid by the financial institution, and not by the client. Why not work with a professional who has only your best interest in mind? Why not using their expertise and knowledge for free, and benefit from it?

Each one of us has their own expertise, and a mortgage professional knows mortgages in and out. Most people will be dealing with mortgage financing only a few times in the course of their life, while the broker is working with it on a daily basis, so let them do the research and the recommendation according to their knowledge and expertise.

There are a few ways to find a mortgage broker, and the best one is to get a warm recommendation from your friend and/or family. Mortgage brokers are regulated by Financial Institutions Commission of B.C. (www.fic.gov.bc.ca), so you can look on that internet site to verify your broker is a member, and doesn’t have any complaint filed against them. Another good resource is the Canadian Institute of Mortgage Brokers and Lenders (www.cimbl.ca), and the Mortgage Brokers Association of B.C. (www.mba.bc.ca). If your broker is listed on these three sites, it’s already a good start.

You can also look for their Accredited Mortgage Professional designation. This AMP designation is obtained from CIMBL, and this guarantees your broker adheres to a strict Code of Ethics, and is dedicated to finding the right mortgage solution for their clients. You will find the list of brokers with their AMP designation on the CIMBL site.

However, just like with any other professionals, the best way to find a good mortgage broker is to get a warm referral from a friend or family. Linda Renaud is an Accredited Mortgage Professional and can be reached in Kelowna at 878-6706